Anthropic reported a net loss of $80.7 billion in the first half of 2026, as the company continues to invest heavily in artificial intelligence and computing infrastructure.
According to draft prospectus documents reviewed by The Wall Street Journal, the San Francisco-based company’s loss widened significantly from $13 billion during the same period a year earlier. However, most of the reported loss stemmed from accounting charges rather than direct operating expenses.
About $72 billion of the loss was attributed to changes in the estimated value of convertible bonds and other financial instruments issued by the company to raise funds. These instruments can eventually be converted into company shares, and changes in their estimated value contributed to the substantial accounting charge.
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Despite the reported loss, Anthropic’s revenue increased sharply. The company generated $16.3 billion in revenue during the first six months of 2026, up from $1.1 billion during the same period a year earlier.
The Claude maker’s spending on computing capacity and infrastructure also climbed significantly, reaching nearly $9 billion in the first half of 2026, compared with $2.3 billion during the same period last year.
The company has indicated that it may spend as much as $750 billion in the coming years to secure additional computing capacity. Growing demand for Claude Code, its AI-powered coding assistant that helps developers write software and build applications, has contributed to its revenue growth. However, the costs associated with developing and operating advanced AI models remain substantial.
Anthropic is reportedly preparing for an initial public offering (IPO) as early as November. The potential listing could test investor confidence in the company and their expectations for how its substantial investments in computing infrastructure will translate into future returns.
Following the latest financial disclosures, some investors have reportedly reconsidered Anthropic’s expected valuation. Discussions among investors who attended a recent company investor day in San Francisco, California, pointed to a possible valuation of $1.5 trillion, below the previously anticipated $2 trillion.
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Anthropic also reported a net loss of $42 billion in 2025, largely for similar accounting reasons, according to the report.
Backed by Amazon and Google, the company has been expanding its computing infrastructure to meet growing demand from businesses deploying generative AI applications.
It has also signed a 20-year lease agreement valued at an estimated $19 billion with AI infrastructure provider TeraWulf. The agreement is expected to give Anthropic access to up to 401 megawatts of computing capacity at TeraWulf’s data center campus in Hawesville, Kentucky. Initial operations are expected to begin in late 2027.