AI giant Anthropic has made its IPO filing public on Monday, reporting a net loss of $80.7 billion for the first six months of 2026. Only $693 million of that amount came from operations.

Anthropic booked $16.3 billion in revenue over the half, against $17 billion in operating expenses. A $72.4 billion charge on its convertible notes, derivative liabilities and simple agreements for future equity (SAFEs) made up most of the rest.

Those instruments are marked to market, so a higher company valuation raises the charge. The filing ties the increase mainly to the rising value of its convertible notes as Anthropic’s valuation climbed.

Revenue for the half was up 1,300% from $1.2 billion a year earlier. In the second quarter alone, revenue grew 1,368% while compute and infrastructure expenses jumped 300%, according to the filing.

Founders Hold 50.1% Voting Control

Anthropic confidentially filed for a US listing in June, with its underwriters led by Goldman Sachs and Morgan Stanley. Its public prospectus says the company has applied to list Class A shares on the Nasdaq Global Select Market under the ticker ANT. The prospectus leaves the share count and price range blank.

NBC News reported that the offering is expected in mid-November and could value Anthropic at more than $2 trillion. Polymarket traders put the odds of a November offering at 85% on Monday.

The listing leaves control with Anthropic’s seven co-founders, including Chief Executive Dario Amodei and President Daniela Amodei. The co-founders will hold a single Class F share through an LLC.

That share carries 50.1% of the voting power on most shareholder matters. Those votes do not cover the Class T directors, who will form a majority of the board and are elected by Anthropic’s Long-Term Benefit Trust.

Safety and Funding Risks

In April, Anthropic released its Mythos model only as a gated preview through Project Glasswing, citing its skill at finding cyber vulnerabilities. The filing warns that release limits like that one could slow its gains against rivals that do not adopt them.

“Concerns have been raised both within our organization and by other researchers, regulators, policymakers, and industry participants that sufficiently advanced AI systems could, if not developed, deployed, and operated with appropriate safeguards, oversight, and security measures, pose catastrophic or existential risks to humanity, particularly if such systems were misused, replicated, weaponized, or allowed to operate with a high degree of autonomy,” the filing states.

Anthropic held $112.4 billion in cash and cash equivalents on June 30, plus $19.3 billion in short-term investments. It had raised $141.1 billion in capital by that date, and the company expects its cash to cover at least the next 12 months.

It warned that compute spending and other factors could force it to raise more money sooner than it now expects.

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