Anthropic files for IPO, revealing $80.7B half-year loss

Anthropic made its IPO prospectus public on Monday, October 26. The filing shows revenue rising quickly alongside very large computing costs and an $80.7 billion net loss for the first half of 2026. The company filed a Form S-1 with the Securities and Exchange Commission for a proposed offering of Class A shares. It plans to list on the Nasdaq Global Select Market ↘ 0.34% under the ticker "ANT." The number of shares and the price range have not been set yet.economictimes.com

According to Reuters, the listing is expected to become a benchmark for how Wall Street values leading AI companies, including rival OpenAI. Reuters also reported that some investors now value Anthropic at about $1.5 trillion, down from roughly $2 trillion a week earlier, according to The Economic Times.cnbc.com+1

Rapid growth, heavy costs

Revenue reached $16.29 billion in the six months ended June 30, up from $1.16 billion a year earlier. Second-quarter revenue grew 1,368% from a year earlier. About $72.4 billion of the net loss came from non-cash accounting charges tied to convertible debt. The operating loss narrowed to $693 million. Computing is the company's largest expense. Anthropic has committed about $114.5 billion to Google Cloud, at least $110 billion to Amazon Amazon.com, Inc. ↗ 1.61% and $44.9 billion to Microsoft ↘ 0.24%. It also agreed to spend up to $120.5 billion with SpaceX on compute powered by Nvidia ↗ 0.90% chips.cnbc.com+4

Rivals and risks

OpenAI and Google Alphabet Inc. ↗ 0.84% are the only competitors the prospectus names. The filing also points to competition from open-weight models. At the end of June, Anthropic had $6.2 billion in debt, which is the principal on convertible notes issued to Amazon since 2023.cnbc.com+1

The risk factors run to more than 90 pages. They include existing and proposed US moratoriums on new data centers, which the company said "could delay or prevent the construction or expansion of facilities on which we depend for compute." The filing also flags reliance on Taiwan Semiconductor Manufacturing Company ↗ 2.95%. Goldman Sachs The Goldman Sachs Group, Inc. ↗ 2.07% and Morgan Stanley ↗ 1.86% are the lead underwriters. Through a Founder LLC, the seven co-founders will hold 50.1% of the voting power.cnbc.com

A tense market backdrop

The filing comes as global stocks have dropped sharply on doubts that the debt-funded AI building boom will pay off. The listing is expected before US Thanksgiving. An investor roadshow is set for mid-to-late November. The company's own prospectus is cautious about what lies ahead. It warns, "We may not achieve or sustain profitability in the future".cnbc.com+2