Three weeks ago, when the first leaked draft of Anthropic’s confidential IPO prospectus made the rounds, we noted that CEO Dario Amodei was preparing to take the company public at the exact moment the underlying math of the frontier AI trade had begun to turn against him. That September filing showed a company that burned through $42 billion in net losses during 2025 on just $4.6 billion in revenue, sitting on $20 billion in cash while staring down $518 billion in long-term compute commitments.
On Tuesday, The Wall Street Journal reviewed a more recent draft of Anthropic’s S-1 registration statement covering the first half of 2026. Every headline number has moved substantially higher – and none of the structural flaws have been fixed.
In the six months ended June 30, 2026, Anthropic generated roughly $16.3 billion in revenue, up from $1.1 billion in the year-earlier period and more than triple the $4.6 billion it generated in all of 2025. Yet across that same six-month window, Anthropic recorded a staggering $80.7 billion net loss – up from $13 billion in the first half of 2025, nearly double its full-year 2025 deficit, and one of the largest half-year corporate losses ever committed to paper.
Meanwhile, the multi-year infrastructure tab that stood at $518 billion in late September has officially crossed $600 billion, with active negotiations underway
