Anthropic’s S-1 shows a net loss over $80B in six months

Anthropic lost more than $80 billion in the first half of 2026. The Wall Street Journal reported the figure on October 20, citing the disclosures the company filed ahead of its planned IPO. According to the Journal, the same filings show breakneck revenue growth and a long list of risks, including a narrow customer base and uncertain access to the computing power Anthropic needs.

The revenue numbers Anthropic gave investors are much smaller than the loss. At its October 14 investor day in San Francisco, Anthropic said third-quarter revenue rose 45% from the prior quarter to $16.8 billion and that it was profitable on an adjusted basis, Reuters reported. Second-quarter revenue had more than doubled, to $11.6 billion. So the adjusted profit applies only to the third quarter, while the net loss of more than $80 billion covers the first six months of the year.

Anthropic raised money twice before the loss period ended. The Series G in February brought in $30 billion at a $380 billion post-money valuation. The Series H, announced May 28, raised $65 billion at $965 billion. Of the Series H money, $15 billion came from earlier hyperscaler commitments, including $5 billion from Amazon.

Compute is where the bigger number sits. Anthropic has signaled it could potentially spend $750 billion in the coming years on more computing capacity, and that figure includes deals it is still negotiating, so not all of it is covered by signed contracts. Some capacity is already lined up: 5 gigawatts of new capacity with Amazon, 5 gigawatts of next-generation TPU capacity with Google and Broadcom, and GPU access in SpaceX’s Colossus 1 and Colossus 2 facilities. The filings still list access to compute as a risk, alongside the narrow customer base. For teams building on Claude Code or the API, those two items are the risks Anthropic itself has put on paper.

Investors will have the loss figure in front of them while they settle on a price. After the investor day, Reuters reported that some current and prospective investors are weighing an IPO valuation of around $1.5 trillion for the November share sale. They had expected roughly $2 trillion.