Anthropic's S-1: $16.3 Billion in Six Months, an $80.7 Billion Loss and $72.4 Billion of It Accounting

Anthropic, PBC filed a registration statement on Form S-1 on Monday, October 26, reporting revenue of $16.3 billion for the six months ended June 30, 2026 and a net loss of $80.7 billion for the same period. Of that loss, $72.4 billion is the change in fair value of convertible notes, derivative liabilities and SAFEs, an accounting charge that rose as the company's valuation rose.

The company said in its announcement that it intends to list Class A common stock on the Nasdaq Global Select Market under the symbol "ANT". It said the number of shares and the price range have not been determined, and that the registration statement has not become effective. Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are the named contacts for the preliminary prospectus.

The numbers in the filing

The figures below come from the S-1 itself, in its risk-factor and business sections. Revenue was $41 million in 2023, $386 million in 2024 and $4.6 billion in 2025. The filing puts growth at 841% and 1,088% for the last two of those years, and at 1,300% for the first half of 2026 against $1.2 billion in the first half of 2025.

Period	Revenue	Net loss	Fair-value charge
2023	$41 million	$1.5 billion	$1.0 billion
2024	$386 million	$8.3 billion	$5.4 billion
2025	$4.6 billion	$42.0 billion	$34.3 billion
H1 2026	$16.3 billion	$80.7 billion	$72.4 billion

1. 20231.5 $ billion
2. 20248.3 $ billion
3. 202542 $ billion
4. H1 202680.7 $ billion

Source: Anthropic, PBC Form S-1 filed October 26, 2026, accessed 2026-10-26

The filing describes the charge as "primarily driven by an increase in the fair value of our outstanding convertible promissory notes resulting from an increase in our enterprise valuation during each of the respective periods." A company whose notes are worth more because the company is worth more books a larger liability, and that shows up as loss.

What the operating line says

The operating loss was $693 million for the six months ended June 30, 2026, down from $2.1 billion a year earlier. Subtracting the $72.4 billion fair-value charge from the $80.7 billion net loss leaves about $8.3 billion that the filing passages cited here do not itemise. That is The Terminal's arithmetic, not a figure from the filing, and the balance sheet and cash-flow notes would say what sits in it.

As of June 30, 2026 the company said it had raised an aggregate of $141.1 billion, and held $112.4 billion in cash and cash equivalents plus $19.3 billion in short-term investments. Customers with $100,000 or more of trailing-twelve-month revenue grew from more than 950 on September 30, 2025 to more than 11,900 a year later.

Two figures that readers will look for are blank in the public version. The run-rate revenue line reads "was $ as of October 31, 2026" and the aggregate committed spend on compute and infrastructure reads "more than $ ". Both are placeholders, so the compute commitment of $518 billion over about ten years, reported before the filing by AI Weekly in a summary of a Wall Street Journal report on the draft, is not something the public filing confirms. The same summary said about 25% of revenue came from two unnamed customers without long-term contracts. That is a single secondary source and The Terminal did not locate it in the filing.

The valuation arithmetic

TechCrunch reported on October 23, citing Bloomberg, that Anthropic's latest private valuation is $965 billion and that the expected IPO valuation is as much as $2 trillion. Annualising the first half's $16.3 billion gives $32.6 billion. On that basis the private valuation is roughly 30 times revenue and a $2 trillion listing would be about 61 times. The filing sets no price, so the second multiple is a reported target, not a term.

The backers' paper gains are large. TechCrunch, again citing Bloomberg, put ICONIQ's stake at $17 billion on a $6 billion cheque and Menlo Ventures at $14 billion. Those are marks at the last round's price, not realised returns.

Governance and the 5% share gift

The company is a Delaware public benefit corporation. Its Long-Term Benefit Trust, the filing says, "generally has the power to elect and remove a majority of the authorized members of our board of directors".

The filing also records that Anthropic contributed 846,840,960 shares of Class N common stock, 5% of its fully diluted shares as of June 30, 2026 assuming full conversion of the Amazon notes, to a wholly owned subsidiary called the Anthropic Public Benefit Fund. Those shares are legally outstanding but not counted as outstanding for accounting purposes while the subsidiary holds them.

The pricing context sits in The Terminal's earlier look at how OpenAI and Anthropic cut model prices, and the scale of the listing can be set against Jio Platforms' ₹30,213 crore IPO, which Inc42 called India's largest.

What happens next

The registration statement must become effective before any shares are sold, and the next observable event is an amended filing that carries the share count, the price range and the filled-in run-rate and commitment figures. Until then the $2 trillion figure is a report, and the loss is mostly a statement about how the notes were marked.