Anthropic loss before IPO increased sixfold despite revenue growth
American company Anthropic, developer of artificial intelligence Claude, reported a net loss of $80.7 billion for the first half of 2026. This is more than six times the figure for the same period in 2025, when losses amounted to $13 billion. At the same time, the company's revenue grew almost 15 times.
This was reported by The Wall Street Journal, citing a draft prospectus for Anthropic's initial public offering (IPO). The financial results were also analyzed by the Spanish publication El País.
Most of Anthropic's loss is not related to direct cash expenses. Of the total $80.7 billion, approximately $72 billion is due to accounting adjustments related to the revaluation of convertible debt obligations and other financial instruments that the company used to raise investments.
Such obligations can be converted into company shares. As its valuation grows, the value of these instruments also changes, which is reflected in the financial statements as a loss. This does not mean that Anthropic actually spent all $80.7 billion in cash.
At the same time, real expenses for technology development continue to increase. In the first six months of 2026 alone, Anthropic spent almost $9 billion on computing power and infrastructure. This is more than in all of 2025, when the corresponding expenses amounted to about $7.3 billion.
The company is forced to constantly increase purchases of computing resources for training and operating its artificial intelligence models. For this, it enters into long-term contracts with suppliers of cloud infrastructure and equipment.
According to WSJ, the total value of Anthropic's future obligations and potential deals on computing power could reach $750 billion. This estimate includes agreements that are still under negotiation, so not the entire amount is already confirmed contract expenses.
Despite significant expenses, the company demonstrates high revenue growth rates. Anthropic's revenue in the first half of 2026 reached $16.3 billion, compared to $1.1 billion a year earlier. The expansion of Claude usage by corporate clients was one of the factors in business growth.
At the same time, the financial statements indicate a concentration of revenues: about 20% of revenue for the reporting period was provided by just two clients. The company considers dependence on a limited number of large customers as one of the risks for further development.
The disclosure of financial indicators takes place against the backdrop of Anthropic's preparation for a possible debut on the stock market. According to reports by American and European media, the company is considering an IPO, during which its market valuation could reach $2 trillion.
However, the financial data so far comes from a draft prospectus for the share placement, not from final public reports. The terms of the future IPO and the company's valuation may change.
For potential investors, the key questions remain Anthropic's ability to turn rapid revenue growth into sustainable profitability, secure financing for large-scale infrastructure obligations, and reduce dependence on the largest clients.
Based on materials from: The Wall Street Journal, El País
