Anthropic goes public on paper: $16.3B revenue, $80.7B loss

Anthropic's S-1 went live on SEC EDGAR this morning, right on the 9 a.m. New York time Bloomberg reported. It's the first time anyone outside the company can read its finances in full. First-half 2026 revenue was $16.3B, up from $1.1B a year earlier. Full-year 2025 revenue was $4.6B.

The loss is the eye-watering part: an $80.7B net loss for the half-year. About $72B of it is a non-cash charge from revaluing convertible instruments that funded its infrastructure build-out. The actual spending is still huge: $9B on compute in H1, against up to $750B in compute commitments. About $450B of that is already signed with cloud providers, mostly noncancellable. The risk factors flag customer concentration (reportedly ~20% of revenue from two customers) and warn that a catastrophic AI incident could exceed its insurance coverage.

Bloomberg's sources say marketing could start as soon as the week of Nov. 9, and Anthropic wants an IPO as big as SpaceX's or bigger. Reports put the target valuation near $2 trillion. The $1B on the fee table is a placeholder used to calculate the SEC fee, not the size of the raise.

Why it matters: this is the first audited look at what a frontier lab really costs to run, and every AI valuation will now be measured against it.