Anthropic reported a net loss of more than $80 billion (£60bn) in the first half of 2026, up from $13bn a year earlier, the reported, citing a draft version of the company’s IPO prospectus.

The larger loss was due largely to $72bn in accounting charges from changes in the value of financial instruments the company issued to raise money, the report said.

The prospectus reportedly indicates Anthropic could spend up to $750bn in the coming years on computing infrastructure.

Massive spending

The start-up’s revenue rose to $16.3bn in the six months to 30 June, from $1.1bn a year earlier, while infrastructure spending nearly quadrupled to nearly $9bn, according to the report.

A Reuters report in September said that Anthropic posted a net loss of $42bn for 2025, also citing its IPO prospectus.

Some current and prospective investors who attended Anthropic’s investor day in San Francisco last week are considering a $1.5tn valuation for the company after its recent financial disclosures, down from a roughly $2tn previously expected for its upcoming market debut.

Anthropic may hold the IPO as soon as next month, while competitor OpenAI is thought to be waiting until early next year.

Several companies focused on AI data centres have cancelled IPOs this month, as higher borrowing costs dent investors’ enthusiasm for AI companies and the massive capital they require.