The S-1 reports net losses of $1.5 billion, $8.3 billion and $42.0 billion for 2023, 2024 and 2025, and $80.7 billion for the six months ended June 30, 2026; it says $72.4 billion of the half-year figure was a change in the fair value of convertible notes, derivative liabilities and SAFEs, driven mainly by the rise in its enterprise valuation.

The exact words it rests on

$10.9 billion and $72.4 billion for the six months ended June 30, 2025 and 2026, respectively. These changes were primarily driven by an increase in the fair value of our outstanding convertible promissory notes resulting from an increase in our enterprise valuation

What the source said when we opened it, on 27 Oct 2026.

The source

Anthropic, PBC Form S-1 registration statement
U.S. Securities and Exchange Commission · 2026-10-26

Open the sourcearchived copy

Checked

Checked by the notis newsroom on 27 Oct 2026, against the source above.

In the story

Anthropic files S-1 for Nasdaq IPO, reporting $16.3bn half-year revenue 27 Oct 2026