Anthropic reported a net loss of US$ 80.7 billion in the first half of 2026, compared with US$ 13 billion in the same period a year earlier. Of that total, US$ 72 billion corresponds to an accounting adjustment, not an equivalent cash outflow. The figures come from a preliminary prospectus for an initial public offering reviewed by Reuters, which published the information on Tuesday (20).
The adjustment is related to the appreciation of securities issued by the company that can be converted into shares. As the estimated value of these financial instruments rises, the difference is recorded as an expense in the accounts, increasing the net loss without representing an equivalent operating expense.
The distinction is important because infrastructure costs also grew. The developer of Claude spent nearly US$ 9 billion on computing capacity and infrastructure between January and June, compared with US$ 2.3 billion in the same period in 2025.
In addition to these expenses, the company took on commitments of at least US$ 518 billion for cloud, computing and infrastructure services over ten years. This amount represents obligations spread over several years, not funds fully disbursed in the half-year.
The disclosure comes as Anthropic prepares for its possible stock market debut, expected in November 2026. The prospectus is still preliminary, and investors are assessing the company's financial prospects amid the costs of expanding its artificial intelligence systems.
Anthropic did not respond to Reuters' request for comment.
