Anthropic’s IPO prospectus shows $16.3 billion in revenue and an $80.7 billion net loss

Anthropic filed the paperwork for its hotly anticipated public stock offering on Monday, providing the first detailed look at its finances in a voluminous, and at times slightly surreal, document that describes a coming “age of miracles” alongside warnings of “existential risks to society.”

The S-1 filing , which starts the countdown clock to what’s expected to be one of the largest IPO of all times, reveals a company whose revenue grew an astounding 1300% in the first half of the year, to total $16.3 billion, thanks to booming demand for its Claude family of AI products, as well as massive computing expenses and deep losses.

“We expect our costs will increase over time and our losses will continue as we expect to invest significant resources towards growing our business and operating as a public company,” Anthropic warned in the S-1’s lengthy list of risk factors. The San Francisco-based company, founded in 2021, had 5,300 employees at the end of September, with power firmly concentrated in the hands of its seven cofounders thanks to a special multi-class share structure .

Anthropic plans to list on the Nasdaq under the ticker “ANT,” and is expected to target a Thanksgiving week debut.

While the filing does not specify the price or the number of shares Anthropic intends to sell, as is customary at this stage in the process, media reports in recent weeks have said the company is targeting a valuation somewhere between $1.5 trillion and $2 trillion. That could put it above Elon Musk’s SpaceX, which was valued at $1.77 trillion in its June IPO . (Some investors have even predicted Anthropic could pop in valuation to as high as $2.4 trillion in market value once it starts trading.)

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.