Anthropic revenue hits $16.3 billion as preliminary S-1 outlines IPO risks - WSJ

Investing.com -- Artificial intelligence company Anthropic (NASDAQ:ANTP) is preparing for a major initial public offering (IPO) that could value it at $2 trillion. A draft document for investors, seen by The Wall Street Journal, shows that the company's revenue is growing very quickly, but it also faces huge long-term costs. Anthropic, which is based in San Francisco, earned $16.3 billion in revenue during the first half of 2026. That was a sharp increase from $1.1 billion during the same period in 2025.

Anthropic's rapid growth depends on large amounts of computing power, which is becoming increasingly expensive. The company spent nearly $9 billion on computing power and infrastructure in the first six months of 2026 alone. That was more than the $7.3 billion it spent on infrastructure during all of 2025, according to The Wall Street Journal.

To make sure it has enough computing power, Anthropic has agreed to large contracts that it cannot cancel. These contracts show how big its operations have become, but they also create financial risks. According to the report, Anthropic has agreed to spend about $450 billion on cloud computing over the next 10 years. This includes $111 billion with Google Cloud, $110 billion with Amazon Web Services, and $31 billion with Microsoft.

Anthropic said it might spend as much as $750 billion in the coming years to get more computing power. This estimate includes deals that the company is still negotiating.

These huge spending commitments point to growing tension between Anthropic and its main computing providers. According to the report, Anthropic acknowledged in its filing that it had asked for more computing capacity than major cloud providers were willing to supply. As a result, it has turned to outside companies developing data centers to get around limits on available computing power.

Despite its fast revenue growth, Anthropic's financial records show a complicated financial picture and a heavy reliance on a small number of business partners. The company reported a net loss of $80.7 billion for the first half of 2026. However, $72 billion of that loss came from accounting changes related to convertible notes and other financing agreements. These changes did not involve cash payments.

Relying on a small number of customers is another important risk for people who may invest in the company when it goes public. The Wall Street Journal reported that about 20% of Anthropic's $16.3 billion in revenue during the first half of 2026 came from just two customers. The company expects a small group of customers to continue providing a large share of its revenue for the foreseeable future.

Beyond its finances, the preliminary S-1 filing spends a lot of time discussing business risks and how the company would handle major harmful events. According to the report, Anthropic warned about risks involving whether its AI models behave as intended and the possibility of serious incidents. It specifically noted that the damage caused by a major AI-related security incident could cost more than its insurance would cover.

The filing also explains how co-founders Dario and Daniela Amodei are paid and what they have promised to give away. According to the report, the Chief Executive and President each received a base salary of about $655,000 in 2025. Both leaders also pledged to give 80% of their personal equity to charitable causes and to create a public benefit fund holding 5%.