Anthropic recorded a net loss of $80.7 billion in the first half of 2026, up from $13 billion a year earlier, according to a draft IPO prospectus reviewed by The Wall Street Journal and reported by Reuters on Tuesday, Oct. 20, 2026. Most of it is on paper: about $72 billion came from an accounting charge tied to the rising value of financing instruments that holders can convert into Anthropic stock, Quartz reported, and it does not represent cash spent on operations.

The numbers in the draft filing

  • First-half revenue: $16.3 billion, per the Journal's report as cited by Yahoo Finance.
  • Compute spending: close to $9 billion on infrastructure and computing capacity in the first six months, versus $2.3 billion a year earlier (Quartz, citing Reuters).
  • Long-term commitments: at least $518 billion over 10 years on infrastructure, computing power and cloud services.
  • Third quarter: Anthropic told prospective investors last week that Q3 revenue reached $16.8 billion, up from $11.5 billion in Q2, and that it was profitable on an adjusted basis, according to the Financial Times via Yahoo Finance.
  • 2025: a net loss of close to $42 billion, of which close to $34 billion was a similar financing-related charge; the operating loss topped $8 billion on revenue of close to $4.6 billion (Quartz).

What happens next

Anthropic is set to file its S-1 publicly as soon as Friday, Oct. 23, three people familiar with the plans told Yahoo Finance. The company filed confidentially with the SEC in June, and SEC rules require the materials to be public 15 calendar days before a roadshow. Anthropic is targeting the week of Nov. 9 to start that roadshow, though the timeline isn't final, and Nasdaq has been picked as the listing venue, with Morgan Stanley, Goldman Sachs and JPMorgan leading the offering (Quartz).

On valuation, Reuters reported that some investors are now weighing a price near $1.5 trillion after the latest disclosures, versus $1.8 trillion to $2 trillion that some had pegged before. Wall Street has expected a raise of as much as $100 billion, Reuters previously reported. Anthropic did not respond to requests for comment from Reuters or Yahoo Finance.

The SpaceX connection

Part of Anthropic's compute bill goes to SpaceX: Yahoo Finance noted the company rents GPU capacity from SpaceX's Colossus 1 data center, alongside its work with Google and Amazon. A listing in November would land weeks after SpaceX's own results (see our SpaceX Q3 story) and after rival OpenAI's latest fundraising push (see our OpenAI funding story). Anthropic's recent Nscale compute deal is covered in our earlier story.