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Anthropic’s revenue has surged more than 30-fold in five quarters, while its spending on computing infrastructure has fallen sharply relative to sales. Those figures help explain why Social Capital CEO Chamath Palihapitiya called the AI startup an "amazing business" on X, even as the company disclosed an $80.75 billion first-half net loss.

Palihapitiya was reacting to a post on X from Social Capital, which highlighted selected positive financial metrics from Anthropic’s registration statement filed with the Securities and Exchange Commission.

Anthropic’s Revenue Soars

Anthropic’s quarterly revenue climbed from $376 million in the first quarter of 2025 to $11.6 billion in the second quarter of 2026, a roughly 31-fold increase over five quarters, according to figures shared by Social Capital.

The company generated $16.29 billion in revenue during the first half of 2026, up from $1.16 billion in the same period a year earlier. Anthropic recorded $41 million in sales in 2023, $386 million in 2024 and $4.59 billion in 2025.

Customer growth has been similarly striking. At the end of 2023, Anthropic had approximately 20 customers spending at least $100,000 annually. By September 2026, that number had climbed above 11,900.

There is also room to expand within existing customers. Social Capital noted that Fortune 500 customers spent, on average, less than 0.1% of their total expenses on Anthropic in the third quarter.

Compute Costs Fall As Revenue Grows

Anthropic’s computing expenses have declined considerably relative to revenue. In the first quarter of 2025, the company spent approximately $2.51 on compute and infrastructure for every $1 of revenue. By the second quarter of 2026, that figure had fallen to roughly 48 cents.

Anthropic also generated $974 million in operating profit on $11.6 billion in second-quarter revenue, according to Social Capital’s summary.

Approximately 80% of Anthropic’s first-half 2026 revenue came from consumption-based arrangements, with subscriptions accounting for the remainder.

Its five largest customers accounted for about 36% of revenue in the first quarter, down to roughly 21% by the third quarter. However, revenue from each of those customers reached a record in the third quarter.

Why Anthropic Lost $80 Billion

Anthropic reported a net loss of $80.75 billion for the first half of 2026, largely driven by non-cash accounting adjustments.

A $72.39 billion charge stemmed from changes in the fair value of convertible notes, derivative liabilities and simple agreements for future equity, primarily reflecting the company’s rising valuation.

Meanwhile, its first-half operating loss narrowed to $693 million from $2.14 billion a year earlier. On an adjusted basis, Anthropic reported $1.62 billion in operating income and a 10% adjusted operating margin.

Compute and infrastructure expenses reached $8.95 billion during the first half, up from $2.33 billion a year earlier.

Anthropic held $112.4 billion in cash and cash equivalents and another $19.3 billion in short-term investments as of June 30.

The company has applied to list its Class A shares on the Nasdaq Global Select Market under the ticker ANT. The number of shares to be offered and the price range have not been disclosed.

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