Anthropic's confidential draft IPO prospectus, viewed by The Wall Street Journal and reported October 20, shows revenue of $16.3 billion in the first half of 2026, up from $1.1 billion in the same period a year earlier. The filing points to an IPO that could value the Claude maker at up to $2 trillion.

The headline loss is $80.7 billion for the half, but roughly $72 billion of it is non-cash accounting charges tied to changes in the value of convertible notes and other financing instruments used to raise early capital, not cash spent running the business. Anthropic lost $42 billion in all of 2025 on the same basis.

The prospectus also lays out the scale of the build-out behind the growth: more than $600 billion in future cloud and computing commitments, with negotiations that could add another $150 billion, alongside a long list of AI risk factors. It is the clearest public look yet at the finances of OpenAI's biggest rival ahead of its market debut.