Anthropic Files for IPO: First-Half Revenue of $16.3 Billion, Net Loss of $80.7 Billion

One of the most closely watched IPOs in the global AI industry has officially entered the public filing stage.

According to filing information disclosed on October 26, Anthropic has formally submitted an initial public offering (IPO) application to the U.S. Securities and Exchange Commission (SEC) and plans to list on the Nasdaq Global Select Market under the ticker symbol "ANT."

On the same day, The Wall Street Journal reported that Anthropic plans to hold its IPO in the week of November 16; Bloomberg previously reported that the company could launch its formal offering marketing as early as the week of November 9. Market chatter has put the target valuation as high as $2 trillion, which would potentially surpass SpaceX's previous record listing size of $1.77 trillion.

The filing shows that Anthropic generated $16.3 billion in revenue in the first half of the year and posted a net loss of $80.7 billion for the same period. The company warned investors that it may not achieve or sustain profitability in the future.

The scale of its computing power and infrastructure bills is staggering. According to the IPO filing, the company's total equipment leasing related to Broadcom amounts to approximately $161.2 billion, spending under arrangements related to SpaceX AI and Nvidia totals up to $120.5 billion, and there is an additional service commitment to pay Nscale up to approximately $44.6 billion. The three amounts total approximately $326.3 billion.

The offering is being underwritten by a number of financial institutions including Goldman Sachs, Morgan Stanley, JPMorgan Chase and Citigroup, with Barclays, Wells Fargo, BofA Securities, Deutsche Bank, UBS and Royal Bank of Canada also among the underwriting syndicate.

Revenue reaches $16.3 billion in half a year, yet net loss runs as high as $80.7 billion

Anthropic's prospectus presents a set of sharply contrasting financial figures: business revenue is expanding rapidly, but the book net loss is also widening dramatically.

In the first half of the year ended June 30, 2026, Anthropic generated $16.3 billion in revenue, far above the $1.1 billion in the same period a year earlier; its net loss for the same period reached $80.7 billion, with total operating expenses of $16.98 billion. The company also warned in its risk factors that it may not achieve or sustain profitability in the future.

However, according to Reuters' earlier reporting on the filing, of the $80.7 billion net loss, approximately $72 billion came from non-cash accounting charges arising from changes in the fair value of convertible bonds and other financing instruments, rather than from day-to-day operating expenses.

Infrastructure spending has already climbed significantly.

In the first half of 2026, Anthropic spent nearly $9 billion on computing power and infrastructure, up from $2.3 billion in the same period of 2025 and also exceeding its roughly $7.3 billion in related spending for all of 2025. The company also noted in the filing that its revenue growth rate may decline, costs will rise over time, and losses may persist.

The number of enterprise customers shows another side of the picture.

As of September 30, 2026, about 250 Anthropic customers had each contributed at least $10 million in revenue over the past 12 months; on the same basis, the company had more than 1,900 customers with revenue of $1 million or more over the past 12 months. This shows that its enterprise business has reached a certain scale, but the company still needs to prove that revenue growth can sustainably cover its increasingly large computing power and R&D investment.

The filing shows that the company's subscription revenue in the first half of the year was $3.2 billion, compared with $180 million a year earlier, and consumption-based revenue was $13.06 billion, compared with $983 million a year earlier.

For Anthropic, which is about to face public market investors, the key question is no longer just whether revenue can continue to grow rapidly, but also whether that growth can ultimately translate into sustainable operating profit and cash flow.

The scale of its computing power commitments is staggering: Broadcom-related leasing spending of approximately $161.2 billion

The infrastructure commitments disclosed in the prospectus are an unavoidable part of how investors assess Anthropic's business model. Training and inference for frontier models require continuous investment in computing resources, and computing power supply determines both product capabilities and directly affects the cost structure.

According to the filing, under Anthropic's leasing arrangements related to Broadcom, total rent payments over the lease term amount to approximately $161.2 billion, and this amount excludes interest.

In addition, the company also disclosed huge spending arrangements with other computing power and infrastructure partners:

SpaceX AI and Nvidia-related arrangements: Anthropic agreed to spend a total of up to approximately $120.5 billion over the term of the relevant agreements, which run through 2029.

Nscale service agreement: The company agreed to spend a total of up to approximately $44.6 billion over the term of the relevant agreement, which runs through 2033.

These figures represent the upper limit or total of spending commitments over the agreed terms of the agreements, and do not mean that Anthropic has already paid the same amounts, nor can they be directly regarded as capital expenditure for any single year.

The huge contracts highlight the structural challenges facing AI companies: in order to maintain model performance, meet enterprise customer demand and compete for market share, companies need to lock in long-term computing power supply in advance; but as contract scale expands, investors will also focus more on whether future revenue can cover infrastructure costs, and whether the company can still effectively use the resources it has committed to when computing power demand and technological iteration change.

Founders hold 50.1% of voting power through Class F shares

In addition to business and financial information, Anthropic's equity structure is also a major point of interest in this IPO filing.

The filing shows that the company plans to establish Class A, Class F, Class E, Class T and Class N common stock, and to separate the founders' voting rights from ordinary economic interests through a special equity arrangement.

Anthropic plans to issue one share of Class F common stock to Founder LLC, which is composed of the co-founders. The entity's initial members include CEO Dario Amodei, Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish and Chris Olah.

This share of Class F common stock carries no economic rights but holds 50.1% of the company's total voting power. By contrast, each share of Class A common stock carries one vote; Class N common stock carries no voting rights.

The other classes of shares also have their own arrangements: Class E common stock has voting rights only on certain limited matters and carries no economic rights; holders of Class N common stock are mainly strategic business partners, and the relevant shares generally convert into Class A common stock when sold or transferred to non-affiliated third parties. The company also said that Class A common stock is not convertible.

This arrangement means that Anthropic plans to retain founders' control over key company matters while bringing in public market investors. For investors, the special voting rights structure helps in understanding the company's governance mechanism after listing, and also means that the economic interests of common stockholders and actual voting influence are not fully equivalent.

Public Interest Fund and Donation Matching Program: Governance commitments also enter the prospectus

Anthropic also disclosed arrangements related to the public interest. According to the document, the company's board of directors has approved a framework: each time the stock price rises by 50%, up to an additional 2% equivalent of Class N shares may be issued to the public interest fund.

This mechanism links stock price performance with the allocation of shares to the public interest fund, but specific implementation should still be subject to the complete terms disclosed in the prospectus and subsequent execution.

In addition, for the fiscal year ended December 31, 2025, Anthropic's expenses related to the donation matching program were $541 million. This figure reflects the company's financial expenditure on the relevant program and also indicates that public interest arrangements have entered the scope of the company's financial disclosure.

IPO test: can growth cover massive investment?

Anthropic's public filing this time marks a key step in its listing process. But from the market valuation expectation of as much as $2 trillion, to computing power contracts extending many years into the future, to the special voting rights and public interest fund arrangements, investors need to assess far more than the market enthusiasm for Claude.

On the one hand, more than 1,900 million-dollar-level customers show the commercialization foundation in the enterprise market; on the other hand, the massive expenditures involved in arrangements related to Broadcom, SpaceX AI, Nvidia and Nscale also mean that the company will still need to continuously obtain funding, computing power and stable enterprise demand in the future.

At the same time, AI-related stocks have recently come under pressure, and the market's requirements for returns on capital expenditure are rising. Even if Anthropic advances its IPO as scheduled, the final offering valuation and market performance will still depend on how investors weigh growth potential, long-term expenditure obligations, profitability and AI industry risks.

This IPO is therefore not only a financing event for Anthropic itself, but will also become an important test for the public market to examine the business model of frontier AI. Risk disclosure and disclaimer

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