Anthropic recorded a net loss of $80.7 billion during the first six months of 2026, according to a draft IPO prospectus reviewed by The Wall Street Journal. The disclosure arrives only weeks before the artificial intelligence company is expected to go public at a valuation of nearly $2 trillion, intensifying scrutiny of the cost of its rapid expansion. Draft prospectuses give prospective investors their most detailed look at a company's finances before its shares begin trading, which is why the figures are drawing close attention ahead of the listing.

The bulk of the loss does not reflect cash leaving Anthropic's accounts. Roughly $72 billion of the figure stemmed from accounting adjustments tied to changes in the value of convertible notes and other financial instruments the company issued to raise capital, The Wall Street Journal reported. By comparison, Anthropic's net loss stood at approximately $13 billion in the first half of 2025, meaning the year-over-year widening largely reflects the accounting adjustments rather than additional cash outlays.

Beyond the accounting charges, Anthropic is spending heavily to support its growth. The Telegraph reported that computing and infrastructure costs reached nearly $9 billion in the first half of 2026, already exceeding what the company spent on those items throughout all of 2025. Compute is a core cost of running an AI business, since models depend on rented chips and data center capacity for training and serving users, and the first-half figure already represents more than half of Anthropic's revenue over the same period.

Revenue has climbed sharply alongside the spending. Anthropic generated about $16.3 billion in first half of 2026, up from $1.1 billion in the same period last year and total revenue of $4.6 billion for all of 2025.

The scale of Anthropic's compute commitments

Anthropic has made extensive commitments to secure the computing capacity required to expand its AI business. Its cloud contracts total about $450 billion over the next seven to 10 years, a figure that could rise to $750 billion as the company negotiates additional deals. The totals underline how far Anthropic's spending plans stretch beyond the six months covered by its results, and why its long-term capacity arrangements are central to the company's expansion.

These commitments include roughly $111 billion for Google Cloud, $110 billion with Amazon Web Services, and $31 billion with Microsoft. Anthropic has also agreed to spend up to $86 billion renting Nvidia chips from Nscale and Lambda, along with more than $160 billion to lease Google chips through Broadcom.

Data center opposition flagged as a political risk

In its prospectus, Anthropic identified growing opposition to data center construction as a potential political risk, noting that resistance to new projects was becoming increasingly organized across different jurisdictions. Most of Anthropic's data center capacity is located in the United States, although the company has signed letters of intent for facilities in other countries. Risk-factor disclosures like this spell out what the company itself views as the principal obstacles to the infrastructure buildout its business depends on.

The filing also shed light on the company's leadership. In 2025, Anthropic CEO Dario Amodei and president Daniela Amodei each received a base salary of about $655,000. The siblings have pledged 80% of their respective stakes to philanthropy. Separately, Anthropic plans to set aside 5% of its shares for a public benefit fund the company announced on October 18.