Anthropic Files IPO Prospectus as First-Half Loss Reaches $80.7 Billion
Anthropic’s planned stock-market debut comes with a striking financial contrast: sales surged, while reported losses widened sharply.
Anthropic’s planned stock-market debut comes with a striking financial contrast: sales surged, while reported losses widened sharply. The Claude developer has filed a prospectus with the U.S. Securities and Exchange Commission, saying it plans to list on Nasdaq under the ticker ANT.
The filing, published Monday, gives investors a detailed look at the company’s finances as it prepares for what could become one of the largest public offerings in history. Reports have put a possible valuation as high as $2 trillion, though the supplied filing details do not establish a final valuation.
Revenue climbs as costs mount
Anthropic reported revenue of $16.3 billion in the first six months of 2026, up from $1.1 billion a year earlier. It also recorded an $80.7 billion net loss for the period. About $72 billion of that loss came from non-cash accounting adjustments tied to convertible debt and other financing instruments, according to the reported figures.
The company reported a $42 billion loss in 2025. Its infrastructure spending also rose: Anthropic invested $9 billion in AI infrastructure in the first half of 2026, compared with $7.3 billion for all of the previous year.
Separate financial figures presented before the prospectus showed third-quarter revenue of $16.8 billion, up about 45% from $11.6 billion in the second quarter. Anthropic reported adjusted profitability for a second consecutive quarter and an adjusted operating margin of about 11% through the third quarter. It also recorded positive cash flow, though it has not published a detailed quarterly cash-flow statement alongside the disclosure.
AI demand and risks in focus
The figures show the scale of demand for Anthropic’s AI models and coding tools, as well as the expense of building the infrastructure to serve customers. Revenue rose from $4.7 billion in the first quarter before more than doubling in the April-to-June period; sales continued to grow in July through September, but at a slower quarterly pace.
The prospectus also puts the company’s business risks before prospective investors. The filing’s publication marks a major step toward a public offering, but the company has not yet completed its market debut. Investors will be watching for further details on the offering, including its timing and terms.
