Anthropic seeks $2 trillion IPO despite $80 billion loss

The draft S-1, as reported by The Wall Street Journal, puts concrete numbers on a company that has been widely discussed but rarely quantified. Revenue rose from $1.1 billion in the first half of 2025 to $16.3 billion a year later, while the net loss widened from $13 billion to $80 billion over the same span. Full-year 2025 revenue was $4.6 billion.

The expense side explains much of the gap. Anthropic spent $9 billion on computing capacity and infrastructure in H1 2026, up from $2.3 billion the year before. It has signed $450 billion of mostly "noncancellable" deals with cloud providers and plans to spend $750 billion for compute over the coming years — commitments that would sit alongside the IPO proceeds on the balance sheet.

The filing also flags risks tied to the customer base and the product's own capabilities, including the ability to hack into other companies or "blackmail" its own customers. Executive pay is structured mostly in stock: Dario Amodei's total compensation is valued at $18 million and Daniela Amodei's at $16.5 million, on a base salary of $655,000 each.