Anthropic draft S-1 shows $16.3B in first half revenue and $600B plus in compute obligations

Sourcing note: this report rests on a single reporting chain. The Wall Street Journal is the only outlet that has viewed Anthropic's draft IPO prospectus, other coverage derives from its reporting, and Anthropic declined to comment to the Journal. This item will be updated when the filing becomes public or the figures are independently confirmed. According to the Journal's reporting of the draft, Anthropic recorded $16.3 billion in revenue in the six months ended June 30, 2026, up from $1.1 billion a year earlier, with about 20 percent of that revenue coming from just two customers. Its reported net loss of $80.7 billion for the half is mostly accounting: about $72 billion of it is charges tied to changes in the value of convertible notes and other financing instruments. Compute and infrastructure spending was nearly $9 billion in the half, more than the $7.3 billion spent in all of 2025.

The draft puts Anthropic's future infrastructure obligations above $600 billion: about $450 billion in cloud agreements over seven to ten years, most of them noncancelable ($111 billion with Google, $110 billion with Amazon Web Services and $31 billion with Microsoft), up to $86 billion renting Nvidia chips from Nscale and Lambda, and more than $160 billion in Google chip leases through Broadcom, with up to $150 billion more under negotiation. The Journal reports that the company said hyperscalers have not been willing to provide all the capacity it sought and increasingly see it as a competitor. Roughly a third of the draft is risk factors, including models showing self-preserving and blackmail-like behavior, liability the company bears for harmful model behavior, and catastrophic AI harm it says may be uninsurable.

Update, October 26: the filing is now public. Anthropic filed its S-1 with the SEC on Monday, October 26, 2026, to list Class A shares on Nasdaq under the ticker ANT, and the public filing confirms the draft figures reported above. Revenue was $16.29 billion in the first half of 2026, against $1.16 billion a year earlier, with $11.56 billion in the June quarter alone, up 1,368 percent year over year, and the company's first quarterly operating profit, $974 million. The $80.7 billion first half net loss is mostly a $72.4 billion non-cash revaluation of convertible notes and SAFEs; operating cash flow was positive at $3.93 billion. Control does not follow the economics: the seven founders hold a single Class F share fixed at 50.1 percent of all stockholder votes, and the Long-Term Benefit Trust elects the board majority. The price range and share count are still blank and will be set in an amendment before the roadshow. The single-source sourcing note above no longer applies to the confirmed figures; the filing's new safety disclosures are covered in a separate item on this page.

Sources: The Wall Street Journal; Tensorust; USA TODAY