Anthropic's IPO Draft: $16.3B Revenue, an $80.7B Loss and a $750B Compute Bill

Anthropic's draft IPO prospectus shows revenue surging nearly 15-fold to $16.3 billion in the first half of 2026, alongside an $80.7 billion net loss driven largely by accounting charges. The company also discloses computing commitments that could approach $750 billion. The figures come from a draft S-1 reviewed by The Wall Street Journal, and Anthropic declined to comment. We have not seen the filing ourselves, and draft prospectuses can change before they are made public.

The first-half numbers

Revenue grew about 14.8 times from the year-earlier half, by our calculation. Computing spending of nearly $9 billion in six months is already above the $7.3 billion Anthropic spent on infrastructure in all of 2025, according to the reports.

Why the loss is so large

About $72 billion of the $80.7 billion loss came from accounting adjustments tied to convertible notes and other financing instruments, according to the Journal's reporting. ZeroHedge's reading of the draft describes this as a non-cash charge from marking up the fair value of those instruments as the company's private valuation rose, though that explanation is the outlet's interpretation, not a quote from the filing. Without those charges the loss would be about $8.7 billion, by our calculation, which the coverage does not break down further. Because the charges depend on the company's valuation, they may not repeat if the valuation stops rising.

The compute bill

The four named suppliers add up to about $338 billion, roughly $112 billion short of the $450 billion cloud total, by our calculation. The coverage we reviewed does not explain the gap, so other contracts may not be named. ZeroHedge, which attributes the total to its own reading of the filing, puts contracted commitments above $600 billion and says about $150 billion more is under negotiation, which would bring the total to about $750 billion. Bloomberg's summary of the Journal report says Anthropic could spend $750 billion on computing in the coming years. An earlier draft cited $518 billion, as we covered in Inside Anthropic's IPO filing. Because most of the cloud contracts cannot be canceled, they are payable whether or not demand holds up.

Capacity limits and customer concentration

Anthropic says its cloud partners cannot supply all the computing power it wants, so it is relying on newer data center operators with limited operating histories. Two customers generated about 20% of first-half revenue, or roughly $3.3 billion by our calculation, and the company expects to keep depending on a small customer base. ZeroHedge adds that many large enterprise buyers have no long-term contracts. For one example of the capacity deals in play, see our report on Akamai's Anthropic cloud deal.

Risk disclosures

The risk section warns that Anthropic could be liable for harmful behavior by its AI models, including security breaches and catastrophic incidents whose damages could exceed what insurance covers. The filing also says opposition to data center construction has “become more organized and coordinated across jurisdictions,” a threat to expansion, according to a summary of the Journal report.

IPO outlook

The Journal reports the offering could value Anthropic at about $2 trillion. ZeroHedge reports that prospective buyers are discussing valuations nearer $1.5 trillion, but it does not name a source, so we treat that as unverified. Anthropic's co-founders have pledged 80% of their personal equity to philanthropy, and the company plans to put 5% of its shares into a public benefit fund, as we reported in our story on the Public Benefit Fund.

Sources: Investing.com (WSJ report), Bloomberg, ChatGPT Is Eating the World, ZeroHedge.