Anthropic IPO filing lays bare explosive growth
Anthropic (Unlisted (US):ANTHRO), the company behind Claude, has filed to list its shares on the Nasdaq stock market. The offering could become the largest initial public offering (IPO) in history. The filing has drawn attention to the company's fast-growing revenue, huge spending commitments for computing power and unusual leadership structure. Investors are considering whether the company could be worth nearly $2 trillion.
The company plans to list its shares under the ticker symbol ANT. Goldman Sachs, Morgan Stanley (NYSE:MS) and JPMorgan Chase are leading the offering.
The company has not yet announced the share price range, how many shares it will sell or its final valuation. However, reports suggest it could raise as much as $100 billion.
The filing shows that Anthropic's business is growing at an extraordinary rate. But its future depends on keeping demand for artificial intelligence (AI) strong while paying for some of the biggest infrastructure commitments in the technology industry.
Revenue rises sharply as more businesses use Anthropic
Anthropic made $16.3 billion in revenue in the first half of 2026, compared with $1.16 billion in the same period a year earlier. Its full-year revenue was $4.59 billion in 2025, up from $386 million in 2024.
Services where customers pay based on how much they use brought in $13.1 billion, or 80% of revenue in the first half of 2026. Subscriptions brought in another $3.2 billion. Customers in the United States generated $11.8 billion, while customers in other countries brought in the remaining $4.5 billion.
More businesses are also spending large amounts with Anthropic. More than 11,900 customers now spend at least $100,000 a year with the company, compared with 950 a year earlier. More than 1,900 customers spend at least $1 million a year, and about 250 spend $10 million or more.
As of September 30, net revenue retention reached about 900%. This measure shows how much spending by existing customers has grown over time. However, the company's biggest single customer accounted for 11% of its revenue in the first half of the year. This means Anthropic could be affected if a major customer decides to spend less.
Better efficiency, but enormous infrastructure costs
Anthropic's operating loss fell to $693 million in the first half of 2026, from $2.14 billion in the same period a year earlier. However, its reported net loss reached $80.7 billion. This figure included a $72.4 billion non-cash accounting charge related to the estimated fair value of convertible notes, which are loans that can be turned into shares.
Even without that accounting charge, the company still made a large loss. This shows the difference between its fast-growing revenue and its underlying ability to make a profit.
There are signs that Anthropic is using its computing resources more efficiently. According to Baird, the company generated $2.08 in revenue for every dollar spent on computing in the second quarter of 2026. In the first quarter of 2025, it generated only $0.40 per dollar spent. Revenue rose 1,368% year over year in the second quarter, while computing and infrastructure costs increased by 300%.
Even so, the total amount Anthropic must spend remains enormous. It spent $8.9 billion on computing and infrastructure in the first half of 2026.
The company has disclosed minimum spending commitments of at least $114.5 billion with Google, $110 billion with Amazon and $44.9 billion with Microsoft. Other agreements cover up to $120.5 billion in computing power using Nvidia technology through SpaceXAI, about $44.6 billion with Nscale and $41.3 billion with Lambda. Equipment leases with Broadcom involve total rent payments of about $161.2 billion.
These agreements have different rules, cancellation terms and delivery schedules. They should not all be treated as fixed debts with the same conditions. Still, they show how much money Anthropic may need to support its computing infrastructure.
Anthropic reported that it had $131.7 billion in cash and short-term investments. It also had access to up to $77 billion in additional financing through note facilities.
Company control and AI risks make the investment more complex
Nigel Green, CEO of deVere Group, called the proposed valuation and spending commitments "nuts." He argued that people who buy shares in the public offering would take on major financial risks without gaining control of the company.
"After this listing, the answer is the public," Green said, referring to who would bear the risk if the company's spending grew faster than its revenue.
Anthropic's founders keep 50.1% of the voting power through Class F shares. A group called the Long-Term Benefit Trust chooses most of the company's board members. Anthropic also plans to give 5% of its shares to the Anthropic Public Benefit Fund.
The prospectus warns that advanced AI could pose "catastrophic or existential risks to humanity." It also identifies lawsuits over the use of copyrighted material to train AI systems as another possible risk.
Green said the key question for investors is when Anthropic's growth will turn into cash profits after the company pays its computing costs.
The filing shows exceptionally strong demand and improving efficiency in the use of computing power. But the investment case for the IPO will ultimately depend on whether Anthropic can grow its revenue fast enough to justify its valuation and meet its long-term commitments to build and pay for infrastructure.