Anthropic reported $16.3 billion in revenue for the first half of the year, up from $1.1 billion a year earlier, according to IPO documents obtained by The Wall Street Journal. The filing also showed a net loss of $80.7 billion for the period, compared with $13 billion in the same period last year. About $72 billion of that loss came from accounting charges tied to fair-value changes in convertible notes and other financing instruments.
The documents also laid out the scale of Anthropic’s infrastructure spending. First-half compute and infrastructure costs were nearly $9 billion, while related spending for all of 2025 was listed at $7.3 billion. Over the next seven to 10 years, the company expects about $450 billion in cloud-computing agreement expenses and has also committed to pay more than $160 billion to lease Google chips. Anthropic said its infrastructure commitments already exceed $600 billion and could rise by as much as another $150 billion if agreements still under negotiation are included.
The filing said roughly 20% of first-half revenue came from two customers, and the company expects revenue to remain meaningfully dependent on a small number of customers. Anthropic also warned that AI models could cause real-world harm, that losses from catastrophic incidents may not be fully covered by insurance, and that data center construction faces increasingly organized political opposition.
Anthropic generated $16.3 billion in revenue in the first half of the year, up from $1.1 billion in the same period last year, according to IPO documents obtained by The Wall Street Journal.
The filing showed a net loss of $80.7 billion for the first half, versus $13 billion a year earlier. About $72 billion of that loss came from accounting charges related to fair-value changes in convertible notes and other financing instruments.
On spending, Anthropic said first-half compute and infrastructure costs were nearly $9 billion. The filing also listed related spending for all of 2025 at $7.3 billion.
The company said it expects to spend about $450 billion on cloud-computing agreements over the next seven to 10 years. It has also committed to pay more than $160 billion to lease Google chips.
That puts Anthropic’s future infrastructure commitments at more than $600 billion. If agreements still under negotiation are included, the total could increase by as much as another $150 billion.
The filing said about 20% of first-half revenue came from two customers, and Anthropic expects future revenue to remain significantly dependent on a small number of customers.
In its risk disclosures, Anthropic warned that AI models could cause real-world harm and that losses from catastrophic incidents might not be covered by insurance. It also said data center construction is facing increasingly organized political opposition.
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