The artificial intelligence company that develops Claude publicly submitted an application for its initial public offering (IPO) on October 26th, disclosing that it had recorded a net loss of up to $80.7 billion in the first six months of 2026, despite rapid revenue growth.

According to its official IPO announcement, the company plans to list on the NASDAQ Global Select Market under the stock code ANT.

However, most of the substantial losses mentioned in this headline come from accounting adjustments, rather than cash expenditures used for developing the AI model. This also presents an important issue for investors who are preparing to value one of the world's largest AI startups.

Anthropic Reports Surging Revenues, but Net Losses Reach $80.7 Billion

Anthropic indicates that within the six months up to June 30, the company's revenue was 16.3 billion US dollars, whereas in the same period of 2025 it was approximately 1.2 billion US dollars.

This means a year-on-year increase of over 13 times, reflecting the growing demand in the market for Claude as well as the company's enterprise-level AI products.

However, the company reported a net loss of $80.7 billion, which further expanded from $13 billion a year ago.

Of this amount, approximately $72.4 billion came from changes in the fair value of convertible notes and related financial instruments, mainly reflecting an increase in the valuation of the Anthropic private market.

These are mainly non-cash accounting expenses, which means that they do not represent payments of $72.4 billion by the company to employees, suppliers, or data center operators.

According to the financial details in the registration documents, the company actually incurred a loss of approximately $693 million.

This difference is very important, as Anthropic previously reported an operating loss of over 8 billion US dollars in 2025, at a time when infrastructure costs exceeded annual revenue.

Nevertheless, the company's expenditures on computing and infrastructure in the first half of 2026 approached $9 billion, indicating that the costs of operating the cutting-edge AI systems remain high.

ANT Going public may test a valuation of $1.5 trillion

The public declaration of Anthropic marks an important step forward from its confidential IPO application submitted earlier this year.

The company has not yet disclosed how many shares it intends to sell, nor has it determined the official issue price.

Goldman Sachs and Morgan Stanley are leading this proposed issuance, with reports suggesting that the transaction could begin in November.

Some investors believe that its valuation could be between $1.5 trillion and $1.75 trillion, which is lower than the previous estimate of nearly $2 trillion.

Coinpaper Previously, it was analyzed that the valuation of Anthropic might be lowered, reflecting the market's increasingly stringent scrutiny of AI's infrastructure spending.

The company's private valuation in May was approximately $965 billion, which means that even if it goes public with a public valuation of $1.5 trillion, it will still have a significant premium over its previous level.

Can the revenue growth of Anthropic support its AI expenditures?

As investors increasingly question whether the rapidly popularizing AI can generate sustainable profits, the listing of Anthropic has also followed.

This Claude developer previously disclosed that its revenue for the third quarter was 16.8 billion US dollars, indicating that its business is still expanding, but at the same time, it also requires substantial investment in infrastructure.

Its growth has attracted the attention of semiconductor suppliers, including NVIDIA. It is reported that NVIDIA once considered participating in the issuance of Anthropic.

The company also disclosed significant long-term commitments related to cloud services and computing infrastructure.

Coinpaper Previously, Anthropic compared the potential listing with SpaceX's record-breaking IPO, suggesting that this not only reflects the immense enthusiasm of investors but also highlights the risks associated with aggressive public valuations.