SAN FRANCISCO: Artificial intelligence company Anthropic reported a net loss of $80.7 billion in the first half of 2026, compared with $13 billion during the same period last year, largely due to a massive non-cash accounting charge linked to convertible bonds.
According to Reuters, citing a Wall Street Journal report, the company recorded a $72 billion accounting expense after an increase in the estimated value of bonds that can be converted into shares. The charge significantly inflated its reported losses but did not represent an equivalent cash outflow from daily business operations.
The financial figures come as Anthropic prepares for a possible stock market debut in November, with investors closely examining the company’s spending, revenue growth and long-term profitability.
Why did Anthropic report such a massive loss?
The largest contributor to Anthropic’s $80.7 billion net loss was the revaluation of convertible bonds, financial instruments that allow investors to convert debt into company shares under specified conditions.
As the estimated value of these instruments increased, Anthropic recognised a $72 billion accounting expense, substantially affecting its reported financial results.
The distinction is important because the accounting charge does not mean the company spent $72 billion in cash on operations.
However, Anthropic’s actual investment in computing infrastructure also increased sharply.
During the first six months of 2026, the company spent approximately $9 billion on computing resources and infrastructure, compared with $2.3 billion during the corresponding period of 2025.
Anthropic has also committed to spending at least $518 billion on cloud services, computing capacity and infrastructure over the next decade.
Anthropic revenue rises despite growing losses
Despite its substantial reported losses, Anthropic continued to experience revenue growth as demand for artificial intelligence services expanded.
According to the report, the company’s third-quarter revenue increased by 45 percent from the previous quarter to $16.8 billion.
However, the slower pace of revenue growth reportedly disappointed some investors, raising questions about whether AI companies can maintain rapid expansion while managing increasingly expensive computing requirements.
Anthropic has benefited particularly from the popularity of Claude Code, its AI-powered coding assistant, which has attracted growing interest from software developers and businesses.
Anthropic IPO and valuation under scrutiny
Anthropic is expected to pursue a stock market listing in November, although its latest financial disclosures have prompted some investors to reconsider the company’s valuation.
The report said certain investors were considering lowering their valuation estimates to approximately $1.5 trillion.
The anticipated initial public offering is being closely watched because its performance could influence investor confidence in the wider artificial intelligence industry.
The development comes as rival OpenAI is also expected to consider a potential stock market listing next year.
Anthropic’s financial results highlight the enormous infrastructure investments required to develop advanced AI systems, even as demand for commercial AI products continues to grow.