Anthropic’s S-1 shows $16.3 billion in revenue and an $80.7 billion net loss

Anthropic’s hotly-anticipated prospectus for its initial public stock offering has been made public, giving investors their first detailed look at the AI company’s finances.

The filing showed the company generated $16.3 billion in revenue for the first six months of 2026, roughly 13.5 times more than the $1.2 billion it made in the same period the year before.

The company also recorded a net loss of $80.7 billion for the six months through June 2026. That figure is one of the largest half-year losses any company has ever recorded. But most of that loss, $72.4 billion, is due to an accounting charge to take into account the increased value of convertible notes Anthropic has issued. The company’s prospectus showed its operating losses narrowing to $693 million in the six months through June from $2.1 billion for the same period of 2025. Anthropic said that on an adjusted basis that excludes its stock-based compensation expenses and non-cash charitable contributions, it was profitable for the six months ending in June, making $1.6 billion, or about a 10% profit margin. On a quarter-by-quarter basis, the company reported improving adjusted operating margins. It said it had a 19% adjusted operating margin in the second quarter of 2026, up from a negative margin of 13% in the first quarter of the year and much larger, negative margins in all previous quarters. The company also reported that it generated positive cash flow from operations for the first time in the six months through June, generating $3.9 billion in cash, compared to a negative cash flow of $1.5 billion in the same period of 2025.

Anthropic plans to list on the Nasdaq under the ticker “ANT,” and is expected to target a Thanksgiving week debut that could see the company valued between $1.5 trillion and $2 trillion. (Some investors have even predicted the company could pop in valuation to as high as $2.4 trillion in market value once it starts trading.)

“Our aim is to help humankind chart a safecourse through this technological evolution, open new frontiers of discovery, and bring forth an age of miracles,” the company wrote in its S-1, which is the Securities and Exchange Commission form type for a company’s IPO prospectus.

Various parts of Anthropic’s financial picture have already leaked through draft versions of the filing and pitches to prospective investors.

The company’s risk factor section takes up about 94 pages of the more than 300-page filing, covering everything from Anthropic’s reliance on a few large customers to its ongoing legal fight with the Department of War. The company’s top five customers accounted for about 25% of revenue in the first nine months of 2026, and nearly half of its revenue flows through cloud marketplaces run by Amazon , Google, and Microsoft , which also compete with the company for users.

Anthropic also disclosed incidents where its model had gained unauthorized access to real outside systems during security testing, and it estimated 5% to 7% of its revenue this year came from customers it later found were violating its usage policies.

In one risk warning, Anthropic even warned that if employees, many of whom joined for its safety mission, come to feel the company isn’t living up to those values, it could face lower morale, departures, and trouble recruiting, which could slow its work. Last month, Anthropic employee Jacob Coxon resigned from the company saying that it and the entire AI industry were being reckless in the way they were building AI models and were “gambling with our lives.”

The lab also briefly touches on some of the existential risks posed by AI that have dominated headlines in the last few months.

“Concerns have been raised both within our organization and by other researchers, regulators, policymakers, and industry participants that sufficiently advanced AI systems could, if not developed, deployed, and operated with appropriate safeguards, oversight, and security measures, pose catastrophic or existential risks to humanity, particularly if such systems were misused, replicated, weaponized, or allowed to operate with a high degree of autonomy,” the company wrote in its S-1.

Each of the seven co-founders has also pledged to give 80% of their personal Anthropic equity to philanthropic causes.