Anthropic Draft IPO Filing Shows $80.7 Billion Half-Year Loss

The latest:

A net loss of $80.7 billion in the six months ended June 30 sits at the center of Anthropic’s draft IPO prospectus, reviewed by The Wall Street Journal. Roughly $72 billion of that came from accounting charges tied to the changing value of convertible notes and other funding instruments, not operations. Anthropic declined to comment on the document.

Details:

• The revenue line: Anthropic generated about $16.3 billion in revenue in the first half of 2026, against $1.1 billion in the same period of 2025, according to the draft prospectus. For all of 2025 it booked $4.6 billion in revenue against $7.3 billion in compute spending.
• Compute spending: The company spent nearly $9 billion on computing capacity and infrastructure in the first six months of 2026, up from $2.3 billion a year earlier — a single half-year outlay exceeding its entire 2025 infrastructure bill.
• The contracts: Anthropic is committed to roughly $450 billion in cloud computing agreements running seven to ten years, most noncancelable: $111 billion with Google, $110 billion with Amazon Web Services and $31 billion with Microsoft, payable regardless of actual usage.
• Chips and leases: The firm agreed to spend up to $86 billion renting Nvidia chips from smaller providers Nscale and Lambda through 2033 and 2034. A Google chip leasing obligation of more than $160 billion via Broadcom pushes future infrastructure costs past $600 billion.
• Still negotiating: Anthropic is in talks on further computing deals that could lift commitments by as much as $150 billion, signaling potential total spending near $750 billion. The prospectus does not name the counterparties in those pending negotiations.
• Customer concentration: About one-fifth of first-half revenue came from just two customers. Anthropic expects a significant portion of revenue to keep coming from a limited number of customers for the foreseeable future, and the filing does not identify them.
• Capacity limits: Anthropic said it has sought more capacity than its cloud partners were willing to provide, and that those partners increasingly view it as a competitor. It is building its own data centers through long-term leases and third-party operators, some with limited operating history.
• Model-harm liability: Roughly a third of the draft prospectus covers risk factors. Anthropic said models can display self-preserving qualities to avoid shutdown and generate responses resembling blackmail, and warned that “harm that could result from a catastrophic AI-related incident” could exceed available insurance.
• Data center backlash: The company flagged political resistance to data centers as a business risk, saying opposition has become more organized and coordinated across jurisdictions. Most of its capacity is in the United States; it has signed letters of intent to build abroad, without specifying locations.
• Executive pay: Dario and Daniela Amodei each drew a base salary of about $655,000 in 2025, with equity lifting Dario to roughly $18 million and Daniela to about $16.5 million, according to MyLogIQ pay data — near the S&P 500 median.

Background:

Anthropic, based in San Francisco, is preparing an IPO that could value it near $2 trillion. Its 2025 full-year net loss was $42 billion, against the $80.7 billion recorded in the first half of 2026 alone.

Between the lines:

The two numbers that define the filing pull against each other. Revenue grew roughly fifteenfold year-over-year, but the compute commitments disclosed — $600 billion already contracted, potentially $750 billion — are obligations largely owed regardless of usage. The same cloud providers supplying that capacity are described in the document as increasingly treating Anthropic as a competitor, while a fifth of revenue rests on two unnamed customers.

What’s next

The draft prospectus has not been publicly filed. Watch for a formal S-1 with the Securities and Exchange Commission, confirmation of the pending computing deals worth up to $150 billion, and whether Anthropic names its two largest customers.