Anthropic Draft S-1 Shows $16.3bn Revenue, WSJ Says

Revenue up almost fifteenfold in a year, and a loss five times larger than that revenue. Those are the two headline numbers in Anthropic’s draft prospectus, according to the Wall Street Journal, which reported on Tuesday evening that it had viewed the document.

The draft has not been made public, and Anthropic has not commented. But it is the most detailed picture yet of the company’s finances ahead of a listing that, the Journal reports, could value it at $2tn. According to the WSJ, as summarised by Investing.com, Anthropic made $16.3bn of revenue in the first half of 2026, against $1.1bn in the same period last year. The story is part of TSN’s AI Funding Rounds and Valuations hub.

Most of the $80.7bn loss was an accounting charge

The loss looks alarming at first sight: $80.7bn for the six months, by the Journal’s account. Most of it, $72bn, came from non-cash accounting adjustments related to convertible notes and financing instruments. Reuters, which says it also reviewed the draft, says the $72bn charge reflected an increase in the estimated value of bonds that could eventually convert into Anthropic shares, “rather than cash costs tied to its operations”. Reuters puts the loss a year earlier at $13bn.

Strip out the charge and the business still burns money, mainly on computing. The WSJ reports that Anthropic spent nearly $9bn on computing capacity and infrastructure in the first half, more than the $7.3bn it spent in the whole of 2025. Reuters compares the same figure with $2.3bn in the first half of last year.

The revenue figure fits what investors were told last week. Anthropic told prospective IPO investors that third-quarter revenue reached $16.8bn, Reuters reported, citing people familiar with the matter, meaning a single quarter nearly matched the whole first half.

Anthropic says it wanted more computing than the clouds would sell

The commitments are larger still. According to the Journal, Anthropic has roughly $450bn of noncancelable cloud computing agreements over the next decade, including $111bn with Google Cloud, $110bn with Amazon Web Services and $31bn with Microsoft. Reuters gives a broader figure of at least $518bn over a decade on cloud services, computing and infrastructure. The draft also says Anthropic could spend $750bn on computing in the coming years, including deals still being negotiated, the WSJ reports.

The filing acknowledges that Anthropic sought more capacity than the hyperscalers were willing to supply, according to the Journal, and that it has turned to third-party data-centre developers as a result. That is the background to deals such as its reported second agreement with Nscale.

Customer concentration is another risk the draft spells out. About 20% of first-half revenue came from two customers, the WSJ reports, and Anthropic expects a limited number of clients to keep providing a large share. The risk factors also cover model alignment and catastrophic incidents, warning that damages from a severe AI-related security event could exceed its insurance cover.

On pay, the Journal reports that chief executive Dario Amodei and his sister Daniela, the president, each drew a base salary of about $655,000 in 2025. Fortune, citing the same report, values their total compensation at $18m and $16.5m respectively, with most of it in stock. Both have pledged 80% of their equity to philanthropy, the WSJ reports, alongside a 5% public benefit fund.

The valuation is still a moving target

The $2tn figure is not settled. Reuters reported last week that Anthropic is expected to go public in November and that some investors are weighing a lower valuation of around $1.5tn after its latest disclosures. For now, the figures are what the WSJ and Reuters say they saw, and the next marker is whether Anthropic files publicly in time for a November listing.