Anthropic lost $80.7B in six months — revenue was only $16.3B

Anthropic booked an $80.7 billion net loss in the first half of 2026, according to its draft IPO prospectus, up from $13 billion a year earlier. Roughly $72 billion of it was accounting charges tied to changes in the value of convertible notes and other financing instruments, not operating losses.

Revenue over the same six months surged to $16.3 billion, up from $1.1 billion a year earlier, while computing and infrastructure expenses jumped to nearly $9 billion from $2.3 billion. The company faces more than $600 billion in future cloud computing and chip-leasing costs, with deals under negotiation that could add another $150 billion.

The filing also warns that organized opposition to data-center construction could threaten the business, and that two customers account for roughly one-fifth of first-half revenue. Anthropic is preparing an IPO that could value it at as much as $2 trillion.