The $2 Trillion AI Giant: Inside Anthropic’s Massive IPO Filing
Anthropic’s operating loss for the first half was $693 million. Most of the remaining loss came from marking its convertible notes to a rising valuation.
ByJose Oramas
AI giant Anthropic has made its IPO filing public on Monday, reporting a net loss of $80.7 billion for the first six months of 2026. Only $693 million of that amount came from operations.
Anthropic booked $16.3 billion in revenue over the half, against $17 billion in operating expenses. A $72.4 billion charge on its convertible notes, derivative liabilities and simple agreements for future equity (SAFEs) made up most of the rest.
Those instruments are marked to market, so a higher company valuation raises the charge. The filing ties the increase mainly to the rising value of its convertible notes as Anthropic’s valuation climbed.
Revenue for the half was up 1,300% from $1.2 billion a year earlier. In the second quarter alone, revenue grew 1,368% while compute and infrastructure expenses jumped 300%, according to the filing.
Founders Hold 50.1% Voting Control
Anthropic confidentially filed for a US listing in June, with its underwriters led by Goldman Sachs and Morgan Stanley. Its public prospectus says the company has applied to list Class A shares on the Nasdaq Global Select Market under the ticker ANT. The prospectus leaves the share count and price range blank.
NBC News reported that the offering is expected in mid-November and could value Anthropic at more than $2 trillion. Polymarket traders put the odds of a November offering at 85% on Monday.
The listing leaves control with Anthropic’s seven co-founders, including Chief Executive Dario Amodei and President Daniela Amodei. The co-founders will hold a single Class F share through an LLC.
