Anthropic's IPO listing: revenue hit $16.3bn in six months
Ongoing: AI Cooling
Anthropic, PBC published its S-1 filing for a Nasdaq listing under the symbol ANT. Revenue grew from $386m in 2024 to $4.6bn in 2025, but a net loss of $80.7bn in the first half of 2026 came mostly from non-cash charges.
Headline numbers
Revenue growth at speed
Anthropic, PBC has applied to list its Class A common stock on the Nasdaq Global Select Market. The company will not receive proceeds from shares sold by selling stockholders.
Revenue was $41m in 2023 and $386m in 2024. It reached $4.6bn in 2025, which is about 12 times the 2024 level. In the six months to June 2026 it reached $16.3bn.
Revenue by year
USDShow as table
| Revenue by year | |
|---|---|
| 2023 | $41m |
| 2024 | $386m |
| 2025 | $4.59bn |
A sharp turn in the second quarter
Revenue in the second quarter of 2026 was $11.6bn. That is a rise of 1,368% on the second quarter of 2025, when revenue was $787m.
The company reports that the first half of 2026 brought $16.3bn against a 2025 full year of $4.6bn. The company also says its revenue is mostly consumption-based, so customers can cut usage at any point.
Where the losses come from
The operating loss was $8.1bn in 2025. In the first half of 2026 it was $693m, a much smaller figure on far higher revenue.
The net loss was $42.0bn in 2025 and $80.7bn in the first half of 2026. Most of that gap comes from the change in fair value of convertible notes, derivative liabilities and SAFEs, which was a loss of $72.4bn in the first half of 2026.
The company says this change was primarily driven by a rise in its enterprise valuation. The charge does not reflect day-to-day trading.
From operating loss to net loss, H1 2026
Jan to Jun 2026Adjusted measures turn positive
The company reports adjusted operating income of $1.6bn for the first half of 2026. In 2025 it reported an adjusted operating loss of $4.9bn.
The adjusted operating margin was 10% in the first half of 2026 and a loss of 106% in 2025. Cash from operations was $3.9bn in the first half of 2026, after a cash outflow of $2.6bn in 2025.
Compute is the main cost
Compute and infrastructure cost $7.3bn in 2025 and $8.9bn in the first half of 2026. This is the largest expense line in the 2025 accounts.
The company says demand exceeds the compute available to it. It is moving from cloud-only compute to a hybrid model that leases chips directly and hosts them in dedicated facilities.
Operating costs
| FY2024 | FY2025 | H1 2026 | |
|---|---|---|---|
| Revenue | $386m | $4.59bn | $16.3bn |
| Compute and infrastructure | $2.52bn | $7.33bn | $8.95bn |
| Personnel | $454m | $1.84bn | $3.15bn |
| Total operating expenses | $3.37bn | $12.6bn | $17bn |
| Net loss | $8.31bn | $42bn | $80.7bn |
Cash raised and customers
Cash and cash equivalents rose to $112.4bn at the end of June 2026, from $17.4bn at the end of 2025. Financing activities brought in $110.8bn in the first half of 2026.
Customers with at least $100,000 of trailing revenue grew from about 1,500 at the end of 2025 to more than 11,900 at 30 September 2026. Staff numbered about 5,300 at that date.
Control and main risks
A Founder LLC will hold a single Class F share with 50.1% of voting power. The Long-Term Benefit Trust, through Class T stock, can elect a majority of the board. Anthropic will be a controlled company under Nasdaq rules.
The risks include securing enough compute, binding commitments that may exceed need, and reliance on a limited number of customers and channels. The company also warns that investors could lose all of their investment.
What to watch
- Whether quarterly revenue stays near the second quarter 2026 level.
- Further fair-value charges on convertible notes, which drive the net loss.
- The cost of compute commitments, which the company says will raise cash needs.
- The listing date and lock-up releases after the offering.
Figures from the Anthropic, PBC filing.