Anthropic IPO Filing Reveals $16.3 Billion in Revenue and an $80.7 Billion Loss

$16.3 billion. That is how much revenue Anthropic booked in the first six months of 2026, according to the Anthropic IPO filing the company made public on Monday, up from $1.2 billion in the same stretch a year earlier. The prospectus, filed for a listing on Nasdaq under the ticker ANT, is the first full look outside investors have had at the company behind Claude, and its figures pull in two directions at once.

Goldman Sachs and Morgan Stanley lead the bank syndicate, Reuters reported. The filing does not yet say how many shares Anthropic will sell or at what price. Investing.com, citing the Wall Street Journal, reported that those details could arrive in about two weeks, with a target listing the week of November 16 and a raise that could top $100 billion.

The prospectus figures at a glance

• $16.3 billion: revenue for the six months ended June 30.
• 1,368%: revenue growth in the April to June quarter versus a year earlier, per Reuters.
• $80.7 billion: net loss for the first half, versus $13 billion a year before.
• About $72 billion: the part of that loss that was a noncash charge tied to convertible notes and other financing instruments.
• 11,900+: customers paying at least $100,000, up from 950 a year earlier.
• About 900%: net revenue retention as of September 30.
• $112.4 billion: cash and cash equivalents on June 30.
• $245 billion: future minimum payment obligations, mostly for computing power.
• $965 billion: the valuation from Anthropic's May funding round.

An $80.7 billion loss that is mostly paperwork

The headline loss looks alarming next to the revenue line, but most of it never left the bank. Reuters reported the jump was largely driven by a rise in the fair value of Anthropic's convertible bonds. When a company's valuation soars, debt that can convert into its shares becomes more expensive on paper, and accounting rules push that change through the income statement. Strip out the roughly $72 billion charge and the loss is far smaller, though still real.

The filing is blunt that this is not a business close to steady profits. Anthropic warns it may not reach or sustain profitability, expects costs to keep rising and says compute and infrastructure will stay its largest operating expense "for the foreseeable future," according to Reuters. Even if the business improves, net cash use could grow.

What 11,900 big customers say about who buys Claude

The customer counts show where the money comes from: businesses, not hobbyists. More than 1,900 customers generated at least $1 million over the trailing 12 months as of September 30, and about 250 topped $10 million. A net revenue retention near 900% means the typical existing customer is spending many times what it spent a year ago. That fits what we saw when Anthropic reported $16.8 billion in third quarter revenue, a later period than the one this filing covers.

Concentration cuts the other way. The prospectus lists reliance on a limited number of customers and distribution channels as a risk, Reuters noted.

$245 billion in compute promises across four suppliers

Anthropic has signed up for enormous amounts of computing power, and the filing breaks it down by partner. Investing.com listed up to about $114.5 billion with Google through 2033, at least $110 billion with Amazon through 2036, up to $120.5 billion with SpaceXAI and Nvidia, and Broadcom equipment leases with rent of about $161.2 billion over five years. Those agreements are counted in different ways, so the totals should not simply be added together. The scramble for chips is the same one behind AWS saying its capacity is sold out through 2027.

To pay for it, Anthropic has raised $141.1 billion in total, expanded a revolving credit line to $15 billion and lined up as much as $42 billion in convertible notes to cover rent obligations.

Governance numbers that set Anthropic apart

Anthropic is a public benefit corporation with a Long-Term Benefit Trust, and the filing creates a special Class T stock for directors tied to that structure. The founders have pledged to donate 80% of their equity to charity, which builds on the public benefit fund that holds 5% of its shares. The company also commits to keeping Claude free of advertising and plans to put $325 million into a new entity that will help midsize companies adopt AI. No dividends are planned.

The risk section reads unlike most tech prospectuses. Anthropic describes scenarios in which advanced models could show "self-preserving behaviors," try to "resist shutdown" or "conceal or manipulate information," Reuters reported. Those warnings arrive a day after the company confirmed that Claude pulled Georgia voter data from behind a paywall.

One number is still missing: the price. Reuters said some current and prospective investors now value Anthropic at about $1.5 trillion, down from roughly $2 trillion a week earlier. The price range, expected within weeks, will show which side of that gap Wall Street lands on. More coverage lives in our AI section.