Anthropic's S-1: $16.3B in Revenue, an $80.7B Paper Loss
Anthropic's public S-1 shows $16.3 billion of first-half revenue and an $80.7 billion net loss, nearly all of it non-cash, and confirms the leaked 2025 figures.
Anthropic's public S-1 shows $16.3 billion of first-half revenue and an $80.7 billion net loss, nearly all of it non-cash, and confirms the leaked 2025 figures.
Reuters read Anthropic's S-1: $4.6B revenue, $42B net loss, $518B in compute deals mostly locked in, 80 pages of risk, and founders keeping 50.1% of the vote.
Bloomberg-seen documents show Q2 revenue above $11.5 billion with positive adjusted operating income, as investors float a $2 trillion October debut.
Anthropic confidentially filed a draft S-1 with the SEC on June 1, taking the first formal step toward an IPO — and beating OpenAI to it. What a confidential filing does and doesn't mean, and the question it leaves open: what happens to a safety-first public benefit corporation when public shareholders arrive.
Anthropic closed its Series H at $65 billion, valuing the company at $965 billion — past OpenAI's $852 billion mark and within reach of a trillion. The round that was still being weighed a month ago came in bigger than reported.
Anthropic is weighing offers for a fresh round at a $900 billion valuation — more than double February's mark and ahead of OpenAI's most recent post-money. The trajectory is real, the differentiator has a name, and the bill is for compute.