Anthropic Files for IPO, Discloses $80.7 Billion Half-Year Loss

Anthropic filed its S-1 with the Securities and Exchange Commission on Monday, disclosing an $80.7 billion net loss for the first half of 2026 and a 1,368% year-over-year revenue increase for the June quarter, according to the filing. The filing did not specify a share price, the number of shares to be sold, or an overall valuation. Anthropic will list on the Nasdaq under the ticker "ANT" with Goldman Sachs and Morgan Stanley leading the offering.

Reuters reported that Anthropic's revenue in the first half of 2026 was about $16.3 billion. The filing indicated that a majority of Fortune 500 companies and over 30% of Global 2000 firms each generated at least $100,000 in revenue for Anthropic over the 12 months ended September 30, according to Reuters. The company said compute and infrastructure expenses will rise in dollar terms and stay its biggest operating expense, Reuters added.

NBC News reported that the filing discloses commitments to spend a minimum of $110 billion with Amazon through April 2036, another $120 billion with SpaceX through 2029, and $115 billion with Google plus $45 billion with Microsoft through 2033. Anthropic also warned that it "may not generate sufficient revenue to achieve or sustain profitability in the future," NBC News quoted from the filing. The company said it expects losses to continue as it invests significant resources in growth.

Anthropic reported that it had raised roughly $141 billion in capital through the end of June and held $112.4 billion in cash, according to NBC News. NBC reported the offering could value the company at more than $2 trillion, while Reuters said some investors have recently marked down their valuation expectations to about $1.5 trillion after an investor event. Reuters also reported that Anthropic was last valued at $965 billion in a May funding round.

The filing includes risk factors about advanced AI systems, saying that sufficiently advanced AI could "pose catastrophic or existential risks to humanity" if developed without appropriate safeguards, according to the document. Reuters reported that the prospectus also warns models could exhibit "self-preserving behaviors" including behavior resembling blackmail. Torsten Slok, chief economist at Apollo Global Management, told NBC News that AI has delivered "zero financial payoff to corporate America outside of tech."

On the same day, Meta said it planned to raise up to $95 billion in a stock sale and SpaceX said it had secured $40 billion to purchase Nvidia GPUs, according to NBC News.

Update, October 26, 2026

Anthropic disclosed in its S-1 filing that third-quarter revenue reached $16.8 billion, up nearly 50% from the previous quarter, and that the company reached adjusted profitability, TRT World reported. The filing targets a market valuation between $1.5 trillion and $1.75 trillion and sets a five-tier share structure in which the seven founders retain 50.1% of voting power through Class F shares and the Long-Term Benefit Trust can appoint a majority of the board, TRT World said. The offering is scheduled after the November midterm elections and before Thanksgiving, according to TRT World.

The Motley Fool reported that the $80.7 billion first-half net loss includes a $72.4 billion non-cash accounting charge, leaving a net loss of $8.3 billion after that item, and that operating loss narrowed to $693 million from $2.1 billion a year earlier. Anthropic recorded a $974 million operating profit in the June quarter, the publication said.