Anthropic Drafts S-1 for IPO Targeting $2T Valuation, Posts $16.8B Q3 Revenue

Anthropic generated $16.3B in revenue during the first half of 2026, according to its newly filed draft S-1 registration statement. The AI developer posted an $80.7B net loss over the same period, primarily stemming from non-cash accounting adjustments tied to its surging private valuation. Third-quarter 2026 revenue accelerated to $16.8B, with the company reporting adjusted profitability and positive cash flow for the quarter. The Claude maker has committed at least $518B to future compute, cloud, and infrastructure spending over roughly 10 years, with 80% of those agreements marked as non-cancellable. Goldman Sachs and Morgan Stanley are leading the planned November 2026 initial public offering, aiming for a potential valuation of up to $2T as early backers prepare for the public debut.