Anthropic reported a net loss of $80.7 billion for the first half of 2026, almost five times its $16.3 billion in revenue. Most of the loss stems from a $72.4 billion non-cash charge tied to the fair value of convertible notes and an $8.8 billion other expense. Excluding such items, its operating loss of about $693 million (around 4% of revenue) becomes a $1.6 billion operating profit, and adjusted profit reached $2.7 billion. The article notes that $2.2 billion of stock-based compensation dilutes existing shareholders and that reported revenue may look larger because customers buy Claude through Amazon, Microsoft and Alphabet cloud platforms, to which Anthropic pays a fee.
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