Leaked Anthropic prospectus reveals $80 billion loss and compute spend

A leaked draft of Anthropic's prospectus has revealed an $80 billion net loss for the first half of the year, a figure substantially larger than the $42 billion loss reported for 2025. Financial podcaster Jack Farley noted that approximately $72 billion of this loss is an on-paper accounting change related to stock grants, leaving an actual operating loss of $8.7 billion. The Wall Street Journal reported similar figures, noting the loss was up from $13 billion in the prior year, largely due to accounting effects on convertible bonds and financing instruments. The document also disclosed up to $750 billion in compute spending over the coming years, with firm uncancellable commitments of around $450 billion due over the next 7-10 years. Long-term commitments for data centers, cloud services, and chips currently exceed $600 billion.

Anthropic reported $16.3 billion in revenue for the first half, compared to a claimed run rate of $65 billion. Reuters reported that some investors are pushing back on a rumored $2 trillion valuation, preferring $1.5 trillion. The leak has intensified scrutiny of AI valuations and capital intensity, with concerns about rising interest rates and tech stock volatility. Critics argue the massive net loss is an accounting artifact rather than a fundamental economic reality, while investors remain cautious about the scale of future compute commitments relative to current revenue. The discrepancy in reported prior-year losses ($42 billion versus $13 billion) highlights the complexity of the accounting adjustments involved in the company's financial structure.