Anthropic reports $80.7 billion loss in first half of 2026 but continues to grow
In the first half of 2026, the developer behind the well-known LLM Claude posted an enormous loss: The company is said to have “burned through” a staggering $80.7 billion during that period. However, most of the loss stems from accounting revaluations rather than direct operating expenses. The figures come from a draft prospectus for the company’s planned IPO, according to a report by news outlet Reuters.
The bulk of the loss, around $72 billion or 89,2 percent, resulted from the revaluation of convertible bonds and other financial instruments that can later be converted into equity in the company. Essentially, an investor provided the company with money in exchange for a bond. As Anthropic’s valuation rose sharply, the value of the bond increased as well, which must be recorded as a negative item in the accounts. The question is whether and when the money will actually have to be repaid. 8.7 billion remain as additional loss.
At the same time, the company is grappling with rapidly rising infrastructure costs. Anthropic invested nearly $9 billion in computing capacity and infrastructure in the first half of the year, compared with “just” $2.3 billion in the same period last year.
On top of that, the company has taken on substantial long-term commitments, pledging to spend at least $518 billion over ten years on cloud services, computing power, and infrastructure.
Meanwhile, the company’s planned November IPO is fast approaching, and investors are already considering a lower valuation than originally anticipated.
The picture is not quite as bleak as it might seem, however, as the company is also reporting strong growth. Revenue reached $11.6 billion in the second quarter. According to Reuters, Anthropic reported a 45 percent increase in revenue for the third quarter compared with the previous quarter, bringing the total to $16.8 billion.
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