Anthropic IPO Draft Shows $16.3 Billion Revenue, $80.7 Billion Loss in First Half of 2026

Anthropic’s draft IPO figures show $16.3 billion in first-half 2026 revenue and an $80.7 billion net loss, spotlighting financing costs and computing demand that also reaches a Bitcoin (BTC) miner.

Revenue was $1.1 billion in the comparable 2025 period, making the latest six-month total nearly 15 times as large. It was also more than three times the $4.59 billion Anthropic generated in all of 2025, though those figures cover different lengths of time.

About $72 billion of the first-half loss came from noncash accounting changes involving convertible notes and other financing instruments. Those changes affected the reported result without equivalent cash payments during the period. The $80.7 billion net loss therefore does not mean Anthropic spent that amount in cash.

Anthropic’s net loss for all of 2025 was nearly $42 billion. The new loss figure covers six months, while the earlier figure covers a full year.

The draft also sets out as much as $750 billion in potential computing costs over coming years. That amount includes deals still under negotiation and is not a total of signed commitments. It reflects the scale of the capacity Anthropic is considering as revenue grows.

Anthropic raised $65 billion in May at a $965 billion post-money valuation. On June 1, the company announced that it had confidentially submitted a draft S-1, giving it the option to pursue a public offering after SEC review. Its June 1 announcement did not specify a share count or offering price.

A later snapshot put third-quarter revenue at $16.8 billion, exceeding the $16.3 billion recorded across the first half. The comparison shows how quickly sales increased, although one figure covers a quarter and the other covers six months.

That demand for computing capacity also involves TeraWulf Inc., a Bitcoin miner. In July, TeraWulf signed a lease to provide Anthropic with about 401 megawatts of critical IT load at its planned Justified Data Campus in Kentucky. The lease’s initial 20-year term begins as leased space is delivered.

TeraWulf expects to start delivery in the second half of 2027 and complete it in early 2028.