Anthropic disclosed a first‑half 2026 revenue of $16.286 billion against a net loss of $80.748 billion, a stark contrast to the $4.585 billion revenue and $41.965 billion loss reported for the same period a year earlier.
The S‑1 filing, lodged with the SEC on October 25, positions the company to list on Nasdaq Global Select under the symbol ANT, with a target price band yet to be set and a projected capital raise of roughly $100 billion at a valuation between $1.5 trillion and $2 trillion.
Revenue surged 14× year‑on‑year, driven by Claude Code and the newer Claude Cowork product. The company now serves 11,900 customers paying at least $100,000 annually and 1,900 paying $1 million, with an 900 % net revenue retention.
Although the book shows an $80.748 billion loss, $72.388 billion of that stems from an accounting re‑valuation of convertible notes. On an adjusted basis, operating income reached $1.618 billion, translating to a 10 % margin versus a −159 % margin a year earlier.
Compute and infrastructure expenses climbed 22 % to $8.945 billion, while revenue jumped 1,368 % YoY in the April‑June quarter. Sales and marketing costs ballooned from $120 million to $3.168 billion, largely due to a one‑off $1.5 billion Bartz settlement in 2025.
Anthropic's reliance on AWS, Google Cloud and Microsoft Azure both as sales channels and compute providers creates a conflict of interest, raising the risk of capacity cuts or repricing. The company warns that a small subset of customers and channels underpins its revenue, and its IPO pricing will be finalized in early November as it seeks to capitalize on the AI boom.