Anthropic's draft IPO filing shows $80.7B H1 loss, mostly non-cash, amid $600B+ compute commitments

A draft prospectus for Anthropic's planned November IPO reports an $80.7 billion net loss for the first half of 2026 against $16.3 billion in revenue, which grew roughly fourteenfold year over year. About $72 billion of that loss is a non-cash charge tied to rising fair value of convertible notes, leaving an underlying loss near $8.7 billion. The filing also shows Anthropic has committed more than $600 billion to future computing infrastructure, mostly non-cancellable, with up to $750 billion more under discussion. Roughly one-fifth of first-half revenue came from two customers, and the company flags uncertain compute access and community opposition to data centers as risks.