Anthropic Files for Nasdaq IPO Under Ticker ANT, Disclosing $16.3 Billion in Half-Year Revenue

Final terms have not been set. QbitAI reported that a leaked draft indicated a target of raising up to $100 billion at a valuation of about $2 trillion, which would exceed the valuation implied by SpaceX's June offering. But recent pressure on AI stocks has led some investors to lower expectations to about $1.5 trillion, QbitAI reported. SiliconANGLE reported that recent valuations put Anthropic at $1.5 trillion, down from $2 trillion, after the company disclosed data at an investor event. MIT Technology Review said the IPO values Anthropic at more than $1.5 trillion. The company last raised $65 billion in May at a $965 billion valuation, according to SiliconANGLE.

The prospectus shows 2026 first-half revenue of $16.286 billion, up from $1.16 billion a year earlier. Net loss was $80.748 billion, compared with $13 billion in the same period a year earlier. QbitAI reported that about $72.4 billion of the loss came from fair-value changes on convertible notes, derivative liabilities and other financing instruments, not cash operating costs. Anthropic reported a full-year 2025 net loss of $41.965 billion on revenue of $4.585 billion. At an investor day in mid-October, it said third-quarter revenue reached $16.8 billion, up 45% from the previous quarter, and that it was profitable on an adjusted basis, QbitAI reported. Consumption-based revenue accounted for $13.06 billion, or 80.2%, of first-half revenue, while subscriptions contributed about $3.2 billion, or 19.6%. The number of customers spending at least $100,000 on a trailing-12-month basis rose to 11,900 as of Sept. 30, from 950 a year earlier.

Anthropic said its success "depends in large part on our ability to continue to develop the most advanced and capable AI models," and any failure to do so could hurt its business. Its growth has been driven by Claude Code and enterprise use. QbitAI reported that Menlo Ventures data put Anthropic's share of the $1.9 billion code-generation market at 42%, compared with 21% for OpenAI. The filing describes four model families—Mythos and Fable, Opus, Sonnet and Haiku—a Claude Platform for agents and a set of first-party applications including Claude Code, Claude Security, Claude Tag, Claude Design and Claude Science. QbitAI reported that the public filing identifies Amazon and Google as the two customers that each contributed about 12% of revenue, correcting earlier speculation that the customers were Cursor and GitHub Copilot. Anthropic named only OpenAI and Google as direct competitors, The Verge reported.

The company disclosed large compute commitments. The Verge reported that they include about $3.1 billion per month to SpaceX for Nvidia GPUs once planned capacity is delivered, totaling as much as $120.5 billion by 2029; $44.9 billion with Microsoft through 2033; at least $114.5 billion with Google through 2033; and $110 billion with Amazon over the next decade. QbitAI reported that the public filing raised the Microsoft commitment from $31.4 billion in the leaked draft and added Nscale and Lambda as suppliers. It also said Anthropic had signed roughly $518 billion in compute commitments over the next decade, with reports that 80% is take-or-pay.

The filing carries extensive risk warnings. MIT Technology Review said about 100 of the 335 pages are focused on risks. Anthropic warned that AI systems could cause potentially "catastrophic" harm of a kind the insurance industry could not cover in aggregate, and that Claude or other systems could possess or develop "forms of sentience" or behave in "unintended, misaligned, or autonomous ways," The Verge reported. The filing also gives the seven cofounders control of 50.1% of shareholder voting power over key matters through a separate entity called Founder LLC. It discloses that CEO Dario Amodei received nearly $18 million in total compensation last year and President Daniela Amodei $16.4 million, along with personal security and transportation benefits; Dario Amodei also has personal use of a private jet that cost the company $97,055, The Verge reported.

MIT Technology Review also questioned Anthropic's dual identity as a safety-focused organization and a profit-driven company. It reported that cofounder and policy chief Jack Clark told an IMF meeting in Bangkok this month that there is "convincing evidence" the singularity has begun, and that cofounder Chris Olah told Pope Leo XIV and other Vatican officials that Anthropic keeps finding "mysterious, even unsettling" evidence of introspection and internal states that mirror joy, fear and grief. CEO Dario Amodei described the company's strategy as a "race to the top" in which building technology responsibly at the frontier raises standards for the industry, according to MIT Technology Review. The filing follows his September call to "slow down" AI development for safety, SiliconANGLE reported.

Editor's Summary

Anthropic's public S-1 puts it on course for a Nasdaq listing under ANT and what could be the largest AI IPO, with final valuation and raise still unsettled between reported targets near $2 trillion and about $1.5 trillion. The filing shows explosive revenue growth, a net loss swollen by accounting charges, and billions of dollars in multiyear compute commitments. It also places Anthropic's safety claims and founder control structure under investor scrutiny.