On an operating basis, yes as of Q2 2026, when operating income was $974M. Its net loss of $80.75B in the first half of 2026 comes mostly from revaluing convertible notes as its valuation rose ($72.39B), a non-cash charge.
Does Anthropic have debt?
Its convertible notes, all held by Amazon, carry $6.2B of principal and are recorded at fair value ($108.57B at June 30, 2026); they convert to stock at the IPO up to Amazon's ownership cap. It had no borrowings under its revolving credit facility at June 30, 2026.
How has Anthropic funded itself?
Mostly by selling preferred stock and convertible notes: $110.43B of preferred stock in the first half of 2026 alone, and $141.1B of capital raised in total through June 30, 2026.
