Anthropic’s IPO prospectus shows $16.3 billion in revenue, an $80.7 billion net loss, and goal of an 'age of miracles'

Anthropic has finally opened the books, and the numbers are huge in both directions. In its IPO filing on Monday, the San Francisco AI company said revenue hit $16.3 billion in the first half of the year, up 1,300%, while net loss reached $80.7 billion for the six months through June 2026.

That loss sounds even worse than it is. Most of it — $72.4 billion — came from an accounting charge tied to convertible notes. On an operating basis, the picture is much less dramatic: losses narrowed to $693 million from $2.1 billion a year earlier. Anthropic also said it was profitable on an adjusted basis in the first half, with $1.6 billion in operating income, and generated $3.9 billion in cash from operations for the first time.

The filing is also a strange mix of ambition and caution. At the top, the founders promise an “age of miracles,” with examples ranging from curing cancer to shorter lines at the DMV. Then the document turns hard-edged, warning that advanced AI could take harmful actions “independently and at scale” if safeguards fail. That tension runs through the whole prospectus.

Anthropic said it had 5,300 employees at the end of September and that power remains concentrated with its seven cofounders through a special share structure. The company plans to list on Nasdaq under “ANT,” with a debut expected in Thanksgiving week. It will go public before OpenAI, the company its founders left five years ago.

The risk section is enormous, about 94 pages in a filing of more than 300 pages. Anthropic says its top five customers accounted for about 25% of revenue in the first nine months of 2026, and nearly half of revenue flows through cloud marketplaces run by Amazon, Google, and Microsoft. It also disclosed security-testing incidents, an ongoing legal fight with the Department of War, and that 5% to 7% of this year’s revenue came from customers later found to be violating usage policies. The big theme is simple: demand is exploding, and so are the liabilities.