Anthropic saw revenue of USD 16.3bln in H1 '26 (prev. USD 1.1bln a year earlier), and posted an USD 80.7bln net loss driven largely by USD 72bln in accounting charges tied to convertible notes, according to a draft IPO prospectus viewed by WSJ

• Signaled it could spend up to USD 750bln in coming years on computing capacity, including in excess of USD 600B in noncancelable cloud agreements with Google, Amazon, Microsoft, and chip-rental deals with Nscale and Lambda.

Draft prospectus leaks of this kind have historically set the opening frame for high-profile listings, and the pattern in past pre-IPO disclosures of fast-growing unprofitable issuers is that headline net losses driven by fair-value marks on convertible instruments get discounted quickly as non-cash, with attention shifting to gross margin, cash burn excluding accounting charges, and the quality of contracted revenue. The convertible note charge of USD 72bln against an USD 80.7bln loss fits that established pattern, since such marks revalue with the company’s own share price and reverse mechanically at conversion. The more durable line of scrutiny in episodes of this kind has been the capex and cloud commitment stack: noncancelable compute agreements of the scale flagged here concentrate the counterparty question on the hyperscalers named, where reciprocal arrangements of this type have previously drawn questions about revenue circularity and the true duration risk on the buyer’s balance sheet. The revenue trajectory, from USD 1.1bln to USD 16.3bln year on year, is the figure the pricing debate will anchor on, and precedent suggests the multiple applied to that growth rate matters more to the valuation fight than the loss line. The follow-ons that have historically mattered are the formal S-1 versus the draft, any change in the compute commitments between versions, and whether the hyperscalers’ own disclosures corroborate the contracted volumes. Until the filing is official, the draft status itself is the caveat.