The Wall Street Journal reported Tuesday that Anthropic's net loss for the six months ending June 30 was driven by $72 billion in accounting charges related to changes in the value of convertible notes and other financial instruments. The figure is a sharp increase from a loss of $13 billion in the same period a year earlier, according to a draft prospectus for its IPO.
Revenue rose to $16.3 billion, up from $1.1 billion, while spending on AI infrastructure nearly quadrupled to almost $9 billion. The company also indicated it could spend up to $750 billion in coming years on computing capacity.
The financial data has tempered expectations among some investors. Reuters reports that potential investors discussed a valuation of around $1.5 trillion during Anthropic's investor day, below the $2 trillion previously expected. The company did not comment on the report.
Anthropic listed risk factors including uncertainty over how to prevent harm from its products, such as sophisticated cyberattacks or blackmail by uncontrolled models. Earlier in October, the company said AI could be months away from learning to self-replicate on everyday devices.
The heavy costs underscore the financial pressures of the AI race, even as investors question whether massive spending on chips and data centers will pay off. Anthropic's previous net loss was $42 billion in 2025, according to Reuters.