Anthropic has filed a draft S-1 registration statement with the US Securities and Exchange Commission, marking the initial step toward an IPO tentatively planned for November 2026. The offering is being managed by Goldman Sachs and Morgan Stanley, with a potential valuation target of $2 trillion.
For the first half of 2026, the company reported revenue of $16.3 billion. This follows a full-year 2025 revenue of approximately $4.6 billion, which represented a 12-fold increase over 2024 results.
The company recorded a net loss of $80.7 billion in the first half of 2026, primarily due to non-cash accounting adjustments related to its rising valuation. In 2025, the GAAP net loss was $42 billion, while the operating loss stood at $8.06 billion.
Anthropic reported reaching adjusted profitability and positive cash flow in the third quarter of 2026. Revenue in the second quarter of 2026 ranged between $11.5 billion and $11.6 billion, reflecting sequential growth of 45–46%.
The company has committed to future spending on compute, cloud, and infrastructure totaling at least $518 billion over the next decade, with some estimates suggesting the figure could exceed $600 billion. Approximately 80% of these commitments are non-cancellable.
