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. 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 l...