Anthropic S-1 Shows $16.3B H1 Revenue, 25% From Two Customers, and $80.7B Non-Cash Loss Ahead of November IPO

Anthropic's draft S-1 prospectus reveals $16.3 billion in H1 2026 revenue (Q1 $4.73B, Q2 $11.5B) versus $4.6B for all of 2025, with roughly 25% of revenue coming from just two unnamed customers that are not bound by long-term contracts. The company reported an $80.7 billion H1 2026 net loss, mostly non-cash accounting charges tied to rising valuation of convertible financing instruments. Anthropic has committed $518 billion to compute capacity over roughly ten years, ~80% non-cancellable, as it targets a ~$2 trillion valuation in a November IPO led by Goldman Sachs and Morgan Stanley.