Anthropic Preps IPO at $1.5T-$2T Valuation as Q3 Revenue Hits $16.8B

On October 20, 2026, the Wall Street Journal reported on a draft IPO prospectus for Anthropic that it had reviewed. According to the report, the AI company recorded $16.3 billion in revenue in the first half of 2026, up sharply from $1.1 billion a year earlier, with roughly 20% of that revenue coming from two customers. Over the same period it posted a net loss of $80.7 billion, far wider than the $13 billion loss reported for the first half of 2025. The loss was attributed mainly to accounting charges, including $72 billion tied to valuation changes in convertible notes and other financing instruments, and the filing reportedly listed a long set of risk factors. Bloomberg subsequently said it had obtained a copy of the S1 filing and relayed the same loss figure.

The same reports outlined Anthropic's planned computing spending. The company could spend as much as $750 billion on additional computing power in the coming years, including up to $86 billion on leasing Nvidia chips alone. Total committed computing spending is expected to exceed $600 billion, with more than $518 billion in commitments under computing-related agreements over the next decade, and the company is said to be negotiating further expansion of its compute resources.

On revenue, the reports said Anthropic's third-quarter revenue grew 45% quarter over quarter to $16.8 billion. The company is reportedly seeking a valuation of $1.5 trillion to $2 trillion in a listing planned for November. Public information so far remains at the stage of the draft prospectus, and the IPO has not yet been completed.