Anthropic reported a net loss of $80.7 billion on revenue of $16.3 billion for the six months ended June 30, 2026, according to the S-1 it filed Oct. 26, 2026, for an initial public offering. Most of the loss came from a $72.4 billion change in the fair value of its convertible notes.
Key points
Revenue: $16.3 billion, up from $1.2 billion a year earlier.
Net loss: $80.7 billion, compared with $13.0 billion a year earlier.
Fair-value change: $72.4 billion, or 89.6% of the net loss.
What drove Anthropic's $80.7 billion net loss?
The largest item was a $72.4 billion "change in fair value of convertible notes, derivative liabilities, and SAFEs." Convertible notes are debt that can turn into shares; SAFEs are simple agreements for future equity. The line was $10.9 billion a year earlier.
"Because these instruments are marked to market, increases in our enterprise valuation drive increases in this expense," the filing says. It ties the first-half change mainly to a higher fair value of Anthropic's convertible notes as its valuation rose from 2025 to 2026.
Excluding that line, the net loss would have been $8.4 billion. That includes $8.8 billion of other net expense, tied mainly to fair-value accounting for note purchase agreements, the operating loss and $21 million in income taxes. Interest income of $1.1 billion partly offset those costs.
The company says it will keep recognizing fair-value changes on its convertible notes "until they are converted into equity, repaid, or otherwise settled."
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How did Anthropic's operating results change?
Anthropic's operating loss under GAAP, the standard U.S. accounting rules, narrowed to $693 million from $2.1 billion a year earlier. The S-1 also reports non-GAAP adjusted measures that exclude items such as stock-based compensation.
Sources: SEC, Anthropic, PBC Form S-1, Oct. 26, 2026. Net loss excluding the fair-value change, and that change's share of the net loss, calculated by Silvia News from the S-1.
Silvia News is for information only and is not investment advice.
