Anthropic filed an S-1 document with the SEC reporting $16.3 billion in revenue for the first half of 2026, up more than 1,300% year over year. In the second quarter, the company generated $11.6 billion in revenue, $974 million in operating profit and its first positive quarterly operating margin, while the half-year period ended with a $693 million operating loss. The $80.7 billion net loss was primarily attributed to non-cash accounting charges linked to convertible notes, while adjusted operating income reached $1.62 billion. Z.AI and MiniMax generated roughly 1/63rd of Anthropic’s first-half revenue between them, placing the Chinese companies around the revenue level Anthropic was projected to reach in 2024. Anthropic plans to list on Nasdaq under the ticker ANT in mid-November, at a valuation ranging from $1.5 trillion to $2 trillion.
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