Anthropic, PBC filed a Form S-1 with the U.S. Securities and Exchange Commission on October 26, 2026. XTB reported revenue of $16.286 billion for the six months ended June 30, 2026, compared with $1.163 billion in the same period of 2025. That is a $15.123 billion increase, or about 1,300.3% year over year. The SEC filing index records the filing date; Bloomberg rounded the 2026 revenue figure to $16.3 billion. For context on the possible listing, see NeoTeo’s earlier coverage of Anthropic’s possible IPO.
The H1 comparison covers two six-month periods
The roughly 1,300.3% growth figure compares revenue in the first half of 2026 with revenue in the first half of 2025. The reported figures translate to an increase of $15.123 billion over those matched periods.
| Reported measure | H1 2025 | H1 2026 | Change |
| Revenue | $1.163 billion | $16.286 billion | +$15.123 billion; about +1,300.3% year over year |
Q3 revenue is a separate quarterly figure
Separate reports put Anthropic’s Q3 2026 revenue, for July through September, at $16.8 billion. That quarter is distinct from the six-month H1 total. Reports rounded Q2 revenue to either $11.5 billion or $11.6 billion, producing sequential-growth figures of about 46% or 45%, respectively.
Those percentages compare one quarter with the previous quarter. They are not the same calculation as H1’s year-over-year growth, which compares two six-month periods.
How revenue growth relates to costs and losses
Reports put Anthropic’s H1 2026 operating loss at $693 million, adjusted operating income at about $1.62 billion, and net loss at about $80.7 billion. These are separate financial measures.
| H1 2026 measure | Reported result |
| Operating result | $693 million loss |
| Adjusted operating income | About $1.62 billion positive |
| Net loss | About $80.7 billion |
Wall Street Journal reporter Anissa Gardizy explained that most of the reported net loss came from an accounting adjustment tied to previous financings. The net loss therefore is not an equivalent measure of cash spent.
XTB also reported $8.945 billion in compute and infrastructure expense for H1 2026, compared with $2.334 billion in H1 2025. Those expenses represented 54.9% of revenue in H1 2026, down from 200.7% a year earlier. The expense ratio puts the infrastructure costs alongside revenue; it does not replace the distinct operating, adjusted operating, and net results.
