Anthropic reported revenue of $16.3 billion in the first half of 2026, up from $1.1 billion in the same period of 2025, a nearly 15-fold increase. The company spent nearly $9 billion on compute and infrastructure during the same period, while generating $1.70 in revenue for every dollar spent on compute. It nevertheless posted a net loss of $80.7 billion, with $72 billion coming from non-cash accounting charges tied to convertible financing instruments. Anthropic is planning an IPO in November 2026, potentially targeting a valuation of up to $2 trillion, led by Goldman Sachs and Morgan Stanley.
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