Anthropic’s first-half revenue outpaces its compute bill, according to draft IPO filing

The figures come from the company’s draft IPO prospectus, released on October 20, 2026. They show first-half revenue of $16.3 billion against compute and infrastructure spending of nearly $9 billion.

The numbers behind the filing

Anthropic booked $16.3 billion in revenue over the first six months of 2026, up from $1.1 billion in the same stretch of 2025.

The half-year haul alone is more than triple what the company brought in across all of 2025, when total revenue came to approximately $4.6 billion.

Compute spending climbed too, though not at the same pace. Anthropic spent nearly $9 billion on compute and infrastructure in the first half, compared with $7.3 billion for the entirety of 2025.

The filing puts a sharper number on that efficiency. Anthropic reported generating $1.70 in revenue for every dollar spent on compute, alongside adjusted profitability for the second straight quarter.

Momentum carried into the third quarter. Q3 2026 revenue hit $16.8 billion, a 45% jump from the prior quarter.

The $80.7 billion asterisk

Anthropic posted a net loss of $80.7 billion for the first half of 2026.

Most of that, $72 billion, came from non-cash accounting charges tied to the rising value of convertible financing instruments. No cash actually left the building for that $72 billion.

Half a trillion dollars in cloud commitments

Anthropic has signed long-term cloud and infrastructure commitments valued somewhere between $518 billion and more than $600 billion.

The largest pieces include $111 billion with Google, $110 billion with AWS, and $31 billion with Microsoft. Total potential spending across those deals could reach $750 billion.

The concentration problem

Around 20-25% of Anthropic’s first-half revenue came from just two customers, neither of whom is named.

The road to a listing

Anthropic is planning an IPO slated for November 2026, potentially targeting a valuation of up to $2 trillion. Goldman Sachs and Morgan Stanley are set to lead the offering.

Disclosure: This article was edited by Diego Almada Lopez. For more information on how we create and review content, see our Editorial Policy.