Anthropic Booked $41 Million in 2023 — And $16.3 Billion in the First Half of 2026

Anthropic PBC grew revenue to $16.29 billion in the six months ended June 30, up from $1.16 billion in the same period a year earlier, according to the company’s S-1 registration statement filed with the SEC on Monday.

The numbers trace one of the steepest revenue climbs on record. Anthropic recorded $41 million in sales in 2023, the year Claude launched commercially. Revenue reached $386 million in 2024 and $4.59 billion in 2025. The first half of 2026 alone produced more than three times the prior full-year total.

The San Francisco-based AI developer has applied to list its Class A shares on the Nasdaq Global Select Market under the symbol ANT. 

Goldman Sachs and Morgan Stanley lead the underwriting group with units of JPMorgan Chase and Citigroup also appearing on the deal.

Big Tech Has a Stake

Several of the largest stocks in the market are tied to Anthropic’s growth. Claude is sold through Amazon Web Services, Google Cloud and Microsoft Azure, the cloud platforms run by Amazon.com Inc. (NASDAQ:AMZN), Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) and Microsoft Corp. (NASDAQ:MSFT). Anthropic pays each provider a fee under a joint go-to-market arrangement, the filing says.

Spending climbed too. Compute and infrastructure expenses hit $8.95 billion in the first half, compared with $2.33 billion a year earlier. Even so, Anthropic said second-quarter revenue grew 1,368% year over year while compute costs rose 300%.

The company trains and runs its models on a mix of hardware, including Amazon’s Trainium chips, Google’s TPUs and graphics processors from NVIDIA Corp. (NASDAQ:NVDA) and Advanced Micro Devices Inc. (NASDAQ:AMD). 

Amazon Web Services also holds convertible notes, a portion of which will convert into Anthropic stock before the offering is completed, subject to an ownership cap

Losses Look Huge on Paper

Anthropic posted a net loss of $80.75 billion for the six months. Most of it came from a $72.39 billion charge tied to changes in the fair value of convertible notes, derivative liabilities and SAFEs, which the company attributed mainly to its rising valuation.

The operating loss narrowed to $693 million from $2.14 billion. On an adjusted basis, Anthropic reported operating income of $1.62 billion and a 10% adjusted operating margin.

The balance sheet is deep. Anthropic held $112.4 billion in cash and cash equivalents plus $19.3 billion in short-term investments as of June 30, after raising $141.1 billion in total capital.

Customer data helps explain the surge. As of Sept. 30, more than 11,900 customers had generated at least $100,000 in trailing 12-month revenue, and about 250 had topped $10 million. Net revenue retention stood near 900%.

An Unusual Ownership Setup

Public shareholders will have limited control. A Long-Term Benefit Trust will elect a majority of the board, and an entity owned by the seven co-founders will hold 50.1% of total voting power on general matters.

Share count and price range have not been disclosed.

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