Anthropic IPO Filing Shows $16.3B Revenue and $80.7B Loss
Anthropic has made its IPO paperwork public. The company filed its S-1 with the SEC on Monday, October 26, to list on Nasdaq under the ticker ANT, which gives investors their first full look at its books. The headline numbers point in opposite directions: $16.3 billion in revenue for the first half of 2026, and an $80.7 billion net loss.
Revenue Grew About 14 Times in a Year
The S-1 reports $16.286 billion in revenue for the six months to June 30, up from $1.163 billion a year earlier, according to Fortune’s analysis. Fortune adds that the number of enterprise customers paying more than $100,000 a year has reached 11,900. VC Corner’s read of the filing puts net revenue retention at about 900%, meaning existing customers spend far more each year.
Most of the Loss Comes From Accounting Charges
About $72.4 billion of the $80.7 billion loss is a non-cash charge tied to changes in the value of convertible notes and other financing instruments, per VC Corner. The business itself lost much less. A Yahoo Finance analysis puts the operating loss for the half at about $693 million, and Yahoo’s quarterly breakdown shows a swing from a $1.7 billion operating loss in the first quarter to a profit in the second.
Computing Costs Are the Number to Watch
The Wall Street Journal’s review, summarized by Dealroom, says Anthropic spent nearly $9 billion on computing and infrastructure in the first half, more than the $7.3 billion it spent in all of 2025. The company holds about $131.7 billion in cash and short-term investments, per VC Corner.
The risk section is blunt. Yahoo Finance reports that Anthropic warns its growth may not be sustainable and that it could need more financing sooner than expected.
A Few Customers and Founders Hold Outsized Influence
Roughly one-fifth of revenue came from two customers, according to Yahoo Finance. On the ownership side, seven co-founders keep 50.1% of the voting power through a single special share, per VC Corner.
Price, Valuation and Timing Are Still Blank
The filing leaves the price range, share count and raise size empty. Reports have pegged the valuation near $2 trillion, with a listing possible as soon as November, according to Dealroom. VC Corner says Goldman Sachs and Morgan Stanley are leading a syndicate of 22 banks.
This is also the first official version of numbers that leaked in September. Our earlier report on the leaked draft covered the 2025 loss of $42 billion, a figure Yahoo Finance says now appears in the public filing too.
