The Wall Street Journal said on Tuesday that a draft prospectus shows Anthropic's net loss passed $80 billion in the first half of 2026. A prospectus is the document a company prepares before first selling shares to the public. The Journal said $72 billion of the loss was accounting charges. These came from shifts in the value of convertible notes, which are loans that can turn into shares, and similar tools Anthropic sold to raise money. The Journal put the loss for the same months of 2025 at $13 billion.
Anthropic had not answered Reuters' request for comment when the story ran. The sources do not say if the final prospectus will match this draft. Reuters reported in September that Anthropic's 2025 net loss was $42 billion. It said the 2025 operating loss was over $8 billion once writedowns, mostly tied to earlier fundraising, were left out. Revenue that year was nearly $4.6 billion, Reuters said. It also reported plans to spend $518 billion on cloud, computing and infrastructure in coming years.
A headline loss that is mostly valuation charges is not the same as cash burned on running the business. The $518 billion Reuters described points to the computing power behind the models customers build on. Budget signers can ask vendors how much of a loss is operating cost, how much spending is already committed, and how long prices and contract terms are fixed.