Anthropic's IPO: A close look at AI frontrunner's rapid growth, spiraling costs
AMZN•Anthropic reported first-half 2026 revenue of $16.29 billion, up from $1.16 billion a year earlier, while operating losses narrowed to $693 million from $2.14 billion. The company has committed more than $600 billion in spending with about eight partners over a decade.
1. Revenue and losses
Anthropic's revenue rose to $4.59 billion in 2025 from $386 million in 2024 and $41 million in 2023. For the six months ended June 2026, revenue reached $16.29 billion, compared with $1.16 billion in the same period of 2025. Operating losses narrowed to $693 million from $2.14 billion as revenue grew fourteenfold and overall expenses rose fivefold.
2. Compute commitments
Computing power is Anthropic's biggest expense, including cloud services, data centers, equipment leases and energy. The company has committed more than $600 billion in spending with about eight partners over a decade, and said many parts of its agreements are non-cancelable or require payment regardless of usage. Its commitments include at least $110 billion with Amazon, about $114.5 billion with Google and $44.9 billion with Microsoft for cloud computing over seven to 10 years.
3. Governance and competition
Amazon and Google are among Anthropic's top shareholders; Amazon has invested at least $13 billion and agreed to invest up to $20 billion more, while Google has committed up to $40 billion. Anthropic expects to remain a public benefit corporation after its listing, with founders and an independent trust retaining control. Ramp data showed Anthropic accounted for 60.1% of AI token spending captured in the week ended October 11.
