The Wall Street Journal reported on October 20, 2026, that an Anthropic draft prospectus it said it had reviewed showed $16.3 billion in revenue and an $80.7 billion net loss for the first half of 2026. The reported revenue was up from $1.1 billion in the first half of 2025.
What the reported H1 figures say
| Financial measure | Period | Amount (USD) |
| Revenue | H1 2026 | $16.3 billion |
| Net loss | H1 2026 | $80.7 billion |
| Non-cash accounting adjustments | H1 2026 | About $72 billion |
About $72 billion of the reported net loss was attributed to non-cash accounting adjustments related to convertible notes and financing instruments. A net loss is not a measure of cash spent: those adjustments were described as non-cash, and the reported loss does not mean Anthropic paid out $80.7 billion during the period.
How the loss differs from an earlier profit projection
On May 20, Reuters reported that investor materials projected $10.9 billion in Q2 2026 revenue and $559 million in operating profit. A person familiar with those materials provided the figures, and Reuters described the projected profit as Anthropic’s anticipated first quarterly operating profit.
That was a forecast for one quarter and a different accounting measure. The $80.7 billion figure is a reported net loss for the first half of the year; the Q2 operating-profit figure was projected, not a reported result. The two figures describe different periods and do not cancel each other out.
Computing costs and the proposed IPO
The Wall Street Journal also reported that Anthropic could potentially spend as much as $750 billion in coming years on additional computing capacity, including deals still under negotiation. The figure concerns potential future spending, separate from the reported first-half loss.
Anthropic says it confidentially submitted a draft Form S-1 to the U.S. Securities and Exchange Commission for a proposed common-stock IPO. The company says going public depends on SEC review, market conditions and other factors; it had not set the number of shares or the price, and its announcement is not an offer to sell securities. Anthropic’s official statement on the confidential S-1 submission sets out those terms. For context on earlier market expectations, see NeoTeo’s previous coverage of Anthropic’s IPO valuation.
