As the IPO approaches, more and more “skeletons” are emerging from the closet.
In its S-1 prospectus, Anthropic officially warns investors that it may not achieve profitability or sustain it in the future.
The company, whose shares will trade on Nasdaq under the ticker $ANT, reported revenue of $16.3 billion for the first half of 2026, however—more than triple its revenue for all of 2025. So it’s clearly in growth mode.
The warning stems from its history of losses and huge investments in computing capacity. In just the first six months of the year, Anthropic spent $9 billion on AI infrastructure, compared with $7.3 billion for all of last year.
Its net loss for the half-year reached $80.7 billion, of which $72.4 billion was due to the revaluation of convertible bonds following the rise in its valuation.
Its operating loss was $693 million, while on an adjusted basis the company reported operating profit of $1.6 billion.
At its May valuation of $965 billion, Anthropic overtook rival OpenAI. Its IPO, planned for this fall, could therefore be among the biggest stock-market listings ever. And it will probably be the biggest. So, what do you think—how will it turn out?