Anthropic's IPO Filing Shows $80.7 Billion Loss In Six Months

The S-1 filed on October 26th, 2026 pairs a $80.7 billion net loss with $131.7 billion of cash and short-term investments, more than Nvidia and Apple combined. Michael Burry read it and said nothing in it changes his view.

Anthropic, PBC publicly filed its S-1 registration statement with the US Securities and Exchange Commission on Monday, October 26th, 2026, and plans to list on Nasdaq under the ticker ANT, according to the International Business Times (UK) and CNBC's live coverage of the filing. The headline number is a net loss of $80.7 billion for the six months ended June 30th, 2026.

Most of that is not cash leaving the building. Of the $80.748 billion loss, $72.388 billion came from changes in the fair value of convertible notes, derivative liabilities and simple agreements for future equity, a non-cash accounting charge, per Fortune and TokenPost's summary of the filing.

What happened

Revenue, unaudited, was $16.286 billion for the first half of 2026, up from $1.163 billion in the same period of 2025, growth Fortune characterised as roughly 1,300%. Strip out the fair value charges and the operating loss for the half narrowed to $693 million from $2.135 billion a year earlier, according to TokenPost's reading of the filing. The Motley Fool reported on October 27th, 2026 that the company showed an adjusted profit of $2.7 billion for the half.

Compute and infrastructure expenses were $8.945 billion in the first half, up from $2.334 billion a year earlier. Anthropic said it expects those costs to keep rising in dollar terms and to remain its largest operating expense for the foreseeable future. Dealroom, citing the Wall Street Journal's review of the draft prospectus, noted that half-year figure is already more than the $7.3 billion spent across all of 2025.

Why it travels

As of June 30th, 2026, Anthropic held $112.4 billion in cash and cash equivalents plus $19.3 billion in short-term investments, a total of $131.651 billion. CNBC, using data compiled with S&P Capital IQ, said that exceeds every non-bank US company except Berkshire Hathaway and Alphabet, and is more than Amazon, SpaceX, Meta and Microsoft hold, and more than Nvidia and Apple combined.

Even that is framed in the filing as not enough. Anthropic wrote that it must grow its customer base and expand revenue rapidly to generate the cash flows needed to satisfy its commitments, and warned that compute coming online may not match demand, producing periods of excess or underutilized compute and committed cash outflows that do not produce immediate revenue, according to TechCrunch. In the 318-page prospectus it also said it expects to incur significant cash outflows that could adversely affect its liquidity, financial condition and results of operations, per Fortune.

The size of those commitments is not settled across outlets. Fortune put the total at between $542 billion and $567 billion, including a $417 billion compute deal signed on December 31st, 2025. Axios reported about $750 billion, an analysis cited by MLQ.ai arrived at roughly $657 billion, and the Financial Times, per a Substack review of the prospectus, put broader long-term spending commitments at more than $800 billion through 2045.

What the record shows

Our own insider record has nothing to add here, and it is worth saying so plainly: Anthropic is not yet a public company, no offering price or share count has been set, and there is no Form 4 history to read against the filing. Media reports cited by Fortune have put the targeted valuation between $1.5 trillion and $2 trillion, and Crypto Briefing reported the IPO could raise as much as $100 billion.

Michael Burry wrote on his Substack that there is a lot in the document but nothing that changes his view, and that there is more going on than the S-1 addresses. Business Insider reported the comments first, with Benzinga and Stocktwits carrying them on October 27th, 2026. Burry argued revenue growth is slowing, citing the company's claim that third-quarter revenue was 86 times its $197 million in the fourth quarter of 2024, about $16.9 billion, and noted that a lot changed in the developer landscape over roughly four months while the filing largely reports data only through June 30th.

What to watch

Burry separately flagged financing, leverage, chip-demand risk, memory supply and a mismatch between funding timelines and infrastructure investment, saying his view in a nutshell is that the tech is improving and that has nothing to do with any short thesis. Anthropic did not immediately respond to a request for comment on his remarks.

CNBC reported the filing carries more than 90 pages of risk factors, including the balance between safety and commercial objectives, dependence on TSMC for advanced chip manufacturing, and the shareholder picture, with Amazon among the biggest backers and Alphabet set to be a larger shareholder. An earlier draft reviewed by the Wall Street Journal and reported by Reuters had already shown the $80.7 billion first-half loss, up from $13 billion a year earlier, plus a 2025 net loss of close to $42 billion including roughly $34 billion of accounting charges on convertible instruments, per Quartz.

Reporting from CNBC, Fortune, TechCrunch, Benzinga, Stocktwits, Quartz, International Business Times UK, TokenPost, Yahoo Finance, MLQ.ai, Crypto Briefing and The Motley Fool, October 26th and 27th, 2026.

Informational only, not investment advice.