Revenue reached $16.29 billion in the six months ended June 30, up from $1.16 billion during the same period last year, according to the Securities and Exchange Commission filing. That’s more than triple the $4.59 billion Anthropic generated during all of 2025.

But the $80.7 billion loss doesn’t mean Anthropic spent that much more than it brought in. Roughly $72.4 billion came from largely noncash accounting adjustments tied to the rising value of debt and other financial agreements that can be converted into company shares, rather than money the company actually spent, per Reuters. Its operating loss was considerably smaller, narrowing to $693 million from $2.1 billion a year earlier.

Anthropic is also attracting a growing number of business customers. As of Sept. 30, more than 11,900 customers had each generated at least $100,000 in revenue for the company over the previous 12 months, including more than 1,900 generating at least $1 million. Anthropic recorded nearly $9 billion in computing and infrastructure expenses during the first half of the year, up from $2.3 billion a year earlier.

Another flag for investors: Anthropic has incurred $6.2 billion in convertible debt held by Amazon, which is one of the startup’s biggest financial backers. The online retail giant has agreed to provide up to $15 billion in financing in three $5 billion tranches. In return, Anthropic is a key customer of Amazon’s cloud computing and chips business.

The filing also revealed that Anthropic’s seven co-founders, including CEO Dario Amodei and his sister, company president Daniela Amodei, will retain 50.1% of voting power on general shareholder matters after the offering. A separate trust will have the authority to appoint a majority of the company’s board of directors.

Anthropic plans to list on the Nasdaq under the ticker symbol “ANT,” although it has not disclosed how many shares it intends to sell or the expected offering price. TheWrap’s Roger Cheng previously examined the company’s approach to AI safety as it prepared for a potential IPO.