Anthropic posted a net loss of more than $80 billion in the first half of 2026, according to the Wall Street Journal, which cited a draft prospectus for the company's upcoming initial public offering. The document has not been made public.
The loss stands at $80.7 billion, compared with $13 billion in the same period a year earlier. Most of it does not come from operations: $72 billion stems from accounting charges tied to changes in the value of convertible notes and other financial instruments issued to raise capital. The Journal estimates revenue for the half at around $16 billion, which shows how much the accounting of those instruments weighs on the net result.
The prospectus also points to a hunger for computing resources. Anthropic has signalled it could spend up to $750 billion in coming years to acquire computing capacity, including deals still under negotiation. It is the same race for investment that the slowdown in releases and the price war of recent months had hinted at.
The document also lists a range of risk factors, including a narrow customer base and uncertain access to the computing power it needs. Among the risks are the difficulty of preventing its products from causing harm, including through sophisticated cyberattacks or blackmail by out-of-control models.
Reuters had already reported in September that Anthropic posted a 2025 net loss of $42 billion. The first-half figure widens that gap, while the IPO, expected by year-end, could value the company between $1.5 and $2 trillion, according to market estimates cited by TipRanks. Anthropic did not respond to the Journal's request for comment.
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