Anthropic’s first-half revenue outpaces its compute bill, according to draft IPO filing

The figures come from the company’s draft IPO prospectus, released on October 20, 2026. They show first-half revenue of $16.3 billion against compute and infrastructure spending of nearly $9 billion. The numbers behind the filing Anthropic booked $16.3 billion in revenue over the first six months of 2026, up from $1.1 billion in the same stretch of 2025. The half-year haul alone is more than triple what the company brought in across all of 2025, when total revenue came to approximately $4.6 billion. Compute spending climbed too, though not at the same pace. Anthropic spent nearly $9 billion on compute and infrastructure in the first half, compared with $7.3 billion for the entirety of 2025. The filing puts a sharper number on that efficiency. Anthropic reported generating $1.70 in revenue for every dollar spent on compute, alongside adjusted profitability for the second straight quarter. Momentum carried into the third quarter. Q3 2026 revenue hit $16.8 billion, a 45% jump from the prior quarter. The $80.7 billion asterisk Anthropic posted a net loss of $80.7 billion for the first half of 2026. Most of that, $72 billion, came from non-cash accounting charges tied to the rising valu...