AI giant Anthropic generated $16.3 billion in revenue during the first six months of 2026, The Wall Street Journal reported on Tuesday, citing the company's draft initial public offering prospectus.
The San Francisco-based company also reported a net loss of $80.7 billion, nearly twice the $42 billion it recorded for all of 2025. However, $72 billion of it came from accounting charges tied to changes in the value of convertible notes and other financing instruments, the filing said.
Anthropic said it spent $9 billion on computing infrastructure. That figure climbed up from $2.3 billion in the same period last year and represents more than the $7.3 billion Anthropic spent across all of 2025.
Notably, the company's longer-term commitments are bigger than its current infrastructure spending. The company said it is on the hook for roughly $450 billion in cloud agreements over the next seven to 10 years, most of them noncancelable. Those include $111 billion with Google, $110 billion with Amazon Web Services, and $31 billion with Microsoft, payable regardless of actual usage.
Including a Broadcom chip lease obligation exceeding $160 billion, disclosed future infrastructure costs top $600 billion. Anthropic said it is negotiating additional computing deals that could raise commitments by as much as $150 billion, to roughly $750 billion.
Anthropic also disclosed its reliance on a relatively small number of customers. Two clients accounted for about 20% of first-half revenue, with the company expecting to generate a “significant portion” of its sales from a limited number of customers in the foreseeable future.
On the supply side, the company said it has sought more capacity than its cloud partners were willing to provide, as those providers increasingly view it as a competitor. The company is developing its own data-center capacity through long-term leases and third-party operators, some of which have limited operating histories.