Anthropic's IPO draft shows $80.7B first-half loss and over $600B in compute commitments

A draft prospectus for Anthropic's planned November IPO reports an $80.7 billion net loss for the first half of 2026 on $16.3 billion in revenue, which grew about fourteenfold year over year. Roughly $72 billion of the loss stems from a non-cash charge tied to rising fair value of convertible notes, leaving an underlying loss of about $8.7 billion. The company has committed more than $600 billion to future computing infrastructure, mostly under non-cancellable contracts, with up to $750 billion more under discussion. Its first-half compute spending nearly reached $9 billion, already surpassing all of 2025, and about one-fifth of revenue came from just two customers. The filing also flags risks including uncertain compute access, local opposition to data center construction, and possible catastrophic-incident costs that could exceed insurance coverage.