Anthropic posted a net loss of more than $80 billion in the first half of 2026 even as revenue continues to grow at a rapid pace, according to The Wall Street Journal.
The paper, which reviewed the draft S-1 SEC filing as it prepares to go public in November, said $72 billion of the loss came from an accounting adjustment related to its financing agreements. In the first half of 2025, Anthropic lost $13 billion.
Anthropic has signaled it could spend as much as $750 billion in coming years to secure additional compute, including agreements still under negotiation, according to the Journal.
Meanwhile, Anthropic recorded $16.2 billion in revenue in the first half of 2026, up from $1.1 billion in the same period a year earlier. However, a fifth of the business in 2026 came from just two customers. The company expects that a “significant portion” of its revenue will come from a “limited number of customers for the foreseeable future,” the paper said.
In the first half of 2026, Anthropic spent nearly $9 billion on computing capacity and infrastructure. In all of 2025, computing costs came to $7.3 billion on revenue of $4.6 billion.
The company has previously told investors that it reached adjusted operating profitability in the second quarter. The much larger first-half net loss disclosed in the draft filing highlights the difference between adjusted operating measures and the broader accounting costs investors will scrutinize as Anthropic moves toward a public listing.
Compute remains one of the company’s biggest strategic dependencies. In April, Anthropic announced an agreement with Amazon committing more than $100 billion over 10 years for up to 5 gigawatts of additional AWS capacity to train and run Claude.