Anthropic Files S-1 for Nasdaq Listing, Reporting $16.3 Billion First-Half Revenue and an $80.7 Billion Net Loss

Revenue reached $16.3 billion in the first half of 2026, about 14 times the year-earlier level. Of the $80.7 billion net loss, $72.4 billion comes from revaluing convertible notes, a non-cash charge. Operating margin was about -4% under GAAP and 10% on the company's own adjusted basis. [3] [4] [13]

Compute is the largest long-term obligation, but reports of its size conflict: $542–567 billion, $657 billion with $498 billion non-cancellable, or up to $750 billion. Compute spending fell from 201% to 55% of revenue between H1 2025 and H1 2026. Workloads run across AWS Trainium, Google TPUs, and Nvidia and AMD GPUs. [4] [11] [13] [14] [15]

The risk factors warn that models could show self-preservation-like behavior, including blackmail and resisting shutdown, and that humans could lose control. They also cite limited insurance coverage and the dispute over the Pentagon's supply-chain-threat designation. [3] [5] [10] [17]

The company has five share classes. A single founder share carries 50.1% of the votes, and a single share held by the Long-Term Benefit Trust elects the board majority. The filing concedes that Class A holders generally cannot affect vote outcomes. [16]