Dario Amodei filed on Monday to take Anthropic public on Nasdaq. Buyers will trade it as ANT.
Amodei is showing them a net loss of $80.7 billion for the first six months of 2026. Amazon and the other noteholders account for almost all of it, $72.4 billion: their IOUs turn into shares at the listing, and the IOUs grew more valuable because Anthropic did. Anthropic's accountants book that gain as the company's loss. Nobody wrote a check for it.
Anthropic lost $693 million on operations in the half, on revenue of $16.3 billion. The same company brought in $1.16 billion in the same six months a year earlier. Anthropic told investors last week that the third quarter alone reached $16.8 billion and that it is profitable on its own adjusted measure. Anthropic held $131.7 billion in cash and short-term investments on June 30.
Investors are haggling over the valuation, and the loss is a story about that valuation and nothing else. Reuters reports they have come down to about $1.5 trillion from the $1.8 trillion to $2 trillion floated earlier, with a roadshow aimed at the week of Nov. 9.
