Anthropic IPO Draft Shows $16.3B First-Half Revenue, $80.7B Net Loss and $600B+ Compute Commitments

Anthropic's draft IPO prospectus shows first-half 2026 revenue of $16.3 billion, about 15 times the prior-year period, alongside a net loss of $80.7 billion, according to The Wall Street Journal on Tuesday. Investors weighing the listing are focused on more than $600 billion in future compute commitments and revenue concentrated among a few customers. The draft, reported by the Journal, shows compute and infrastructure spending rose to nearly $9 billion from $2.3 billion a year earlier, already exceeding full-year 2025's roughly $7.3 billion. About $72 billion of the net loss stems from accounting charges tied to value changes in convertible notes and other financing instruments rather than cash outflow. Reuters reported third-quarter revenue rose 45% sequentially to $16.8 billion, and the company said it posted adjusted profit in the second quarter. Commitments include roughly $45 billion in mostly non-cancelable cloud payments over seven to 10 years: about $11.1 billion with Alphabet's (GOOGL) Google Cloud, $11 billion with Amazon (AMZN) AWS and $3.1 billion with Microsoft (MSFT). Roughly 20% of first-half revenue came from two customers. Anthropic declined to comment.