Anthropic brought in $16.3 billion in revenue during the first six months of 2026, close to fifteen times the $1.1 billion it recorded over the same stretch of 2025, according to the Wall Street Journal, which has seen a draft of the prospectus the Claude developer is preparing for its stock market debut. Anthropic declined to comment, and the figures could still change before a final version is made public.
The same draft shows a net loss of more than $80 billion for the half year, against roughly $13 billion a year earlier. The Journal reported that about $72 billion of that loss is a non-cash accounting charge, reflecting how the convertible notes and other financing instruments it issued to raise money were revalued, rather than by the cost of running the business.
Compute is where the cash is going. Anthropic spent nearly $9 billion on computing capacity and infrastructure in the first half alone, already more than the $7.3 billion it spent on infrastructure across all of 2025. The document lists around $450 billion in cloud agreements stretching over the coming years, most of them noncancelable, including about $111 billion with Google Cloud, $110 billion with Amazon Web Services and $31 billion with Microsoft.
Revenue is also concentrated. Just two customers were behind roughly 20 percent of first-half sales, and Anthropic tells would-be investors it expects a handful of large clients to keep providing much of its income for the foreseeable future. Risk factors take up about a third of the filing, covering among other things AI models that behave in unintended ways and catastrophic incidents whose damages could exceed the insurance cover available.
On timing, earlier reports in September from the Wall Street Journal and the New York Times said Anthropic was aiming for a listing in November 2026, a schedule that could still shift. A listing could value the company at up to $2 trillion. Anthropic is led by chief executive Dario Amodei, with his sister Daniela Amodei serving as president.
