Revenue in the first half of 2026 surged 14‑fold YoY, a jump that eclipses the growth rates of many peers in the AI space, yet the operating loss trimmed to roughly $8 billion after stripping a $72 billion non‑cash charge.
Compute costs, the company’s largest expense, collapsed from a staggering 250 % of revenue to 48 % in the latest quarter, signalling a sharp improvement in operating leverage and a potential path to margin expansion.
Damodaran’s valuation model anchors Anthropic’s equity between $1.5 and $4.04 trillion, with a base‑case estimate of $1.475 trillion that sits just shy of the $1.5‑2 trillion band currently being discussed by IPO analysts.
Risk factors mount: a BB+ bond rating and $600 billion in compute commitments are offset by a $114 billion cash balance, projected to swell by another $100 billion from the forthcoming offering.
Going forward, the company is poised to file for a U.S. listing, and market participants will be watching for guidance on capital raise size and how it plans to service its debt‑laden commitments while sustaining growth.