Anthropic's $80.7 billion loss in the first half of 2026 largely reflected accounting changes tied to its valuation, PitchBook said through a senior analyst covering private companies in an interview.
PitchBook said the company's operating loss was $693 million and operating cash flow was a positive $3.9 billion. Convertible notes, debt that can turn into shares, accounted for $72.4 billion of the loss after their value increased alongside the company's valuation.
The interview aired on Yahoo Finance's Market Domination, published Oct. 26, after Anthropic filed documents for an initial public offering, its first sale of shares to public investors.
The discussion first addressed the speed of Anthropic's revenue growth and whether it could continue. The company's first-half revenue reached $16.3 billion, about 14 times the amount a year earlier, according to PitchBook's account of the filing.
PitchBook said it calculated third-quarter revenue at about $16.9 billion, up 47% from the second quarter. New models drove much of that growth, with versions less than six months old generating 80% of third-quarter revenue.
PitchBook nevertheless said it expected growth to slow. The discussion did not establish how long demand for successive model releases could sustain the recent pace of expansion.
Computing costs came next. PitchBook said lower costs to answer users' requests were a source of improving margins, allowing Anthropic to earn more from the computing resources it buys.
The interview then turned to the first-half loss and the accounting treatment of convertible notes. PitchBook said those valuation-related charges were distinct from the costs of running the business.
The analyst was asked about language describing potentially harmful or autonomous AI behaviour. PitchBook said: “I've never seen it before.” PitchBook said the disclosures were linked to public interest in the safety of AI systems that carry out tasks.
The discussion then addressed Goldman Sachs and Morgan Stanley's roles as lead banks for the offering. PitchBook said their experience could help them assess the costs and business functions involved in pricing AI companies.
Anthropic's disclosures also offered a basis for comparisons with OpenAI and Google. PitchBook said cloud sales were 48% of first-half revenue and said Anthropic recorded those sales at full price while treating partner fees as expenses.
The interview ended with a proposed timetable. PitchBook said it predicted a Nov. 9 roadshow to market the shares and a debut before Thanksgiving. That was an expectation rather than an announced company commitment, leaving the offering's timing open.
