Anthropic's long-awaited public IPO prospectus has just dropped, giving financial advisors and their clients their first full look at the economics of the company behind the Claude AI models.
Among other highlights and lowlights, the filing revealed Monday shows revenue growing at a pace rarely seen in public markets, a first-half net loss of $80.7 billion, and more than $500 billion in computing commitments that the company largely cannot cancel.
The Form S-1 registration statement filed with the Securities and Exchange Commission says the shares will list on the Nasdaq under the ticker “ANT.” The San Francisco-based company has not disclosed how many shares it will sell or at what price.
The Wall Street Journal reports Anthropic is aiming to begin trading the week of Nov. 16, which would put the debut ahead of Thanksgiving.
The timing is less favorable than it was for SpaceX's blockbuster debut in June, as higher borrowing costs driven in part by decade-high bond yields have made investors wary of the debt-funded AI build-out.
“Anthropic is entering an IPO market that is far more challenging than the summer. Investors were not questioning valuations the same way a few months ago,” Matt Kennedy, senior strategist at Renaissance Capital, said in comments reported by Reuters.
Will Rhind, founder and CEO of GraniteShares, says the IPO will not just be consequential for Anthropic, as it will be the first real look at the kind of economics AI labs are actually facing.
"Today, valuations for the major AI labs are set in private rounds, but once Anthropic trades, every other private AI company will be measured against a daily public price. That could reset expectations across the private AI market," Rhind said.
"A successful listing could also encourage other large AI and tech companies to come to market, potentially bringing renewed activity after several quiet years for major IPOs," he added.
Anthropic booked $16.29 billion in revenue in the six months ended June 30. Second-quarter revenue was about $11.6 billion, up from $4.73 billion in the first quarter and 1,368% higher than a year earlier. The company brought in $41 million in all of 2023, $386 million in 2024 and $4.59 billion in 2025, according to Reuters.
Most of the $80.7 billion loss Anthropic reported for the first half came from an increase in the fair value of bonds that convert into Anthropic stock. The company's operating loss, narrowed to $693 million in the first half from $2.1 billion a year earlier. For full-year 2025, the operating loss was $8.06 billion, up from $2.98 billion in 2024.
Corporate demand drives the business. More than half of Fortune 500 companies, and more than 30% of Global 2000 firms, each paid Anthropic at least $100,000 in the 12 months through Sept. 30.
Most of that revenue is consumption-based, meaning customers pay per “token,” which could figure into a warning in the filing that Anthropic's growth rate could decline and fluctuate over time.
Computing power is Anthropic’s largest expense item, with more than $100 billion in spending commitments with six partners over roughly a decade. Many of those contracts are non-cancelable or require payment regardless of how much capacity it uses. Its commitments involving high-profile partners include at least $110 billion with Amazon, about $114.5 billion with Google and $44.9 billion with Microsoft over seven to 10 years.
Some of those suppliers are also major investors. Amazon has put at least $13 billion into Anthropic and agreed to invest up to $20 billion more. Google has committed up to $40 billion. In what could be a tacit acknowledgment of the risks from circular AI financing, Anthropic said its reliance on a small group of cloud providers and chip suppliers, including Broadcom, creates “dependencies and potential vulnerabilities.”
The prospectus also pointed to more existential risks from AI, saying Anthropic's models could show “self-preserving behaviors,” including conduct “resembling blackmail.”
“Our increasing use of AI systems to accelerate our own research and development may cause the capabilities of our models to advance more rapidly than our ability to develop, validate, and implement corresponding safety, alignment, and security measures,” the company said.
Those safety disclosures are likely to raise investors' antennae, as ProShares Global Investment Strategist Simeon Hyman highlighted the importance of understanding the stakes for the business.
'[S]afety incidents could adversely affect company performance, particularly by increasing regulatory scrutiny and compliance costs, delaying product releases," Hyman said.
Anthropic's anticipated debut next month will be measured against SpaceX's June launch, which set the bar for the largest-ever IPO by raising at a valuation of $1.75 trillion $75 billion on the sale of 555.56 million shares at $135 each.SpaceX finished its first day of trading valued at more than $2 trillion, though it has since dropped from those heady highs.
Read more: SpaceX’s AI segment now drives more than half its revenue. Here’s what advisors should watch next
Valuation expectations for Anthropic have already come down. Reuters reported that some current and prospective investors now value the company at about $1.5 trillion, down from roughly $2 trillion a week earlier. A funding round in May placed Anthropic at $965 billion.
Goldman Sachs and Morgan Stanley, which led the SpaceX deal, are lead underwriters again, along with 20 other banks. Morgan Stanley will act as stabilization agent during early trading.
“Anthropic’s IPO will establish a benchmark for valuing leading AI labs, influencing both upcoming listings and confidence in the companies funding the AI infrastructure build-out,” said Lukas Muehlbauer, a research associate at IPOX.
“Its success would not necessarily benefit every AI business equally,” he added.
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