Anthropic's IPO filing shows $16.3 billion in first-half revenue and an $80.7 billion loss that is mostly an accounting charge

Anthropic, PBC filed a Form S-1 with the U.S. Securities and Exchange Commission (SEC) on Oct. 26 for an initial public offering (IPO) of Class A common stock. It plans to list on Nasdaq under the ticker ANT. The prospectus reports revenue of $16.286 billion for the six months to June 30, against $1.163 billion a year earlier (Yahoo Finance). Quarterly revenue rose from $376 million in the first quarter of 2025 to $11.6 billion in the second quarter of 2026. Metered API usage produced 80% of first-half revenue and subscriptions the other 20%.

The $80.7 billion net loss for the half (Fortune) is mostly a non-cash item. About $72.4 billion reflects the higher fair value of convertible notes and related instruments as investors valued Anthropic higher, plus charges tied to note purchase agreements with Google and Amazon, according to an analysis of the filing. Without that charge, the loss is about $8.7 billion. Research and development, which includes compute for training the next models, was $9.7 billion, or 60% of revenue. Anthropic held $112.4 billion in cash and had raised about $141.1 billion by June 30 (Seoul Economic Daily).

The fixed obligations deserve more attention than the loss. Dealroom reports that Anthropic could commit up to $750 billion to compute in coming years. That includes noncancelable cloud contracts with Google for $111 billion, Amazon Web Services for $110 billion and Microsoft for $31 billion, much of it payable whether or not Anthropic uses the capacity.

The terms are not set. Goldman Sachs and Morgan Stanley lead the offering. Press reports put the raise at $100 billion or more and the valuation between $1.5 trillion and $2 trillion, but the filing gives no share count or price (Dealroom). Before the filing, Euronews reported third-quarter revenue of $16.8 billion, up about 46% from the prior quarter, and an 11% adjusted operating margin. Those figures are not in the S-1 period. The South China Morning Post and The Decoder report that some investors are skeptical because Chinese open-weight models sell at a fraction of Anthropic's prices.