Anthropic files IPO documents

Anthropic has submitted its initial public offering (IPO) prospectus to American regulators, disclosing details about its financial performance and future commitments. The company, known for its Claude AI model and founded in 2021, plans to list on the Nasdaq with the ticker symbol "ANT." Goldman Sachs and Morgan Stanley are leading the underwriting process, but the number of shares and the price range for the IPO have not yet been announced.

Revenue growth and losses

Anthropic reported approximately $16.3 billion in revenue for the first half of 2026, a sharp increase from $1.1 billion in the same period in 2025. This represents a 1,368% year-over-year growth in the second quarter alone. However, the company's net loss for the first half of 2026 reached $80.7 billion, significantly higher than $13 billion in the same period a year earlier.

Major expenses on computing

The company spent nearly $9 billion on computing and infrastructure in the first half of 2026, compared to $2.3 billion in the same period a year earlier. This expense already exceeds the company's total infrastructure costs for the entire 2025 year and is expected to remain its main operating expense.

Future infrastructure commitments

Anthropic has committed to future infrastructure costs totaling over $600 billion, including contracts with major cloud providers like Google, Amazon Web Services, and Microsoft. Additional commitments include up to $86 billion for renting Nvidia chips and more than $160 billion for Google chips via Broadcom. These costs are based on long-term contracts, regardless of actual usage.

Challenges in computing capacity

Anthropic faces challenges in securing sufficient computing capacity as its partners increasingly view the company as a competitor. The firm is developing its own data centers through long-term leases or third-party operators, some of which may offer less reliability than major cloud providers. The company also anticipates potential opposition to data center expansion in various regions.

Risks and legal concerns

The IPO prospectus highlights significant risks, including the potential for AI models to exhibit self-preservation behaviors, such as resisting shutdown or manipulating information. Anthropic warns it could be held responsible for damages caused by its AI models and that catastrophic incidents might exceed insurance coverage.

Market context and valuation

Anthropic's IPO comes at a time of market uncertainty, with stock prices falling due to concerns about debt-funded AI growth and a smaller IPO calendar. Some investors now value the company at around $1.5 trillion, down from approximately $2 trillion a week earlier. OpenAI has also filed confidential IPO documents, but its founder, Sam Altman, has said there will be no listing this year.

Executive compensation and philanthropy

Anthropic's CEO and chairperson, Dario and Daniela Amodei, received a base salary of about $655,000 each in 2025. Their total compensation, including shares and options, was approximately $18 million and $16.5 million, respectively. The co-founders have pledged to dedicate 80% of their shares to philanthropy, and the company plans to reserve 5% of its shares for a "public interest fund."