The Wall Street Journal has seen a new draft of Anthropic’s IPO prospectus and published the numbers on Monday evening. They are the first half-year figures the company has ever disclosed: $16.3 billion in revenue for the first half of 2026, up from $1.1 billion a year earlier. Alongside that, a net loss of $80.7 billion.
Most of that loss is accounting
Of the $80.7 billion, $72 billion never moved as cash. It comes from revaluing convertible notes and similar financing instruments—the higher the company’s valuation climbs, the more expensive those papers get on the balance sheet. What remains operationally is a loss somewhere in the eight-to-nine-billion range. Still a lot of money, but a different story from “burned $80 billion.”
The cost side is more telling. Anthropic spent nearly $9 billion on computing capacity and infrastructure in the first six months of 2026. For all of 2025, the figure was $7.3 billion. The curve isn’t flattening out, it’s getting steeper.
Two customers, a fifth of revenue
Roughly 20% of the $16.3 billion came from two customers. Anthropic says in its own risk factors that a small set of clients will keep contributing a significant share of revenue. If you go looking for the names, the prospectus doesn’t have them.
On the leadership side it does get specific: Dario and Daniela Amodei each drew a base salary of about $655,000 in 2025. Both have pledged 80% of their personal equity to philanthropy, on top of the public benefit fund holding 5% of shares.
The filing also names risks you rarely see spelled out this plainly. Anthropic lists model misalignment and catastrophic security incidents as hazards, and notes that damages from such an event could exceed the insurance coverage it holds.
$450 billion already committed
Over the next decade, Anthropic has signed noncancelable cloud compute agreements worth about $450 billion: $111 billion with Google Cloud, $110 billion with AWS, $31 billion with Microsoft. All in, the company says it could spend up to $750 billion in the coming years, including deals still being negotiated. The $45 billion Nscale contract I wrote about yesterday belongs in that bucket.
One more line stands out: Anthropic asked the hyperscalers for more capacity than they were willing to supply. That is why it is now building third-party data centers of its own.
The uncomfortable number isn’t on the income statement
I covered the $1.5 trillion IPO valuation last week, and with $16.3 billion in half-year revenue it suddenly looks less ridiculous. The loss has an explanation. The $450 billion in fixed obligations has less of one: it has to be paid whether revenue keeps growing like this or not. Anthropic is betting on demand that doesn’t exist yet. So far, that bet has paid off every single time.