Anthropic’s leaked filing shows a first-half loss of more than $80 billion ahead of its IPO

Anthropic recorded a net loss of more than $80 billion in the first half of 2026^1,2.

The figure emerged from a leak of the company’s S-1, the registration statement it is preparing for its stock market listing; it is not the first time the document has leaked, and its income statement shows massive losses³.

Anthropic plans $750 billion of spending on computing power, a total that includes hundreds of billions of dollars in non-cancelable deals⁴. Its computing commitments could reach that level in the coming years, according to a draft of the company’s plans⁵.

Further details of the company’s borrowing have also surfaced in the past day⁶.

Why it matters to investors

The IPO will test a jittery Wall Street, but investors say the timing is not optional, because Anthropic has grown too big for private fundraising⁵.

Top AI companies such as Anthropic and OpenAI are taking on 12-figure spending commitments, straining the financial system’s ability to keep pace with a buildout that rivals America’s railroads or interstate highways⁵.

With private borrowing costs spiking, investors say tapping the liquidity of public markets is the best way to fund the next phase of the AI race⁵.

That puts the scale of the losses in a particular light. A company losing more than $80 billion in six months, with hundreds of billions of dollars of contracts it cannot cancel, will be asking public shareholders to finance the gap^1,4.

The labs are racing to finance a huge infrastructure buildout, and the non-cancelable portion of Anthropic’s commitments is money the company is bound to spend whatever the reception for its shares⁴.

What to watch

Early backers stand to gain heavily from a listing. Eric Schmidt’s stake in Anthropic could be worth $20 billion at the IPO, and he is reported to own about half as much of the company as chief executive Dario Amodei^7,8. Schmidt met Amodei in 2014⁷.

For other investors the questions are how the losses compare with revenue growth once the full filing is public, how much of the $750 billion is already contracted, and how the market prices a company whose spending plans are measured against national infrastructure projects^4,5.

The answers will also matter for other AI developers, since the same reasoning that is pushing Anthropic toward public markets applies to rivals carrying 12-figure commitments of their own⁵.