Anthropic, the artificial intelligence company behind the Claude chatbot, has reported a net loss exceeding $80bn in the first half of 2026, intensifying investor scrutiny as the company prepares for a potential initial public offering (IPO).
According to a report by The Wall Street Journal on Tuesday, the company is also considering spending as much as $750bn in the coming years to expand its computing capacity, including through potential deals currently under discussion.
The staggering loss was largely driven by $72bn in accounting charges linked to changes in the value of convertible notes and other financial instruments issued by Anthropic to raise capital, the report said. A draft prospectus prepared for the proposed IPO reportedly showed that the loss had risen sharply from $13bn recorded in the corresponding period a year earlier.
The disclosures underscore the enormous financial demands of the global artificial intelligence race, in which leading companies are investing heavily in advanced chips, computing infrastructure and data centres in pursuit of technological dominance. However, the scale of the spending is prompting investors to question whether the anticipated returns will justify the costs.
Anthropic has also identified several potential risks in its IPO-related disclosures, including uncertainty over how to prevent its AI products from causing harm. These concerns reportedly include the possibility of sophisticated cyberattacks and blackmail carried out by inadequately controlled AI models.
The company did not immediately respond to a request for comment, while the details contained in the non-public report could not be independently verified.
Investors reconsider valuation
The financial disclosures appear to be influencing expectations about Anthropic’s market value ahead of its anticipated November share sale.
Reuters reported in September that the company had recorded a net loss of $42bn in 2025, citing information from its IPO prospectus. The latest figures provide further insight into the financial pressures facing the rapidly expanding AI business.
Despite its losses, Anthropic has benefited from growing demand for Claude Code, its AI-powered coding assistant, which developers use to write software and build applications.
However, some existing and prospective investors who attended the company’s investor day in San Francisco, California, last week are reconsidering the valuation they would be willing to place on the business, according to four people familiar with the discussions who spoke to Reuters.
Three of the sources said investors at the event discussed a valuation of approximately $1.5tn. That figure would represent a substantial reduction from the roughly $2tn valuation previously anticipated for the November share sale.
The reassessment suggests that, although investor interest in AI remains strong, the financial performance and long-term sustainability of major AI companies are becoming increasingly important considerations in determining their worth.
Revenue surges as spending climbs
Anthropic’s financial disclosures also reveal a dramatic expansion in its business over the past year.
The Wall Street Journal reported that revenue reached $16.3bn in the six months ended June 30, 2026, compared with $1.1bn in the same period a year earlier. Meanwhile, spending on AI infrastructure nearly quadrupled to almost $9bn.
The figures highlight the contrast between the company’s rapid commercial growth and the substantial capital required to support its operations and develop increasingly sophisticated AI systems.
While demand for its products has helped drive revenue higher, the costs associated with computing capacity, model development and expansion continue to place pressure on its financial position.
AI safety concerns add to investor risks
Beyond financial considerations, Anthropic has highlighted potential safety challenges associated with the development of increasingly capable AI systems.
Last week, the company reported that AI systems could be only months away from acquiring the ability to replicate themselves on ordinary household devices, raising further questions about the pace of technological advancement and the safeguards needed to manage emerging capabilities.
Such developments could have implications for cybersecurity, AI governance and the broader debate over how companies should manage the risks posed by increasingly autonomous systems.
As Anthropic moves towards a potential public listing, investors will be weighing its rapid revenue growth and growing commercial influence against its substantial losses, infrastructure commitments and the technical risks associated with its products.
The outcome could offer an important indication of how public-market investors intend to value leading AI companies as the industry transitions from rapid expansion towards greater scrutiny of costs, profitability and long-term returns.