Anthropic's IPO filing reveals an $80 billion paper loss

Anthropic's IPO filing went public on Monday, October 26, 2026, the first step toward selling stock on the open market. The S-1, a registration document required before a stock sale, names Nasdaq as the target exchange and ANT as the ticker symbol, according to IBTimes UK and Yahoo Finance. The offering could rank among the largest stock sales ever completed. Read more: Anthropic's IPO filing reveals an $80 billion paper loss

Inside the filing, the numbers show a company growing fast and losing money just as fast, at least on paper. Anthropic reported $16.3 billion in revenue for the first six months of 2026, more than three times the $4.6 billion it brought in during all of 2025, Yahoo Finance reported.

Over that same six months, the company reported a net loss of $80.7 billion, compared with a $42 billion loss for all of the prior year.

Related: Anthropic's AI tried to slip malware into a real software project during a safety test

Why the loss looks so big

That $80.7 billion figure made headlines, but it does not mean Anthropic burned through that much cash. AI Weekly reported the loss is mostly a non-cash accounting charge tied to the rising value of convertible financing instruments. Those are the notes and SAFEs investors can convert into stock, which grow larger on paper as the valuation climbs.

In fact, Anthropic's underlying business moved toward profitability over the same stretch. Yahoo Finance reported the company posted $974 million in quarterly operating income before those accounting charges. That was a reversal from a $1.7 billion operating loss three months earlier, as revenue grew faster than compute costs.

Anthropic's IPO filing also details how much computing power the company has locked in to run its Claude models. The company agreed to pay SpaceX up to $120.5 billion for Nvidia powered computing capacity through 2029, Gizmodo reported. It also agreed to pay roughly $114.5 billion to Google Cloud through 2033.

On top of that, Amazon Web Services is due $110 billion through 2036 and Microsoft Azure $44.9 billion through 2033. Those four deals add up to roughly $390 billion in compute commitments reaching into the next decade.

Meanwhile, investors are reportedly weighing a listing valuation between $1.8 trillion and $2 trillion, up sharply from the $965 billion private valuation the company carried in May. Goldman Sachs and Morgan Stanley are leading the offering, with several other banks also underwriting it, Inc. reported.

Related: Anthropic closes in on public IPO filing

A dispute with the Pentagon

The filing also discloses a legal fight with the federal government. Secretary of War Pete Hegseth directed in February that Anthropic be labeled a national security supply chain risk, Nextgov reported. Anthropic had refused to drop limits blocking the Department of War from using its models for fully autonomous weapons and mass surveillance of Americans.

A federal judge in California ruled the designation illegal in August. But the U.S. Court of Appeals for the D.C. Circuit sided with the government on September 25, Nextgov reported. That ruling left the label in place and barred department staff from using Anthropic's products for official business. Anthropic said it disagrees with that ruling and is still weighing further appeal, Nextgov reported.

Anthropic's filing does not yet include a share price or the size of the offering, numbers that typically arrive in an amended filing closer to trading.