Anthropic recorded a net loss of $80.7 billion in the first half of 2026, sharply wider than its $13 billion loss during the same period last year, according to a draft IPO prospectus reviewed by Reuters.
Most of the loss did not come from Anthropic’s day-to-day operations. The figure included a $72 billion accounting charge caused by an increase in the estimated value of bonds that can eventually convert into Anthropic shares.
Anthropic is expected to go public in November, while some investors are now considering a lower valuation of around $1.5 trillion following its latest financial disclosures, Reuters reported last week.
Computing Spending Nearly Quadrupled
Anthropic’s infrastructure costs also increased significantly as it continued investing heavily in AI development.
The company spent nearly $9 billion on computing capacity and infrastructure during the first half, compared with $2.3 billion during the same period last year, according to the S-1 filing.
Anthropic has committed to spending at least $518 billion over 10 years on cloud services, computing and infrastructure.
The figures highlight the enormous cost of developing advanced AI systems as investors increasingly question whether spending on chips, data centers and computing infrastructure will generate sufficient returns.
Anthropic did not respond to Reuters’ request for comment.
Revenue Reached $16.8 Billion in Third Quarter
Anthropic told prospective IPO investors at an October 14 meeting that its third-quarter revenue reached $16.8 billion, up 45% from the previous quarter, Reuters reported, citing people familiar with the matter.
The growth eased some concerns about the company’s rising expenses, but some investors were disappointed by the slower sequential growth.
Anthropic’s revenue had more than doubled between the first and second quarters, reaching $11.6 billion in Q2.
A weaker-than-expected reception for Anthropic’s IPO could also affect sentiment across the wider AI market, with investors closely watching the offering ahead of rival OpenAI’s potential listing next year.
Anthropic Lost $42 Billion in 2025
Reuters previously reported that Anthropic posted a $42 billion net loss in 2025, with most of that figure also resulting from an accounting charge linked to convertible notes.
As Anthropic’s valuation increased, the estimated fair value of those notes tripled compared with the previous year.
Excluding that charge, Anthropic reported an operating loss of around $8.1 billion on $4.6 billion in revenue in 2025.
The company has benefited from growing demand for Claude Code, its coding assistant used by developers to write software and build applications.
The latest figures show that Anthropic’s revenue is growing rapidly, but its computing, infrastructure, and financing-related costs remain extremely high as it prepares for one of the most closely watched AI IPOs.
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