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The headline says rolling revenue jumped about twelvefold, but in the same set of figures the net loss still stands at $80.7 billion — and most of that is a non-cash accounting item from changes in the fair value of convertible bonds, not as simple as cash being drained away.
According to the prospectus: revenue in the first half of 2026 was about $16.3 billion, roughly 14 to 15 times year over year; the third quarter alone was reported at about $16.8 billion. Every dollar of computing power can generate about $2.08 in revenue, and some analysts even put first-half free cash flow at roughly $3.4 billion in the black. The split now comes down to this: do you believe the “twelvefold growth” first, or the “$80 billion loss” face first?

Anthropic’s IPO filing lays it out: revenue of $16.3 billion in the first half, but a net loss of $80.7 billion—with about $72.4 billion of that coming from a non-cash increase in the valuation of convertible notes, not from actually burning that much cash.
The same filing shows revenue grew about 13.5-fold year over year. Spending on compute and infrastructure was about $8.95 billion, already exceeding many people’s expectations. The debate now is this: growth is still rapid, but will public markets value the company based on its $16.3 billion in revenue, or discount it for an $80 billion net loss?