Anthropic reports $16.3 billion first-half revenue in draft IPO filing

Revenue and compute spending in the filing

The company's first-half revenue of $16.3 billion compares with $1.1 billion in the same period of 2025. That half-year figure is more than three times the approximately $4.6 billion Anthropic brought in across all of 2025.

Compute and infrastructure spending also rose, though more slowly. Anthropic spent nearly $9 billion on compute in the first half, against $7.3 billion for the whole of 2025. The filing says the company generated $1.70 in revenue for every dollar spent on compute and reported adjusted profitability for the second consecutive quarter.

Where the net loss comes from

The net loss of $80.7 billion is largely accounted for by $72 billion in non-cash charges linked to the rising value of convertible financing instruments, according to the filing. No cash left the company to cover those charges.

The filing also lists long-term cloud and infrastructure commitments valued between $518 billion and more than $600 billion. The largest include $111 billion with Google, $110 billion with AWS and $31 billion with Microsoft.

Customer concentration and the planned listing

Around 20 to 25 percent of first-half revenue came from two customers, who are not named. Anthropic, an artificial intelligence company based in San Francisco, is planning an IPO slated for November 2026, potentially at a valuation of up to $2 trillion. Goldman Sachs and Morgan Stanley are set to lead the offering.

The figures are taken from a draft prospectus, so they may change before any listing. The report on which this account rests comes from a single outlet, Crypto Briefing.

Open questions

• Will the figures in the final prospectus match the draft?
• Who are the two customers accounting for about a fifth to a quarter of revenue?