Anthropic’s IPO prospectus, filed on Monday, disclosed a second-quarter loss of $66.3 billion—nominally the largest quarterly loss in U.S. corporate history. The repricing of convertible debt was the main cause of the loss. Anthropic expects to raise $100 billion in its IPO, which would set a record if achieved. Anthropic reported a net revenue retention rate of about 900%, but its revised definition excludes Pro and Max subscribers while including customers who spend very little. Revenue in the first half of 2026 grew 1,300% compared with the same period in 2025. However, the prospectus warned that revenue would not continue to grow at a comparable rate and that future growth is not guaranteed.