Anthropic, the U.S. company behind the Claude AI model, reported an $80.7 billion net loss for the first half of the year, compared with a $13 billion loss in the same period a year earlier. Documents prepared for the company’s planned IPO, as reported by Reuters, show that a large portion of this loss stemmed from an accounting item rather than operational expenses.
About $72 billion of the loss resulted from a revaluation of convertible notes the company had issued. As Anthropic’s estimated market value rose, the value of those securities increased as well, and under accounting rules the company recorded that uplift as a loss.
Rising operating costs and revenue trends
Separate from the accounting revaluation, Anthropic’s operating costs have climbed sharply. Spending on compute capacity and infrastructure in the first half of this year rose from $2.3 billion in the same period last year to nearly $9 billion. The company has also committed to spending at least $518 billion on cloud services, compute capacity and infrastructure over the next ten years.
Revenues have been growing and have so far kept pace with increased spending, though growth appears to be decelerating. Reuters reports that Anthropic’s third-quarter revenue rose 45% quarter-over-quarter to $16.8 billion, after second-quarter revenue more than doubled to $11.6 billion.
Financial context and IPO implications
Anthropic posted a $42 billion net loss last year as well, much of it attributable to revaluations of convertible notes. Excluding that accounting item, 2025 figures show $4.6 billion in revenue and roughly $8.1 billion in operating losses.
Publicizing these financials is particularly significant ahead of Anthropic’s planned IPO in November. Based on the latest numbers, some investors value the company at about $1.5 trillion, and the success of the share offering could influence sentiment across the AI market. Investors are increasingly focused on when — or if — the large, multibillion-dollar investments in chips, datacenters and cloud services will generate adequate returns, especially as rival OpenAI is also considering a public listing next year.
Products contributing to growth
Anthropic’s revenue growth has been aided by products such as Claude Code, a programming assistant used by software developers to build applications. In September, the company announced that Budapest-based Zocks’ technology would be integrated into a Claude variant aimed at financial advisors.
The Reuters report notes that Anthropic did not respond to a request for comment on the detailed financial disclosures.
