Anthropic’s Splashy S-1 Numbers Explained in 6 Charts

Anthropic co-founder and CEO Dario Amodei. Photo: Getty Images

Anthropic filed its paperwork to go public on Monday, and its financial numbers quickly spread across the internet.

The filing does not say when the IPO will happen. But Bloomberg reported that Anthropic could start officially promoting its IPO as early as November.

Anthropic reported a net loss of $80.7 billion in the first half of 2026. Most of this loss came from a change in the estimated value of certain financial agreements, not from its everyday business. Its operating business is starting to make money.

Here is how much its revenue has grown:

• $41 million in 2023
• $4.6 billion in 2025
• $16.3 billion in the first half of 2026

Of the $80.7 billion net loss in the first half of 2026, $72.4 billion came from an accounting charge related to convertible notes and SAFEs. These are types of financial agreements that can turn into company shares. Their estimated value increased as Anthropic’s valuation, or estimated company value, rose.

Under standard accounting rules, known as GAAP, Anthropic’s operating loss was $693 million.

Using another measure that leaves out certain costs, Anthropic's adjusted operating income changed from a loss of $1.8 billion in the first half of 2025 to a profit of $1.6 billion in the first half of 2026.