Anthropic generated $16.3 billion in revenue in the first half of 2026, up from $1.1 billion in the same period a year earlier, according to a draft IPO prospectus reviewed by The Wall Street Journal. The same draft shows a first-half net loss of $80.7 billion, compared with $13 billion a year earlier. Anthropic declined to comment on the figures.
The headline loss is mostly an accounting item. About $72 billion of it comes from charges tied to changes in the value of convertible notes and other financing instruments, not from cash spent running the business. Backing those charges out does not by itself establish an operating loss or a cash-burn figure, and the draft numbers have not been made public by the company.
The revenue line shows how quickly Anthropic has scaled. First-half 2026 revenue is already more than three times the roughly $4.6 billion it booked in all of 2025, a year in which it reported a net loss of about $42 billion.
Key facts
- 01Anthropic booked $16.3B in revenue in the first half of 2026, up from $1.1B a year earlier, per a draft IPO prospectus.
- 02The $80.7B first-half net loss includes about $72B in accounting charges tied to convertible notes and other financing instruments.
- 03Compute and infrastructure spending hit nearly $9B in six months, above the roughly $7.3B Anthropic spent in all of 2025.
- 04Cloud commitments total about $450B over seven to 10 years; total infrastructure commitments exceed $600B.
- 05Two customers accounted for about one-fifth of first-half revenue.
Compute is the dominant cost. Anthropic spent nearly $9 billion on computing and infrastructure in the first six months of 2026, up from about $2.3 billion a year earlier and above the roughly $7.3 billion it spent across all of 2025.
The forward commitments are larger still. The draft lists about $450 billion in cloud agreements over the next seven to 10 years, most of them non-cancelable, including about $111 billion with Google, about $110 billion with Amazon Web Services, about $31 billion with Microsoft, and up to $86 billion for Nvidia chip capacity from Nscale and Lambda.
A separate Broadcom-related obligation of more than $160 billion to lease Google chips pushes Anthropic's total infrastructure commitments above $600 billion. Further agreements under negotiation could add up to $150 billion, bringing the potential total toward $750 billion.
The risk-factor section, which runs to about a third of the document, flags customer concentration: two unnamed customers accounted for about one-fifth of first-half revenue. Anthropic also says its major cloud partners have not supplied as much capacity as it sought and increasingly view it as a competitor, and that it is supplementing capacity with leased data centers and third-party operators, some with short track records.
The draft also warns of liability for harmful model behavior and says damages from a catastrophic AI incident could be too large to insure.
More recent numbers point the other way on profitability. In a private investor briefing, Anthropic reportedly said third-quarter revenue reached $16.8 billion and that it posted an adjusted profit for the quarter. That adjusted measure is separate from the first-half GAAP net loss and has not been reconciled to it in the available reporting.
Anthropic was valued at $965 billion in a private round in May. A listing could value the company at up to $2 trillion, with the IPO expected as soon as November.
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