Anthropic, the artificial intelligence company known for its Claude chatbot, recorded a net loss of more than $80 billion in the first half of 2026, the Wall Street Journal reported on Tuesday, as investors weigh its planned initial public offering.1,2
The Journal, citing a draft prospectus for the offering, put the net loss for the six months ended June 30 at $80.7 billion. The loss was driven mainly by $72 billion in accounting charges tied to changes in the fair value of convertible notes and other financing instruments that the company issued to raise funds, according to the filing. A New York Post headline on the same results gave the figure as $81 billion.1,2,3
The loss compares with $13 billion in the same period a year earlier and $42 billion for all of 2025, according to the Journal and the filing. Reuters had first reported the 2025 figure in September, as part of a series of reports drawn from the company's IPO prospectus.1,2
Revenue climbed over the same period. Anthropic's revenue reached about $16.3 billion in the first half of 2026, up from $1.1 billion a year earlier, the Journal reported. Full-year 2025 revenue was $4.6 billion, according to the prospectus as cited by Breitbart. Growth has been helped by Claude Code, the company's coding assistant that developers use to write software and build apps.1,2
The company's spending on computing capacity has also risen steeply. Anthropic spent nearly $9 billion on AI infrastructure in the first half, almost four times the $2.3 billion spent in the same period of 2025, the Journal said. The filing shows the company spent $7.3 billion on computing capacity in all of 2025.1,2
Looking ahead, the company said it could spend up to $750 billion in coming years on computing capacity, including deals still under negotiation. The draft prospectus says Anthropic has already committed to roughly $450 billion in cloud agreements over the next seven to ten years, mostly noncancelable, and that some of that spending will happen "regardless of actual usage." Breitbart, summarising the filing, put total future infrastructure costs at more than $600 billion.2
The filing also points to concentration in its customer base. About one-fifth of first-half revenue came from two customers, and the company wrote that it expects to keep relying on a "limited number of customers for the foreseeable future." It also said that AWS, Google and Microsoft increasingly view it as a competitor and have limited the computing capacity "those partners were willing to provide." In response, Anthropic said it is building its own data centers through long-term leases and third-party operators, some of which have only a "limited operating history."2
The prospectus also lists risks, including the possibility that the company's models could cause real-world harm. It said its models can display "self-preserving" qualities and may generate "blackmail"-like responses in an effort to avoid being shut down. It warned that political opposition to data center construction could "become more organized and coordinated across jurisdictions," and that its own prominence "may draw particular attention to projects associated with us."2
The filing shows that the company's co-founders, Chief Executive Dario Amodei and President Daniela Amodei, each earned a base salary of about $655,000 in 2025, according to Breitbart's summary. Including stock and option awards, Dario Amodei's total 2025 compensation was about $18 million and Daniela Amodei's was about $16.5 million, based on data from MyLogIQ cited in the filing. Each co-founder has pledged to dedicate 80 percent of personal equity to philanthropy, the prospectus states.2,3
Investor reaction has been mixed. Reuters reported, citing four people familiar with the matter, that some current and prospective investors who attended Anthropic's investor day in San Francisco last week are weighing a lower valuation after the latest disclosures. Three of those people said the attendees discussed a valuation of around $1.5 trillion, a significant step down from the roughly $2 trillion previously expected for a November share sale.1,2
The figures come as investors look more closely at whether the money companies are spending on chips and data centres will pay off. Anthropic also disclosed the potential risk factors in the draft prospectus, including uncertainty over how to prevent its products from doing harm through sophisticated cyberattacks or blackmail by uncontrolled models.1
Anthropic did not respond to a request for comment from Reuters, and the Journal's report on the non-public information could not be independently verified by Al Jazeera. Breitbart reported that the company declined to comment on the filing.1,2
The company has also been on record with broader policy views. In September, Amodei called for a slowdown in AI development, writing that "pacing does not mean halting model training or technical progress, but ensuring companies take adequate time to align and safeguard their models, and for third party evaluators to confirm this." Breitbart reported that Anthropic had committed to giving third-party evaluators employee-level access to verify its safety practices.2
The draft prospectus is not final, and the timing and terms of the planned share sale have not been announced. Investors will be looking for the company's full filing to show how it plans to fund its infrastructure commitments as it moves toward the offering.1,2