Anthropic Has Officially Filed Its IPO Application! Four Key Points You Need to Know

The biggest race to build computing power in AI history is now facing an important test in the financial markets.

On October 26, Eastern Time, AI company Anthropic (ANT.US) officially filed its S-1 registration document for a planned stock market listing. The company plans to list on the Nasdaq under the stock symbol "ANT." According to local media reports citing sources on Monday, Anthropic aims to complete its IPO during the week of November 16. It could raise $100 billion or more, and its estimated value could be between $1.5 trillion and $2 trillion.

The filing revealed Anthropic's financial results, customer growth, spending on computing power, and ownership structure in detail for the first time. Several important figures have drawn a lot of attention.

First, Anthropic's revenue grew very quickly. In the first half of 2026, the company reported about $16.3 billion in revenue, an increase of around 1,300% compared with the same period a year earlier. In the second quarter, its net income was $2.98 billion under non-GAAP accounting rules, while its operating profit was about $974 million under GAAP accounting rules. These figures suggest that the company's profits are improving. However, Anthropic still reported a net loss of about $80.7 billion for the first half of the year. This was mainly due to accounting items that did not involve cash payments, such as changes in the estimated value of financial instruments.

Second, demand for AI products and services is growing rapidly. By the end of September, Anthropic's net revenue retention rate, or NRR, was about 900% for certain groups of customers. This measure shows how spending by existing customers changes over time. At the same time, the share of revenue coming from its five biggest customers fell from 36% in the first quarter to 21% in the third quarter. This suggests that the company is relying on a wider range of customers.

Another important point is that Anthropic has secured large amounts of computing power for the long term. Estimates suggest that its total commitments to buying computing power and building related infrastructure could be worth between $780 billion and $810 billion. Some of these agreements could last until 2045.

Anthropic's ownership structure is also important. Agreements with Amazon and Google limit their ownership stakes to 12% and 14.99%, respectively. The company's seven co-founders plan to keep 50.1% of the voting rights after the IPO so they can continue to control its main decisions.

From its rapid revenue growth to its huge investments in computing power, Anthropic is showing investors the great potential of selling AI products and services. However, with its estimated value possibly reaching $2 trillion, two big questions remain: Can the company keep growing so quickly, and will its enormous spending on computing power lead to lasting profits? The answers will be important in deciding the price of its IPO.