Anthropic, PBC’s public IPO filing puts its first-half 2026 compute and infrastructure expense above its full-year 2025 figure, showing the scale of costs alongside the AI company’s rapid revenue growth.
The expense reached $8.945 billion in the six months through June, compared with $7.326 billion for all of 2025. Over the same first-half periods, revenue rose to $16.286 billion in 2026 from $1.163 billion in 2025.
Anthropic’s operating loss narrowed to $693 million from $2.135 billion a year earlier. Its reported net loss was much larger, at $80.748 billion, because it includes changes in the accounting value of financing instruments.
A $72.388 billion fair-value change involving convertible notes and derivatives accounted for most of that net loss. The revaluation is separate from the company’s compute and infrastructure expense; the net loss does not represent a bill of that size for computing.
Anthropic announced its public Form S-1 filing on Oct. 26 and plans to list Class A shares on Nasdaq under ANT. The filing follows a confidential draft submitted June 1, whose figures were covered in earlier reporting on Anthropic’s proposed IPO.
The company has not specified how many shares it will offer or set a proposed price range. Its registration statement has not yet become effective.
