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Anthropic Files for Nasdaq IPO, Discloses $80.7 Billion First-Half Loss

Anthropic files for Nasdaq IPO under ANT, disclosing fast growth, an $80.7 billion first-half loss and heavy cloud spending.

AI News Feed · 2026-10-27 03:14

The S-1 did not include a potential share price, the number of shares to be offered or a valuation for the whole company, Slashdot reported. Those terms will be determined after Anthropic holds a road show with investors, prospective investors and its bankers.

Anthropic plans to spend at least $110 billion with Amazon for cloud services through April 2036 and another $120 billion with SpaceX through 2029, according to the filing. It also said it planned to spend $115 billion with Google and $45 billion with Microsoft, both through 2033, for computing infrastructure.

The company recorded revenue growth of 1,368% year over year for the three months ended June 30, 2026, while the cost of renting servers and chips grew 300% over the same period, Slashdot reported. Its net loss for all of 2025 was $42 billion. Anthropic said it had raised about $141 billion through the end of June and held $112.4 billion in cash. It expects current cash and sales to be sufficient for the next 12 months but warned that future revenue growth depends on factors including infrastructure costs, and that it may need to seek additional financing sooner than anticipated. It also warned it "may not generate sufficient revenue to achieve or sustain profitability in the future."

TechCrunch AI reported that the filing shows a cross-product strategy aimed at making enterprise customers stickier. More than half of customers spending at least $100,000 annually now use both the Claude platform and a first-party app such as Claude Code or Cowork, up from about 30% at the end of last year. As of Sept. 30, Anthropic had more than 11,900 customers spending at least $100,000 a year, more than 1,900 spending at least $1 million and about 250 spending $10 million or more. Net revenue retention was about 900% at the end of the third quarter, according to the report.

TechCrunch AI also reported that the highest-spending 5% of Claude Enterprise customers who used Claude Code spent about 20 times as much per month as the average enterprise user who did not use the coding tool in the third quarter. Anthropic said its Applied AI teams help place Claude inside customers' technology stacks, and it has launched a venture with Blackstone and other private equity firms called Ode with Anthropic to embed forward-deployed engineers in businesses. The company also relies on joint go-to-market arrangements with AWS, Google Cloud and Microsoft Azure, holding direct customer contracts and paying each cloud provider a fee.

The filing flags risks beyond its losses. TechCrunch AI reported that Anthropic said its cloud partners are increasingly seeing it as a competitor, which could make it harder to secure needed computing capacity; the filing said Amazon, Google and Microsoft may prioritize their own requirements or rivals they have invested in. It also cited customer concentration, saying a significant reduction in spending by, or the loss of, one or more of its largest customers could hurt its business and prospects if not offset. TechCrunch AI reported revenue of $16.3 billion for the first half of 2026, up from $1.2 billion in the same period a year earlier. Anthropic did not immediately respond to TechCrunch's request for comment.