Anthropic's IPO filing flags gas-fired power for some planned data centers, after an $80 billion half-year loss
The company behind Claude reported $16.3 billion in first-half revenue and says power supply is a fierce contest.
In brief
Anthropic's filing admits gas dependence
Anthropic's S-1 says some planned data centers use on-site natural gas. CNN reports $16.3 billion revenue and an $80 billion loss in the first half of 2026.
Anthropic, PBC filed a Form S-1 with the U.S. Securities and Exchange Commission on Monday, October 26, 2026. The filing is the first step toward listing its Class A shares on Nasdaq under the ticker ANT.
The company's own announcement says the number of shares and the price range are not yet set. It also says the securities cannot be sold until the registration becomes effective.
The money
CNN reports first-half 2026 revenue of $16.3 billion and a net loss above $80 billion. CNBC puts the loss at $80.7 billion.
CNN says most of that loss, more than $72 billion, was a non-cash charge tied to convertible notes and similar instruments. Non-cash means no money left the bank for it. It is an accounting entry.
The gas part
The filing says competition for electricity and for data center sites with enough power is intense. A data center is a warehouse of computers that trains and runs AI models, and it eats a lot of electricity.
It also says some planned facilities depend on dedicated on-site natural gas-fired generation. That exposes the company to fuel price swings and pipeline limits.
Note the wording: some planned facilities, not all data centers. Fortune reports that the filing does not specify the type or power source of its power generation deals, which sits awkwardly beside the gas language.
Valuation and timing
CNN cites a reported valuation of up to $2 trillion. The filing itself sets no valuation. CNN says the timing points to mid-November.
Background
CNBC says the company confidentially filed in June and that Goldman Sachs and Morgan Stanley are lead underwriters. It also reports net revenue retention of around 900% as of Sept. 30, meaning existing customers spend far more year over year.
If the AI boom runs on power, who decides where that power comes from?
The limits: the filing does not set a price, share count or valuation, and the sources do not say how much of Anthropic's power would come from gas.