Anthropic recorded an $80.7 billion net loss in the first half of the year, according to a draft prospectus reviewed by Reuters. The headline figure is heavily shaped by a $72 billion accounting adjustment tied to convertible instruments that may become shares, rather than a matching amount spent on data centers, salaries or training Claude.
As Anthropic’s estimated valuation rises, those convertible instruments become more valuable, creating an expense on its accounts even though the adjustment does not necessarily require an immediate cash payment. That distinction means the reported loss should not be read as $80.7 billion in cash burn. At the same time, simply removing the $72 billion charge would not establish an operating loss figure, since the prospectus summary does not provide every adjustment needed for that calculation.
| Metric | Value | Context |
|---|---|---|
| Net loss, first half | $80.7 billion | Compared with $13 billion a year earlier |
| Accounting adjustment | $72 billion | Related to convertible instruments |
| Compute and infrastructure spending | Nearly $9 billion | Up from $2.3 billion in the first half of 2025 |
| Future commitments | At least $518 billion | Cloud, compute capacity and infrastructure commitments over 10 years |
Infrastructure costs remain substantial
The accounting charge does not erase Anthropic’s substantial infrastructure bill. Compute capacity and infrastructure spending reached nearly $9 billion in the first half, almost four times the $2.3 billion reported for the corresponding period in 2025. The company also has at least $518 billion in future commitments over the next decade for cloud services, computing capacity and infrastructure.
Anthropic relies on infrastructure providers that can also be investors and competitors. Amazon has invested billions of dollars in the company, while AWS hosts a significant portion of the capacity used for Claude.
Revenue is also expanding. Anthropic reportedly told prospective investors that third-quarter revenue reached $16.8 billion, up 45% from $11.6 billion in the prior quarter. Growth had accelerated more sharply between the first and second quarters, when revenue reportedly doubled. Claude Code is cited as one contributor as Anthropic competes with OpenAI for developers and enterprise customers.
Anthropic confirmed that it confidentially submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission in June. A full prospectus has not yet been made public, and an IPO has reportedly been targeted for November. Investors have reportedly considered a valuation of roughly $1.5 trillion, below earlier figures above $2 trillion. A public filing would provide a clearer view of operating losses, cash consumption and the company’s contractual obligations.
