Key Takeaways Anthropic is not profitable on a GAAP basis. Its S-1, filed October 26, 2026, shows a net loss of $42.0 billion for 2025 and $80.7 billion for the first half of 2026. Almost all of thatKey Takeaways Anthropic is not profitable on a GAAP basis. Its S-1, filed October 26, 2026, shows a net loss of $42.0 billion for 2025 and $80.7 billion for the first half of 2026. Almost all of that

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Is Anthropic Profitable? Revenue, ARR & Cash Burn Explained

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Oct 27, 2026

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Key Takeaways

Anthropic is not profitable on a GAAP basis. Its S-1, filed October 26, 2026, shows a net loss of $42.0 billion for 2025 and $80.7 billion for the first half of 2026.
Almost all of that loss is an accounting charge. In the first half of 2026, $72.4 billion came from marking up convertible notes, mostly Amazon's, as Anthropic's valuation rose; the operating loss was $693 million.
On the company's own non-GAAP measure, Anthropic earned adjusted operating income of $1.6 billion in the first half of 2026, a 10% adjusted operating margin, after a $4.85 billion adjusted loss in 2025.
Revenue in the filing was $41 million in 2023, $386 million in 2024 and $4.585 billion in 2025, all audited, and $16.3 billion in the six months to June 30, 2026, an unaudited interim figure.
Run-rate revenue, the figure Anthropic quotes in funding announcements, annualizes the latest 28 days of usage; it ran ahead of reported revenue all year and the S-1 defines it as an operating metric, not revenue.
Cash and short-term investments stood at $131.7 billion at June 30, 2026, against $141.1 billion of capital raised since founding.

Anthropic's S-1 contains two numbers for the same six months: adjusted operating income of $1.6 billion and a net loss of $80.7 billion.

Both are true, and this guide shows how.

This guide reads the income statement line by line, explains why a company can post a 10% adjusted margin and an $80 billion loss in the same six months, and separates the three revenue numbers people confuse.

Is Anthropic Profitable? The Short Answer Is Still Two Answers

No under GAAP, yes on one adjusted measure.

Anthropic's S-1 reports a net loss of $80.7 billion for the six months ended June 30, 2026 and $42.0 billion for 2025.

The fair-value charge on convertible notes sits below the operating line, so the operating loss was only $693 million; add back stock-based compensation and the other items Anthropic excludes, and the same six months show adjusted operating income of $1.62 billion, a 10% margin, the first positive half-year on that measure.

US$ millions	2023	2024	2025	H1 2025	H1 2026
Revenue	41	386	4,585	1,163	16,286
Operating loss (GAAP)	(551)	(2,980)	(8,060)	(2,135)	(693)
Operating margin	(1,344)%	(772)%	(176)%	(184)%	(4)%
Adjusted operating income (loss), non-GAAP	(522)	(2,788)	(4,854)	(1,849)	1,618
Adjusted operating margin	(1,273)%	(722)%	(106)%	(159)%	10%
Net loss (GAAP)	(1,531)	(8,309)	(41,965)	(12,969)	(80,748)

The two answers measure different things.

GAAP net loss counts every charge the accounting rules require, including a liability that grows when the company becomes more valuable.

Adjusted operating income asks whether selling Claude covers the cost of running Claude, and in the first half of 2026 it did, by $1.6 billion.

Neither number is a forecast.

The filing covers the period to June 30, 2026, and the third-quarter figures will appear in an amended filing or the first quarterly report after listing.

GAAP operating result versus adjusted operating income. Source: Anthropic, PBC Form S-1, filed October 26, 2026 (SEC EDGAR).

What Is Anthropic's Annual Revenue?

Anthropic's audited revenue was $4.585 billion for 2025, up from $386 million in 2024 and $41 million in 2023; the interim figures for 2026 in the filing are unaudited, as is standard before a listing.

The first six months of 2026 brought $16.3 billion, more than three times the whole of 2025, and the filing says revenue for the quarter ended June 30, 2026 grew 1,368% year over year.

Those are recognized revenues under GAAP: fees earned for usage and subscriptions in the period, net of the amounts that belong to later periods.

They are smaller than every run-rate figure the company announced during the same months, for reasons the next section covers.

Two context lines from the filing frame the growth.

As of September 30, 2026, Anthropic had more than 11,900 customers generating $100,000 or more in trailing-twelve-month revenue, more than 1,900 above $1 million, and about 250 above $10 million.

Its Net Revenue Retention was approximately 900%, meaning the qualifying customers of a year earlier were spending nine times as much.

Anthropic's recognized revenue by period. Source: Anthropic, PBC Form S-1, filed October 26, 2026 (SEC EDGAR).

Why Is the Net Loss $80.7 Billion?

Because Anthropic owes money to Amazon in the form of convertible notes, and the notes are carried at fair value.

When the company's valuation rises, the notes are worth more to their holder, the liability on Anthropic's books rises by the same amount, and the increase is booked as a loss.

In the first half of 2026 that charge was $72.4 billion out of an $80.7 billion net loss; the business itself lost $693 million at the operating line.

First half of 2026, US$ millions
Revenue	16,286
Total operating expenses	(16,979)
Operating loss	(693)
Interest income	1,111
Change in fair value of convertible notes, derivative liabilities and SAFEs	(72,388)
Other income (expense), net	(8,757)
Provision for income taxes	(21)
Net loss	(80,748)

The filing says the change was "primarily driven by an increase in the fair value of our outstanding convertible promissory notes."

Amazon's own 10-Q for the June 2026 quarter shows the other side of the entry: the $8.0 billion of notes it bought between 2023 and 2025 were carried at about $97.9 billion on June 30, 2026, up from $45.8 billion six months earlier.

No cash leaves Anthropic when this line moves.

And at the IPO the notes convert into Class N shares, after which the line stops.

The same mechanism explains why the 2025 net loss of $42.0 billion sits on an operating loss of $8.1 billion.

The $8.8 billion of other expense is the second-largest item and is not explained in the filing's summary; the full notes to the financial statements carry the detail.

Bridge from first-half 2026 revenue to net loss, US$ millions. Source: Anthropic, PBC Form S-1, filed October 26, 2026 (SEC EDGAR).

ARR vs Run-Rate vs Revenue: Why Are There Three Numbers?

The three numbers answer three different questions.

Revenue is what Anthropic recognized in a period under GAAP.

Run-Rate Revenue, the figure in its funding announcements, takes the latest 28 days of usage fees, multiplies by 13, and adds twelve months of current subscription fees; the S-1 calls it "an operating metric."

ARR is the term people apply to that run-rate, though most of Anthropic's revenue is consumption-based, not recurring in the subscription sense.

How Run-Rate Revenue Is Calculated

The S-1 defines Run-Rate Revenue as the annualized value of consumption-based fees in the trailing 28-day period multiplied by 13, plus monthly subscription fees multiplied by 12.

It captures the speed of the business on one date and projects it forward a year.

That is why the run-rate ran so far ahead of revenue in a year of 1,368% growth.

The company's announcements put run-rate at about $1 billion at the start of 2025, over $5 billion in August 2025, $14 billion in February 2026 and over $47 billion in May 2026.

Audited revenue for the whole of 2025 was $4.585 billion.

How Run-Rate Revenue is calculated. Source: Anthropic, PBC Form S-1, filed October 26, 2026 (SEC EDGAR), definition of Run-Rate Revenue.

Why the Income Statement Shows a Smaller Number

A run-rate is a snapshot annualized; revenue is a sum of what happened.

In a business growing more than tenfold a year, the most recent month is always far larger than the average month, so the annualized snapshot exceeds the trailing total every time.

The gap is not a contradiction.

It closes only when growth slows.

What Changed Once Anthropic Filed

Before October 26, 2026, every revenue figure in circulation was a company statement or a leak.

Now there is a filed baseline, and the S-1's own run-rate figure, left blank in the first filing, will be stated as of a recent date in an amendment.

When it appears, compare it with the reported half-year revenue of $16.3 billion to see how much of the growth is already recognized.

Where Does Anthropic's Money Come From?

From businesses, mostly, buying model usage through the API and through the three major cloud platforms, plus subscriptions to Claude's consumer and team plans.

The S-1 describes a "joint go-to-market approach" with Amazon Web Services, Google Cloud and Microsoft Azure: Anthropic contracts directly with customers and pays each cloud provider a fee.

Customer counts, not a percentage split, are what the filing's summary discloses.

The API and Cloud Business

The customer tiers tell the story the percentages would.

Roughly 250 customers each spend more than $10 million a year, and more than 1,900 spend more than $1 million.

The filing does not say which expense line carries the fees paid to the cloud platforms; what it shows is that "sales, marketing, and partnerships" rose from $120 million in the first half of 2025 to $3.17 billion in the first half of 2026, the fastest-growing expense in the statement.

Consumer and Team Plans

Subscriptions to Claude's Pro, Max and Team plans are the recurring part of the business and the part Anthropic prices in public.

The S-1 does not break out their share of revenue in its summary.

The current plan prices and what each tier includes are in the guide to Claude pricing by plan.

Large Contracts and Concentration

The filing's summary risk factors state that "a substantial portion of our revenue and accounts receivable is driven by a limited number of customers," and that some of its cloud partners are also customers.

That concentration is a feature of selling to the largest enterprises and the largest clouds at once.

How Much Cash Is Anthropic Burning?

The S-1's summary does not include the cash-flow statement, so no burn figure can be quoted from it yet; what it does show is that the loss is far larger than the cash cost.

Anthropic held $131.7 billion in cash, cash equivalents and short-term investments on June 30, 2026, after raising $141.1 billion of capital in total.

The two largest real costs in the first half of 2026 were compute and infrastructure at $8.95 billion and personnel at $3.15 billion, of which $2.2 billion was stock-based compensation paid in shares rather than cash.

Operating expenses, US$ millions	2025	H1 2026
Compute and infrastructure	7,326	8,945
Personnel (incl. stock-based compensation)	1,839	3,152
Sales, marketing, and partnerships	568	3,168
Other operating and administrative	1,412	1,714
Bartz settlement	1,500	—
Total	12,645	16,979

Compute is the number to watch.

It grew 300% year over year in the June quarter while revenue grew 1,368%, which is the whole reason the operating margin moved from (184)% to (4)% in a year.

The filing also discloses long-dated compute commitments running to 2045, with the totals to be stated in an amendment, and Amazon's 10-Q records an AWS commitment expanded "by more than $100.0 billion over 10.0 years."

The $1.5 billion "Bartz settlement" line appears only in 2025 and does not recur; the S-1's legal-proceedings note describes the case behind it.

Anthropic's operating expenses by category, US$ millions. Source: Anthropic, PBC Form S-1, filed October 26, 2026 (SEC EDGAR).

Is Anthropic More Profitable Than OpenAI?

Nobody can answer that with filed numbers for both, because OpenAI has not filed a public registration statement.

Anthropic's S-1 gives revenue of $16.3 billion and adjusted operating income of $1.6 billion for the first half of 2026.

OpenAI has published no comparable income statement, and its revenue figures in circulation are company statements or reports.

The comparison that can be made is structural, and the guide to the Anthropic vs OpenAI IPO makes it: which company has filed what, and what each has said about its own timeline.

When Will Anthropic Be Profitable?

The S-1 makes no forecast, and nothing in it should be read as one.

What the filing shows is a trend: the operating loss narrowed from (184)% of revenue in the first half of 2025 to (4)% in the first half of 2026, and the adjusted margin crossed zero in the same period.

GAAP profitability requires two more things: the operating line crossing zero with stock-based compensation included, and the end of the fair-value charge, which happens mechanically when the convertible notes convert into shares at the IPO.

After listing, Anthropic will report quarterly, and the first 10-Q will show whether the June-quarter margin held through the third quarter.

Until then the half-year figures are the latest filed data point.

How to Spot a Fake Anthropic Revenue Number

Check three things: the period, the metric, and the source.

A number without a period ("Anthropic makes $X billion") is usually a run-rate presented as revenue.

A number with a period but no filing behind it is an estimate, however confident the headline.

And a number that mixes GAAP and non-GAAP ("profitable" without saying on which measure) is describing two different companies at once.

Since October 26, 2026, there is a simple test: if a figure is not in the S-1 or its amendments, it is not filed with the SEC.

The company's own run-rate announcements are first-party but unaudited; everything else is a report.

Frequently Asked Questions

Is Anthropic profitable yet?

Not under GAAP: 2025 produced an operating loss of $8.1 billion and a net loss of $42.0 billion, and the first half of 2026 a net loss of $80.7 billion that was almost all a non-cash charge, alongside $1.6 billion of adjusted operating income.

How profitable is Anthropic?

Its adjusted operating margin was 10% in the first half of 2026, up from (106)% for 2025; its GAAP operating margin was (4)%.

What is Anthropic's annual recurring revenue?

Anthropic quotes run-rate revenue rather than ARR; its last announced figure was over $47 billion in May 2026, and revenue reported in the S-1 for the first half of 2026 was $16.3 billion.

What is the difference between ARR and annual revenue?

Annual revenue is what was recognized over twelve months; a run-rate or ARR annualizes the most recent 28 days or month.

Why did Anthropic lose $80 billion?

Because its convertible notes are marked to fair value, and a $72.4 billion increase in that liability was booked as a loss when the company's valuation rose.

How much has Anthropic raised?

$141.1 billion in aggregate as of June 30, 2026, according to the S-1.

Is Anthropic publicly traded?

Not yet; it filed its public S-1 on October 26, 2026 and will trade on Nasdaq as ANT after the IPO prices.

The Bottom Line on Anthropic's Profitability

Anthropic sells enough Claude to cover the cost of running it, by $1.6 billion in the first half of 2026 on its own adjusted measure, and still reports one of the largest net losses in corporate history because of how convertible notes are accounted for.

Both statements come from the same SEC filing.

The number that settles the argument is the operating line, and it moved from (184)% to (4)% of revenue in twelve months.

Watch the next filing for whether it crossed zero.

If the numbers make you want the stock itself, the guide to how to buy Anthropic stock covers what exists before ANT trades.