Anthropic’s IPO filing separates an $80.748B H1 net loss from operating cash

Anthropic’s October 26 SEC filing reports $16.286 billion of revenue for the six months ended June 30, 2026, alongside a $693 million operating loss, an $80.748 billion net loss and $3.929 billion of cash provided by operating activities. These are different measures of the same interim period.

The financial statements present amounts in U.S. dollars, in millions; the billion‑dollar amounts here are exact conversions of those reported figures. The H1 statements and their related notes are unaudited. The filing says interim results are not necessarily indicative of a full year or another period. Revenue is recognized as Anthropic provides its Claude‑based service, under its consumption and subscription policies; it is not an annualized run rate.

The [statement of operations, F‑7](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc‑sx1.htm#ica694c859b8e458dbf6a73f56dde9d42_1572), records $16.979 billion of operating expenses against the $16.286 billion of revenue, producing the $693 million operating loss. The much larger net loss includes items below that operating result: $1.111 billion of interest income, a $72.388 billion expense on the line labelled changes in fair value of convertible notes, derivative liabilities and SAFEs, and $8.757 billion of other expense, net. A $21 million income‑tax provision brings the result to the reported $80.748 billion net loss. In [Note 4 and the management discussion](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc‑sx1.htm), Anthropic explains that these financial instruments are remeasured at fair value and that increases in its enterprise valuation drive increases in that expense. The note describes estimates involving possible conversions, financing and liquidity events. It also says all SAFEs had converted by December 31, 2024; the H1 Level 3 roll‑forward assigns the $72.388 billion change to convertible notes. The broad statement caption should not be read as evidence of newly outstanding SAFEs.

The [cash‑flow statement, F‑12](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc‑sx1.htm#ica694c859b8e458dbf6a73f56dde9d42_1611), begins with the $80.748 billion net loss and reconciles it to cash provided by operations. It adds back the $72.388 billion fair‑value item and separately adds $8.720 billion for recognition and changes in fair value of other financial instruments. That second adjustment is a distinct cash‑flow row, not the $8.757 billion net other‑expense line from the income statement. Other listed adjustments include stock compensation, depreciation and amortization, the donation‑matching liability and an “other” item. Adding all the statement’s reconciliation adjustments before changes in operating assets and liabilities gives $83.509 billion. OpenTools’ arithmetic on the reported rows therefore brings the starting net loss to a $2.761 billion subtotal before those asset‑and‑liability changes. That subtotal is a calculation within the reconciliation, not a separate company‑defined profit measure.

The same cash‑flow statement shows a $4.982 billion cash use from the change in accounts receivable. Changes in prepaid expenses and other assets contribute $2.094 billion; accounts payable, accrued expenses and other liabilities contribute $2.679 billion; and deferred revenue contributes $1.380 billion. Lease‑liability changes use $3 million.

Together, these changes add $1.168 billion to the reconciliation. Added to the $2.761 billion subtotal, they produce the reported $3.929 billion of operating cash. Anthropic’s management discussion attributes the period’s operating‑cash improvement to the result adjusted for noncash items and working‑capital changes, including the timing of vendor payments and customer receipts. Positive operating cash therefore needs to be read with those timing effects.

Cash‑flow bridge: six months ended June 30, 2026 (unaudited), U.S. dollars in billions

Measure	Basis	USD billions
Net loss	Reported	-80.748
Reconciliation adjustments before operating‑asset and liability changes	OpenTools sum	+83.509
Subtotal before those changes	OpenTools calculation	+2.761
Changes in operating assets and liabilities	OpenTools sum	+1.168
Cash provided by operating activities	Reported	+3.929

Reported amounts come from F‑12; sums and the subtotal are OpenTools calculations on its reported rows. The adjustments are not all labelled cash or noncash here, and the subtotal is not a profit or free‑cash‑flow measure.

The [filing](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc‑sx1.htm#ica694c859b8e458dbf6a73f56dde9d42_1611) separately reports $482 million of property‑and‑equipment purchases within investing activities, $17.181 billion of net cash used in investing and $110.774 billion provided by financing. Operating cash is consequently distinct from total cash movement and net income. This report does not turn it into a company‑defined free‑cash‑flow figure or treat the net loss as an $80.748 billion cash burn. The [earlier reporting on Anthropic’s Q3 investor figures](https://opentools.ai/news/anthropic‑q3‑revenue‑16‑8‑billion‑investor‑disclosure) addresses a different quarter and source basis. These H1 statements do not independently verify those Q3 figures or provide a like‑for‑like sequential comparison. The useful new evidence here is the filing’s reconciliation among operating results, fair‑value accounting and cash movements within one clearly defined period. *Anthropic co‑founder and CEO Dario Amodei at TechCrunch Disrupt in San Francisco on September 20, 2023. “TechCrunch Disrupt 2023 - Day 2.” Photo: Kimberly White/Getty Images for TechCrunch, ©2023 Getty Images; [TechCrunch](https://www.flickr.com/photos/techcrunch/53201932199/), via [Wikimedia Commons](https://commons.wikimedia.org/wiki/File:Dario_Amodei_at_TechCrunch_Disrupt_2023_04.jpg). [CC BY 2.0](https://creativecommons.org/licenses/by/2.0/). Resized and cropped for display. Archive company‑leadership context; not the H1 results or filing event.*