ChainCatcher report: AI company Anthropic is expected to publicly file its IPO prospectus as early as October 26 U.S. time, with plans to list in mid-November. The company secretly submitted its documents to the U.S. SEC in June this year. The market previously discussed a $2 trillion valuation; however, as AI-related stocks have come under pressure, recent investor expectations have been lowered to approximately $1.5 trillion. Although the prospectus has not yet been officially released, Reuters and The Wall Street Journal have obtained draft versions. Revenue for the first half of this year reached $16.3 billion, compared to $1.1 billion in the same period last year. Net loss during the same period amounted to $80.7 billion, of which approximately $72 billion stemmed from valuation adjustments related to convertible debt and other financing instruments—not actual cash expenditures. Third-quarter revenue was $16.8 billion, representing a sequential increase of about 45%, following a quarterly growth rate of over 140% in the prior quarter. The company states it achieved profitability on an adjusted basis in the third quarter. Future commitments for cloud infrastructure, chips, and data centers exceed $600 billion and will be realized over multiple years. In 2025, 47% of revenue will be generated through Amazon and Google’s cloud platforms, both of which are also investors and compute suppliers. Anthropic plans to enable its seven co-founders to collectively control 50.1% of voting rights through a special equity structure, while a long-term charitable trust composed of non-shareholders retains the authority to appoint or remove a majority of board members. The final prospectus must further clarify the actual revenue contributions from these two major clients, the specific costs of compute contracts, and whether existing shareholders will be permitted to sell shares ahead of or at the time of listing.
Anthropic to File IPO Filing as Early as October 26
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Summary
Anthropic to File IPO Prospectus as Early as October 26. The AI company plans to list in mid-November, having submitted a confidential S-1 to the SEC in June. Valuation estimates have declined from $2 trillion to $1.5 trillion due to market pressures. H1 2026 revenue reached $16.3 billion, up sharply from $1.1 billion in 2025. A net loss of $80.7 billion resulted from convertible bond adjustments. Q3 revenue increased 45% to $16.8 billion, with claims of adjusted profitability. The company has over $600 billion in infrastructure commitments. Amazon and Google accounted for 47% of 2025 revenue and computing support. The IPO prospectus will need to disclose major client contributions, compute costs, and share sales. Altcoins to watch may respond to investor sentiment surrounding the crypto market.
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