Anthropic, the AI developer behind Claude, reported a net loss soaring to $80.7 billion, approximately 2.58 trillion baht, in the first half of this year. This was primarily due to an increase in the value of convertible bonds, according to the draft IPO prospectus.
Following the latest financial disclosures, some investors have revised the company's valuation to around $1.5 trillion, roughly 48 trillion baht, down from earlier estimates of $1.8 to $2 trillion, or about 50 to 60 trillion baht.
The IPO draft prospectus reveals that Anthropic’s net loss sharply increased from $13 billion in the same period last year. The main reason was accounting expenses of $72 billion, about 2.3 trillion baht, stemming from revaluing convertible bonds that holders may convert into Anthropic shares in the future, rather than actual cash operating costs.
Despite rapid business expansion, Anthropic reported third-quarter revenue of $16.8 billion, a 45% increase from the previous quarter, along with an adjusted profit after certain accounting items.
However, the unprecedented high losses remain a concern, especially as Anthropic faces rapidly escalating costs to expand its AI infrastructure.
In the first half of 2026, Anthropic spent nearly $9 billion on processing power and infrastructure, up from $2.3 billion in the same period last year. The company has committed to spending at least $518 billion over the next decade on infrastructure, processing power, and cloud services.
These figures reflect the long-term investment burden necessary to compete in the AI industry, and investors must assess whether revenue growth can sustainably translate into operating profits amid rising AI competition costs.
Anthropic plans to go public in November 2026, with Morgan Stanley, Goldman Sachs, and JPMorgan leading the share distribution. The company has chosen Nasdaq for its listing and will begin its IPO roadshow in the first week of the month.
Anthropic's share offering is significant for the broader AI market, as investors watch whether it can achieve its expected valuation before OpenAI, a key competitor, potentially goes public in 2027. However, the latest financial disclosures have prompted some investors to reconsider the company's appropriate valuation, adding pressure.
Ultimately, Anthropic's IPO will not only test confidence in the company alone but also serve as a critical indicator for the AI industry, assessing whether revenue growth and AI demand can convert massive investments into sustainable returns moving forward.
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