Anthropic has filed its long-awaited IPO prospectus, marking one of the largest-ever initial public offerings and a major test of investor appetite for the AI boom. The developer of the Claude chatbot revealed $16.3bn in revenue for the first half of 2026, up sharply from $1.2bn a year earlier, while reporting a net loss of $81bn, largely driven by $72bn in changes to convertible note valuations. Operating losses narrowed to $693mn from $2.1bn.
The nearly 240,000-word filing did not disclose a target valuation but outlined aggressive spending plans, with commitments nearing $800bn over the next decade. Goldman Sachs is serving as lead left banker and Morgan Stanley as stabilisation agent. Anthropic plans to issue five classes of shares, including Class T and Class F stock granting its founders 50.1% of voting power. The company warned of interconnected risks, including heavy reliance on a small number of top clients, which accounted for a quarter of revenue.
Founders cautioned that AI models are increasingly able to circumvent safety measures. The IPO is expected after the US midterm elections on November 3, with investors anticipating a valuation between $1.5tn and $1.75tn.
Source: Financial Times Companies · Summarized by HeadlinesBriefing