A disclosure first: Ctrl + Alt News uses Claude, made by Anthropic, as an editorial assistant. We have tried to keep this article to what the reports say, and to say what we could not check. Nothing here is investment advice.
Anthropic is heading for the stock market. Reports of its IPO filing describe fast-growing revenue, an enormous loss that is mostly an accounting item, and a computing bill that runs into hundreds of billions of dollars.
What has been filed
In early June, Anthropic said it had confidentially submitted a draft registration statement, called an S-1, to the US Securities and Exchange Commission. Crypto Briefing puts the submission on 1 June. That gave it the option to float, but no share count or price had been set.
Crypto Briefing reported on 26 October that the company would publish its S-1 that morning, at 9 a.m. New York time. CNN and CNBC also covered it, but we could not open them, and we could not open the filing on the SEC’s website. The numbers below come from the draft prospectus as reported by the Wall Street Journal on 20 October. The public version may differ.
What the numbers show
The reports agree on these figures for the first half of 2026:
| Item | Reported figure |
|---|---|
| Revenue | $16.3 billion, against $1.1 billion a year earlier |
| Net loss | $80.7 billion |
| Of which non-cash accounting charges | about $72 billion |
| Spending on computing and infrastructure | nearly $9 billion (it was $7.3 billion in all of 2025) |
Dealroom adds that investors were separately told third-quarter revenue was $16.8 billion, up 45% on the second quarter. That figure is not necessarily in the S-1.
What sits behind the loss
Most of the $80.7 billion loss is not cash that went out of the door. About $72 billion are charges linked to convertible notes and other financing instruments, according to the reports. Strip those out and the loss is far smaller, though the reports do not give that figure and we will not guess it.
The computing bill
The reports describe roughly $450 billion of cloud contracts over the next decade: Google Cloud at $111 billion, AWS at $110 billion and Microsoft at $31 billion. They are described as non-cancellable. Possible commitments could reach $750 billion once talks that are still under way are included.
Our reading: that is the real size of the bet. Revenue is growing fast, but so is the bill, and much of it is owed whether or not the computing is used.
Risks the filing reportedly lists
- Concentration. About 20% of first-half revenue came from just two customers. In 2025, 47% of revenue, $2.16 billion, flowed through Amazon’s and Google’s cloud marketplaces.
- The cloud providers. The big cloud companies are reported to treat Anthropic more as a competitor than a customer, and the filing warns supply could be “curtailed, repriced, or terminated”.
- Safety. Model alignment and a catastrophic incident are named as risks, and the damage from a severe AI safety event could exceed Anthropic’s insurance.
Valuation, timetable and the founders
The target is to raise up to $100 billion at a valuation of about $2 trillion. The last private round, in May, raised $65 billion at $965 billion after the money went in. Morgan Stanley and Goldman Sachs are reported as lead banks, with a roadshow planned for the week of 9 November.
Dario and Daniela Amodei each had a base salary of about $655,000 in 2025, according to the reports, and have pledged to give 80% of their personal wealth to charity. Anthropic has also said it will put 5% of its shares into a public benefit fund, which we covered in Anthropic’s plan to put 5% of its shares into a public benefit fund. For a recent Anthropic product, see Claude Duet.
What we could not confirm
We could not open the public S-1, so the figures may change from the draft. One report gives the ticker as ANTP on Nasdaq, but we found only that one mention and treat it as unconfirmed. We found nothing on the company’s legal structure as a public benefit corporation or its long-term benefit trust. The date and size of the offering are not set.
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