Anthropic's draft prospectus shows a net loss of $80.7 billion in the first half; IPO valuation and growth rate draw attention
A draft prospectus reviewed by Reuters shows that Anthropic plans to list in November and had a net loss of $80.7 billion in the first half, far higher than $13 billion in the same period last year, of which $72 billion came from an accounting accrual arising from the increase in the fair value of convertible bonds. The company has committed to invest at least $518 billion over ten years in cloud services, computing power and infrastructure. In the first half, spending on computing power and infrastructure was nearly $9 billion, compared with $2.3 billion in the same period last year. At a meeting with potential IPO investors on October 14, Anthropic said third-quarter revenue grew 45% quarter on quarter to $16.8 billion. Some investors were disappointed by this quarter-on-quarter growth rate; previously, revenue more than doubled from the first quarter to the second quarter, reaching $11.6 billion in the second quarter.
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A draft prospectus seen by Reuters shows that Anthropic had a net loss of $80.7 billion in the first half, of which $72 billion came from an accounting accrual for the increase in the fair value of convertible bonds.
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Anthropic is heading toward a planned November stock market debut with rapidly growing revenue, soaring infrastructure costs and a first-half net loss of $80.7 billion, according to a draft prospectus reviewed by Reuters. Most of the reported loss, however, came from an accounting charge rather than money spent running the business.The San Francisco-based AI company recorded a $72 billion charge related to an increase in the estimated fair value of bonds that can eventually be converted into its shares. The charge helped push its first-half loss sharply higher from $13 billion in the same period a year earlier.The figures arrive as investors reassess how much they are willing to pay for Anthropic. Some are now considering a valuation of around $1.5 trillion following the company’s latest financial disclosures, Reuters reported last week.
1 View gallery Anthropic's Claude. (Photo: Gabby Jones/Bloomberg)The prospectus also lays bare the scale of the infrastructure investment underpinning the AI boom. Anthropic has committed to spending at least $518 billion over a decade on cloud services, computing and infrastructure. In the first half of this year alone, it spent nearly $9 billion on computing capacity and infrastructure, compared with $2.3 billion a year earlier.Anthropic did not respond to a request for comment.Anthropic’s business continues to expand rapidly, helped by demand for Claude Code, its coding assistant used by developers to write software and build applications. But the pace of growth is becoming a focus for investors as the company prepares to enter public markets.At an October 14 meeting with prospective IPO investors, Anthropic said its third-quarter revenue rose 45% from the previous quarter to $16.8 billion, Reuters reported, citing people familiar with the matter. Some investors were nevertheless disappointed by the sequential growth rate. Revenue had more than doubled between the first and second quarters, reaching $11.6 billion in the latter.
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Three AI bubbles are testing Wall Street’s faith in the boomThe contrast captures a central question facing AI companies seeking public market valuations: whether fast-growing sales can ultimately justify the enormous costs of developing models and securing the computing resources needed to run them.Anthropic’s reported losses have also been shaped by the accounting treatment of financing instruments tied to its valuation. In September, Reuters reported that the company recorded a $42 billion net loss in 2025, most of it attributable to a similar charge. As its valuation rose, the estimated fair value of the convertible notes tripled year over year.Excluding that charge, Anthropic recorded an operating loss of about $8.1 billion on revenue of $4.6 billion in 2025.The reception for Anthropic’s IPO could have implications beyond the company itself. Investors are watching the planned listing as a gauge of appetite for major AI businesses, with rival OpenAI also potentially heading to the public markets next year.