Anthropic released its draft IPO prospectus on October 20, 2026, revealing $16.3 billion in revenue for the first half of 2026. This figure marks a significant increase from $1.1 billion in the same period of 2025. The company generated $1.70 in revenue for every dollar spent on compute during this timeframe.
Despite revenue growth, the company reported a net loss of $80.7 billion, largely due to $72 billion in non-cash accounting charges related to convertible financing instruments. Compute and infrastructure spending reached nearly $9 billion in the first half of 2026, compared to $7.3 billion for the full year of 2025.
The company maintains long-term infrastructure commitments ranging from $518 billion to over $600 billion, with potential total spending reaching $750 billion. Major agreements include $111 billion with Google, $110 billion with AWS, and $31 billion with Microsoft. Two unnamed customers accounted for 20-25% of first-half revenue.
In the third quarter of 2026, revenue reached $16.8 billion, representing a 45% increase from the previous quarter. Anthropic plans to launch its IPO in November 2026, aiming for a valuation of up to $2 trillion. Goldman Sachs and Morgan Stanley are designated as the lead underwriters for the offering.
