Anthropic made its IPO filing public on October 26, setting up a Nasdaq listing under the ticker “ANT” that could come as early as the week before Thanksgiving. The company is reportedly looking to raise up to $100B at a valuation between $1.5T and $2T. There was so much news last week around the Anthropic listing that I decided to dedicate a whole section to it.
Here’s everything interesting that was revealed:
- Anthropic brought in $16.3B in revenue in the first half of 2026, up from $1.2B a year earlier and well above the $4.6B it made in all of 2025.
- It posted an $80.7B net loss for the first half of the year, but $72.4B of that was an accounting charge tied to its convertible notes, and it actually generated $3.9B in operating cash flow.
- Existing customers are spending roughly 9x what they did a year ago, with net revenue retention of about 900%, and more than 1,900 customers spend at least $1M a year.
- Anthropic’s two largest customers each made up 12% of its 2025 revenue, and sales through Amazon and Google’s clouds accounted for 47% of revenue, up from 11% in 2023.
- The seven cofounders will hold 50.1% of voting power through a single Class F share, and a Long-Term Benefit Trust elects most of the board, so public shareholders will have little say.
- All seven cofounders get equal pay and nearly identical stakes worth about $200B combined, unlike SpaceX, which gave Elon Musk 1.3B restricted shares.
- Anthropic set aside 5% of its shares for a public benefit subsidiary, and each cofounder has pledged to give away 80% of their equity. Where do I sign up?
- The filing makes no mention of an advertising business or an ad-supported tier for Claude, sticking with Anthropic’s February pledge to keep Claude ad-free, unlike ChatGPT and Google, which keep expanding their AI ad businesses.
- Anthropic warned it may need to raise more money sooner than planned, as its future compute leases jumped from about $50B in December to $321B by June.
- Blackstone, which holds $9B of Anthropic’s chip debt, now expects Anthropic to get a junk credit rating after the IPO rather than investment grade, which would make it more expensive for the company to borrow the hundreds of billions it needs for compute.
- In October 2025, Anthropic bought back $627M worth of shares from the US government that had been forfeited by two former Sam Bankman-Fried executives, which would’ve been worth nearly $4B at the IPO if the government had held onto them. However, the Justice Department used the money to compensate FTX fraud victims.
- Public pension funds in California, Massachusetts, and South Carolina are expected to profit from the IPO through their investments in Spark Capital’s venture funds, which put about $777M into Anthropic and could now be worth over $9B.
- Goldman Sachs and Morgan Stanley are leading the IPO, and Anthropic picked JPMorgan to run US retail sales while weighing setting aside 15% to 20% of shares for individual investors.
- Anthropic also plans to sell shares to UK retail investors through RetailBook, skipping a UK prospectus just as SpaceX did.
- Sen. Elizabeth Warren demanded that Anthropic answer four pages of questions on AI safety, its ties to Amazon and Broadcom, and its valuation by November 3.
