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Anthropic’s $80 billion loss hides an important accounting twist

Anthropic recorded a net loss of more than $80 billion in the first half of 2026, according to figures from a draft IPO prospectus reported by The Wall Street Journal and Reuters. The reported loss was far larger than the $13 billion loss a year earlier, but most of the increase came from accounting charges rather than day-to-day cash spending.

The numbers also show rapid growth. Revenue reportedly rose to $16.3 billion in the six months ended June 30 from $1.1 billion in the same period of 2025. At the same time, spending on AI infrastructure nearly quadrupled to almost $9 billion as Anthropic expanded the computing capacity behind Claude and Claude Code.

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Why the loss needs careful reading

About $72 billion of the reported loss was linked to changes in the value of financial instruments issued during fundraising, Reuters said. Such charges can rise sharply when a private company’s valuation increases. They still matter to investors, but they do not mean Anthropic burned $80.7 billion in cash during six months.

The draft also reportedly points to plans to spend as much as $750 billion over coming years to secure computing capacity. That figure is a possible long-term commitment, not a single-year bill. It underlines how dependent leading AI companies are on chips, data centres, electricity and cloud partners.

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If you are waiting for Anthropic IPO

Anthropic confirmed in June that it had confidentially submitted a draft S-1 registration statement to the US Securities and Exchange Commission. Because the filing is confidential, the reported financial figures are not yet available in a public prospectus.

The revenue surge makes Anthropic one of the fastest-growing AI companies, but its spending needs and financing structure will be central to any debate over valuation and profitability.