Anthropic is said to be poised to publicly file its S-1 as soon as Friday, with IPO valuation expectations lowered to the $1.5 trillion range
According to media reports citing people familiar with the matter, Anthropic will publicly file its S-1 prospectus as soon as this Friday, clearing a key procedural hurdle for a potential November listing. The report said its revenue in the first half of 2026 was $16.3 billion, with a net loss exceeding $80 billion, of which $72 billion came from accounting charges related to changes in the value of instruments such as convertible notes; third-quarter revenue was $16.8 billion, up nearly 50% from $11.5 billion in the second quarter. Wall Street had previously expected it to raise up to $100 billion at a valuation of about $2 trillion, but after monthly revenue growth slowed, some investors lowered their IPO valuation expectations to the $1.5 trillion range.
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The original article discloses Anthropic's revenue and loss figures ahead of its listing, as well as the shift in investors' lowered valuation expectations, which can serve as a reference for observing the IPO window for AI companies.
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According to media reports citing people familiar with the matter, Anthropic could publicly file its S-1 prospectus as early as this Friday. The move would mark a crucial next step for what could become the "largest IPO in history."
Anthropic's highly anticipated listing is expected to be larger than SpaceX's IPO in June this year, and is widely seen as a key test of investors' appetite for the artificial intelligence (AI) boom—concerns over the industry's massive capital expenditures are currently mounting.
Anthropic had already confidentially submitted a draft IPO registration statement to the U.S. Securities and Exchange Commission (SEC) as early as June this year. Under SEC rules, companies must publicly file their registration documents 15 calendar days before formally launching a roadshow.
Publicly filing the listing application will clear a key procedural hurdle toward a potential November listing, though the final offering timing will still depend on market conditions and other factors. Crucially, it will give ordinary investors their first look at the financial details and risks of one of the fastest-growing companies in the AI industry.
To train and run its Claude series models, Anthropic is investing heavily in AI infrastructure. This includes partnerships with Google and Amazon, as well as renting GPU compute from SpaceX's Colossus 1 data center.
According to media reports on Tuesday, Anthropic's revenue in the first half of 2026 reached $16.3 billion, with a net loss of more than $80 billion. The vast majority of the first-half net loss—$72 billion—came from accounting charges related to changes in the value of convertible notes and other instruments issued by Anthropic.
Last week, reports said Anthropic had told investors that its revenue in the third quarter of 2026 reached $16.8 billion, up nearly 50% from $11.5 billion in the second quarter, and that it achieved adjusted profitability and positive free cash flow.
According to prior media reports, Wall Street expects Anthropic could raise as much as $100 billion at a valuation of perhaps $2 trillion.
But slowing monthly revenue growth at Anthropic has raised investor concerns about its valuation. Last week, reports said that after the company disclosed its third-quarter results, some existing and potential investors lowered their IPO valuation expectations to the $1.5 trillion range, a marked decline from the roughly $2 trillion previously expected by the market.
Anthropic has established a foothold in the enterprise market with its Claude chatbot, AI coding tool Claude Code and Claude Cowork. On Wednesday, the company announced the launch of a preview version of Claude Duet. This is an AI agent product for small businesses and professionals, expected to compete with OpenAI's Dots and Meta's Muse.
The IPO market is showing signs of cooling
As this mega-IPO approaches, the IPO market that was hot earlier this year is showing signs of cooling.
Earlier this week, South Korean data center provider Elice saw its shares plunge 32% on its first day of trading after raising $151 million. Nvidia-backed Firmus Grid abruptly shelved its listing plan earlier this month because investors were skeptical of its target valuation, and several other companies postponed listing plans citing market conditions.
In recent days, as investor concerns about AI financing risks have risen, shares of already-listed AI-related companies have also been volatile. CoreWeave in particular has come under intense market scrutiny, with investors strongly questioning whether its future revenue can cover its heavy debt burden.
According to people familiar with the matter, given its enormous size, the timing of Anthropic's listing is also seen as likely to have a significant impact on other companies seeking to go public in the coming weeks.
Anthropic's main competitor, OpenAI, initially planned to launch an IPO this year but later postponed its IPO plans and is now expected to enter the public market in early 2027. The company's CEO, Sam Altman, believes going public now would be unwise.
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