Anthropic's Draft S-1 Shows $80.7B Half-Year Loss, Mostly a Non-Cash Charge, With Compute Commitments of at Least $518B

Anthropic's net loss widened to $80.7 billion in the first half of 2026 from $13 billion a year earlier, according to a draft prospectus reviewed by Reuters. About $72 billion of that is a non-cash charge tied to changes in the value of financial instruments, which Reuters described as a rise in the estimated value of bonds that could convert into Anthropic shares, not operating cash costs. Some headlines cite a $114 billion loss, but that is the Australian-dollar conversion of the same US$80 billion-plus figure, not a larger number.

The operating picture is growing fast. First-half revenue was $16.3 billion against $1.1 billion a year earlier, and third-quarter revenue rose 45% to $16.8 billion from the prior quarter, with Anthropic profitable on an adjusted basis that quarter. Anthropic spent nearly $9 billion on computing capacity in the half, up from $2.3 billion, and has committed to at least $518 billion over a decade, per Reuters.

The $750 billion figure is a ceiling, not a firm commitment. Anthropic signalled it could spend as much as that in the coming years, and ZeroHedge's summary of the Wall Street Journal's review says the tab has crossed $600 billion, with another $150 billion of capacity under negotiation. The filing also warns of a catastrophic AI-related incident that could exceed available insurance. Separately, people familiar with the matter told 24/7 Wall St. that former Google CEO Eric Schmidt owns about 1% of Anthropic; this is unconfirmed reporting, not the filing. For AMZN, TipRanks noted that revaluing its Anthropic stake drove $53.4 billion of Other Income in the second quarter.

Anthropic is private, so there is no ticker to trade. Watch the final prospectus, with the IPO expected in November, and whether the extra capacity is signed. Some investors are weighing a valuation of about $1.5 trillion, down from roughly $2 trillion previously expected.