A draft IPO prospectus that The Wall Street Journal said it viewed put Anthropic’s reported net loss at $80.7 billion for the first half of 2026. About $72 billion of that figure came from accounting charges tied to convertible notes and other financing instruments, according to Reuters’ account.
Reuters described the charge as reflecting an increase in the estimated value of bonds that could convert into Anthropic shares. It was a valuation-related accounting expense, not cash paid for operations.
What Anthropic’s first-half figures show
The reported net loss rose alongside revenue and computing and infrastructure spending. These figures compare the same six-month periods, with all amounts in U.S. dollars.
| Measure | First half of 2025 | First half of 2026 |
| Net loss | $13 billion | $80.7 billion |
| Revenue | $1.1 billion | $16.3 billion |
| Computing and infrastructure expense | $2.3 billion | Nearly $9 billion |
Revenue and infrastructure expense are separate financial measures; neither is the same as net loss. The financing-related charge accounts for most of the reported first-half 2026 loss.
What Anthropic reported for the third quarter
Reports of an October 14 investor meeting said Anthropic told prospective IPO investors that third-quarter revenue was $16.8 billion. The company also reportedly said it was profitable on an adjusted basis for a second consecutive quarter and cash-flow positive. These statements concern a later period and different measures from the first-half net loss.
The possible IPO has also prompted discussion of valuation. NeoTeo’s earlier coverage of the reported $2 trillion valuation addressed that separate question.
The 2025 annual figures provide context
Reuters reported a $42 billion net loss for Anthropic in full-year 2025, including an accounting charge of about $34 billion. It separately reported an operating loss of about $8.1 billion excluding that charge, on $4.6 billion in revenue. Net loss and operating loss describe different financial measures.
