WSJ: Anthropic's Draft IPO Filing Shows an $80.7 Billion Half-Year Loss and Over $600 Billion in Infrastructure Commitments

Anthropic lost more than $80 billion in the first half of 2026, according to a draft IPO prospectus seen by the Wall Street Journal and summarized by Breitbart News. The story is from Wednesday, but the numbers are still the benchmark for the AI spending debate.

The loss. The net loss was $80.7 billion for the six months ended June 30, compared with $13 billion a year earlier and $42 billion for all of 2025. Of the jump, $72 billion came from accounting charges tied to changes in the fair value of convertible notes and other financing instruments. Anthropic declined to comment.

The revenue. First-half revenue was about $16.3 billion, up from $1.1 billion a year earlier. About one-fifth came from two customers, and the company warned it will depend on a "limited number of customers for the foreseeable future." The report says a possible IPO could value the company at $2 trillion.

The bills. Anthropic spent nearly $9 billion on computing in the first half, more than the $7.3 billion it spent in all of 2025. It says it is committed to roughly $450 billion in mostly noncancelable cloud agreements over seven to ten years, including $111 billion with Google, $110 billion with Amazon Web Services and $31 billion with Microsoft. Counting chip-leasing deals, future infrastructure costs top $600 billion, with talks that could add up to $150 billion more.

The friction. The company said AWS, Google and Microsoft increasingly see it as a competitor and have limited the capacity they will provide, so it is building its own data centers. It also flagged that opposition to data center construction could become "more organized and coordinated."

Note for readers: we did not see the prospectus. Breitbart's story adds opinion about the company's views on AI safety, which we left out.