Breaking News from Beating AI: Anthropic plans to publicly file its IPO prospectus as early as October 26 U.S. time, with an intended listing in mid-November. The company secretly submitted its documents to the U.S. SEC as early as June this year. Market valuations once speculated as high as $2 trillion, but amid recent pressure on AI-related stocks, some investors have now lowered expectations to approximately $1.5 trillion. Although the official prospectus has not yet been released, Reuters and The Wall Street Journal have obtained draft copies. In the first half of this year, Anthropic generated $16.3 billion in revenue, up from $1.1 billion in the same period last year. Net losses during the same period reached $80.7 billion, though approximately $72 billion of this stemmed from valuation adjustments related to convertible debt and other financing instruments—not actual cash expenditures. Growth is also beginning to slow: Anthropic’s third-quarter revenue reached $16.8 billion, a sequential increase of about 45%, compared to over 140% growth in the prior quarter. The company claims it achieved profitability on an adjusted basis in Q3. However, its future commitments for cloud infrastructure, chips, and data centers exceed $600 billion, with these expenses to be incurred over many years. Another concern is dependence on tech giants: in 2025, 47% of Anthropic’s revenue will be generated through Amazon and Google’s cloud platforms—both of which are also its investors and compute providers. Control is similarly unique: Anthropic plans to grant its seven co-founders collective voting control of 50.1% through a special equity structure, while a long-term public benefit trust composed of non-shareholders retains the power to appoint a majority of the board members. The upcoming official prospectus will need to 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, Aiming for Mid-November Listing
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Summary
Anthropic is set to file its IPO prospectus as early as October 26, 2026, with a listing strategy targeting mid-November. The company previously submitted confidential documents to the U.S. SEC in June. Valuation expectations have declined from $2 trillion to approximately $1.5 trillion amid pressures on AI stocks. Anthropic reported $16.3 billion in revenue for the first half of 2026, up from $1.1 billion in 2025, but recorded an $80.7 billion net loss due to convertible bond adjustments. Q3 revenue increased 45% quarter-over-quarter, down from 140% growth in the prior quarter. The company claims adjusted Q3 profitability, though future infrastructure costs are projected to exceed $600 billion. With 47% of 2025 revenue coming from Amazon and Google, Anthropic’s risk-to-reward ratio remains elevated. The IPO filing must clarify revenue breakdowns by client, compute costs, and shareholder sell restrictions.
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