Anthropic recorded a net loss of $80.7 billion in the first half of 2026, sharply widening from $13 billion a year earlier, according to a draft prospectus for its planned initial public offering reviewed by Reuters.
The disclosures come as the San Francisco-based artificial intelligence company prepares for an expected November stock market debut amid growing investor scrutiny of its financial performance and infrastructure commitments.
The reported loss was largely driven by $72 billion in accounting charges linked to an increase in the estimated value of convertible bonds and other financial instruments issued to raise funding.
These charges reflect changes in financial valuations rather than direct cash expenditures associated with Anthropic's operations.
Despite the substantial reported loss, the company experienced rapid revenue growth during the period.
Revenue reached $16.3 billion in the six months ending June 30, compared with $1.1 billion during the corresponding period in 2025.
Spending on computing capacity and infrastructure climbed to nearly $9 billion, compared with $2.3 billion a year earlier.
Anthropic has also committed to spending at least $518 billion over a decade on cloud services, computing and infrastructure.
According to The Wall Street Journal, potential agreements under discussion could push future computing commitments as high as $750 billion.
Anthropic's financial disclosures have prompted some investors to reconsider the company's anticipated market valuation ahead of its expected November listing.
Investors attending a recent company event in San Francisco discussed a valuation of approximately $1.5 trillion, according to Reuters, substantially below the roughly $2 trillion previously anticipated.
The company, which develops the Claude chatbot and Claude Code programming assistant, previously reported a $42 billion net loss for 2025.
Its prospectus also identified potential risks involving harmful AI applications, including sophisticated cyberattacks and uncontrolled models engaging in blackmail.
The disclosures highlight the financial pressures accompanying rapid AI development as investors evaluate whether extensive infrastructure investments can deliver sustainable returns.
Anthropic did not respond to requests for comment.