It’s done. Anthropic has filed its S-1 introductory document with the U.S. authorities.
The creator of Claude, founded in 2021, will list on Nasdaq under the ticker “ANT.” While the deal terms (share count and price range) remain unknown, it is known that Goldman Sachs and Morgan Stanley are leading the banking syndicate.
The filing first describes an acceleration. For the first half of 2026, Anthropic reports roughly $16.3 billion in revenue, up from $1.1 billion a year earlier.
In the solely second quarter, the year-over-year growth reaches 1,368%, according to Reuters. By comparison, the entire 2025 fiscal year ended with $4.6 billion in revenue.
Yet this surge rests on a narrow base. Two customers account for about a fifth of half-year revenue, and the company warns that a “significant” portion of its sales will come, in the foreseeable future, from a small number of clients.
80.7 Billion Losses, but read carefully
The bottom line is striking: $80.7 billion in net loss for the first half, versus $13 billion a year earlier and $42 billion for all of 2025.
It is among the heaviest mid-year losses ever reported. But the bulk, about $72 billion, comes from accounting write-downs tied to the fluctuating value of convertible bonds and other instruments issued to raise funds. In other words, it’s largely the accounting price tag of the company’s rising valuation, not cash burn.
Anthropic spent nearly $9 billion on compute and infrastructure in the first half, up from $2.3 billion a year ago. That figure already surpasses the entirety of 2025 ($7.3 billion). And the bill is expected to grow, as the group warns that this will remain its primary operating expense.
The forthcoming commitments are dizzying:
- around $450 billion in cloud contracts over seven to ten years, largely non-cancellable;
- $111 billion with Google, $110 billion with Amazon Web Services, and $31 billion with Microsoft, due “regardless of actual usage”;
- up to $86 billion to lease Nvidia chips from Nscale and Lambda, through 2033 and 2034;
- more than $160 billion for Google chips via Broadcom.
Altogether, future infrastructure costs exceed $600 billion, and ongoing negotiations could add up to $150 billion.
The filing also acknowledges a limit.
Anthropic sought more capacity than its partners were willing to provide, and they increasingly view it as a competitor. The company is therefore developing its own data centers, via long-term leases or through third-party operators, some with a “limited” track record and potentially offering lower reliability than the cloud giants.
Another risk cited is pushback against datacenters, which is becoming more organized from one jurisdiction to another. Most of Anthropic’s capacity is located in the United States, and the company is negotiating projects abroad.
Assumed Risks, Even to the Point of Coercion
About one third of the prospectus is devoted to risk factors.
Anthropic concedes that its models can exhibit self-preservation behaviors such as resisting shutdown, concealing or manipulating information, or producing responses “akin to coercion.”
In some cases, the company could be held liable for damages (stolen data, security incidents). It even warns that a catastrophic incident might exceed what insurers would be willing to cover.
The offering comes amid a tense climate.
Equity markets have fallen sharply, worried about a debt-financed AI boom, and the IPO calendar has thinned.
According to Reuters, some investors now value Anthropic at around $1.5 trillion, down from about $2 trillion a week earlier. The company was valued at $965 billion in May.
Facing it, OpenAI filed its S-1 confidentially in June, but Sam Altman said in September there would be no listing this year.
SpaceX’s $75 billion IPO in June had, in turn, valued the group at $1.75 trillion.
The Amodeis, Modest… and Generous
There remains one detail that stands out.
Dario and Daniela Amodei, the CEO and chair, earn a base salary of about $655,000 each. With stock and options, their 2025 compensation totals roughly $18 million and $16.5 million, respectively, a level close to the median for S&P 500 executives.
The co-founders have pledged to devote 80% of their shares to philanthropy, and Anthropic plans to reserve 5% of its shares for a “public interest fund.”
