Anthropic submitted its filing: its revenue in the first half of the year reached 16.3 billion US dollars, with an operating loss of 700 million US dollars, and its valuation may be lower than 2 trillion US dollars.
The parent company of Claude, AI enterprise Anthropic (stock code: "ANT") officially submitted its IPO filing today (26th), preparing for listing on the NASDAQ in the United States.
In May 2026, Anthropic announced the completion of a $650 billion Series H round of financing, with lead investors including Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital (HSG), bringing the company's valuation to as high as $9650 billion.
At Anthropic's recent "Investor Day" event, existing and potential investors participating in its initial public offering (IPO) discussed Anthropic's valuation. It is reported that the valuation of this Claude developer is about 1.5 trillion US dollars, lower than the previously expected 2 trillion US dollars.
"In the artificial intelligence industry, what's the difference of 500 billion US dollars between friends?" an analyst pointed out, "This touches on a core issue: when you try to justify such a high valuation, can your financial data really support it?"
Some investors believe that the downward adjustment of valuation reflects "a keen insight into market sentiment" — after all, AI-related stocks are being sold off this week. "All this seems to indicate that there are indeed sufficient concerns in the market, so that the company will not rashly set an excessively high price."
Moreover, data from only one quarter may not be conclusive: "We are not sure whether (the growth) will re-accelerate in the fourth quarter."
Investors believe that many AI companies are willing to use the indicator ARR ("Annual Recurring Revenue") for measurement, but ARR is not real data. For investors, what is more important is to present financial data that conforms to Generally Accepted Accounting Principles (GAAP).
Revenue reached 16.3 billion US dollars in the first half of the year, with an operating loss of 700 million US dollars
Before that, during the months of submitting the draft prospectus confidentially, Anthropic's financial data had been exposed many times. With this submission, Anthropic's financial data is officially disclosed.
The prospectus shows that Anthropic's revenue in 2023, 2024 and 2025 was 41 million US dollars, 386 million US dollars and 45.85 billion US dollars respectively; operating losses were 551 million US dollars, 2.98 billion US dollars and 80.6 billion US dollars respectively; net losses were 1.531 billion US dollars, 8.3 billion US dollars and 419.65 billion US dollars respectively.
Anthropic's revenue in the first half of 2026 was 162.86 billion US dollars, with an operating loss of 693 million US dollars and a net loss of 807.48 billion US dollars.
Anthropic's adjusted net profit in 2023, 2024 and 2025 was -457 million US dollars, -2.683 billion US dollars and -4.448 billion US dollars respectively; its adjusted operating profit in the first half of 2026 was 16.18 billion US dollars, and adjusted net profit was 26.71 billion US dollars.
Among them, Anthropic's revenue in the second quarter of 2026 was 115.55 billion US dollars, with an operating profit of 974 million US dollars and a net loss of 663 billion US dollars.
Anthropic invested 90 billion US dollars in the construction of artificial intelligence infrastructure in the first half of 2026, which has exceeded its total related investment of 7.3 billion US dollars in the whole year of 2025.
Recently, the company is also worried that certain AI expenditures have been completely out of control and have not brought any actual returns.
It is reported that OpenAI has chosen to postpone its listing plan, which is expected to be carried out in early 2027. OpenAI is seeking to raise 300 billion US dollars at a valuation of 1.4 trillion US dollars.
This article is from the WeChat official account "Lei Digital" (ID: touchweb), written by Lei Jianping, and published by 36Kr with authorization.