Anthropic IPO: Who are the 4 Indian-origin leaders behind the Claude maker?
Anthropic has filed papers to sell its shares to the public on Nasdaq. Four executives of Indian origin are now in the spotlight: Chief Financial Officer Krishna Rao, Chief Technology Officer Rahul Patil, Claude Code engineer Sid Bidasaria, and governance leader Neil "Buddy" Shah. Their work covers the company's finances, technology, coding tools and rules. The filing also draws attention to Anthropic's fast-growing revenue, huge spending commitments on computing power and unusual system for company control.
Anthropic, the San Francisco company that makes the Claude AI models, has finally filed the papers needed for its planned stock market launch.
The filing brings attention to the people leading the company, including four executives of Indian origin who manage its money, technology, coding products and governance.
Krishna Rao manages the money needed to grow the business. Rahul Patil leads the technology behind its models. Sid Bidasaria helped build its fast-growing coding tool, and Neil "Buddy" Shah helps make sure the company stays true to its AI mission.
India is one of Claude's most important markets. The filing shows how much Anthropic's future depends on money, computing infrastructure and governance, the areas these four leaders help manage.
What Anthropic filed on October 26
Anthropic's public IPO filing shows that its revenue is growing quickly while its spending remains very high. The company plans to list on Nasdaq under the stock symbol ANT. Goldman Sachs and Morgan Stanley are leading the share offering.
The filing gives the public its first detailed look at the company's finances. Here are the main figures:
- Revenue: In the six months ending June 30, revenue reached $16.3 billion, compared with $1.16 billion in the same period a year earlier. Revenue in the second quarter alone was $11.6 billion. This is much more than the $4.6 billion Anthropic earned during all of 2025.
- Net loss: The company reported a net loss of $80.7 billion for the six-month period. This included a $72.4 billion non-cash charge caused by changes in the estimated value of convertible notes, derivatives and SAFEs. In simple terms, most of the reported loss came from accounting changes linked to the company's rising valuation, rather than money spent running its servers.
- Operating picture: The operating loss fell to $693 million from $2.1 billion. The company also reported $974 million in operating income in the second quarter.
- Cash: Anthropic has $131.7 billion in cash and short-term investments.
- Price and size: The S-1 filing leaves the main offering details blank. It does not give the expected share price range, number of shares, amount of money to be raised or company valuation.
Anthropic was valued at $965 billion in May, higher than rival OpenAI's $852 billion valuation in March. Reports have said Anthropic is aiming for a valuation between $1.5 trillion and $2 trillion.
The Wall Street Journal also reported that Anthropic separately told investors its third-quarter revenue had reached $16.8 billion, a 45 per cent increase from the second quarter.
A Bloomberg report said Anthropic is aiming to list on Nasdaq before the US Thanksgiving holiday on November 26. Its roadshow, during which the company presents its share offering to potential investors, could begin in the week of November 9.
Who the four Indian-origin leaders at Anthropic are
Krishna Rao, Chief Financial Officer
Rao is the person most directly responsible for turning Anthropic's growth into a financial plan that public market investors can understand and support.
He joined Anthropic as its first chief financial officer in May 2024. Before that, he was CFO of Fanatics Commerce and global head of corporate and business development at Airbnb.
His past work helped prepare him for this role. At Airbnb, he helped the company deal with the pandemic and played an important part in its IPO and private fundraising rounds.
He was also the first CFO at Cedar, a company that handles healthcare payments. Earlier, he worked as a private equity investor at Blackstone and a strategy consultant at Bain & Company. He has a law degree from Yale Law School and a degree in economics from Harvard.
At Anthropic, Rao's job includes securing and paying for computing power. He has said that he spends 30 per cent to 40 per cent of his time buying computing resources. He considers these decisions some of the most important and difficult ones the company has to make.
The scale of these commitments is clear from the filing. Recent estimates put Anthropic's computing commitments at $518 billion. This includes $111.1 billion with Google, $110 billion with Amazon and $31.4 billion with Microsoft, spread over seven to ten years.
The filing says Anthropic must agree to pay for computing resources months or even years before it uses them. It has limited ability to change these commitments later. Some agreements also include terms that require the company to pay even if it does not use all the computing capacity it has agreed to buy.
Rao must also manage a business in which most revenue depends on how much customers use its services, rather than on long-term contracts. Reports say Rao was born in Minneapolis.
Rahul Patil, Chief Technology Officer
Patil has the clearest personal link to India among the four leaders. He graduated from PESIT and grew up in Bengaluru.
Anthropic announced on October 7, 2025, that Patil had joined as its chief technology officer. He had most recently been CTO at Stripe. Before that, he held senior engineering jobs at AWS, Microsoft and Oracle Cloud Infrastructure.
He replaced co-founder Sam McCandlish, who moved into the role of chief architect. As CTO, Patil oversees computing power, infrastructure, the process of running AI models for users, and other engineering work. Both Patil and McCandlish report to Anthropic president Daniela Amodei.
Patil's work is closely connected to the company's IPO plans. At times, demand for Claude has been greater than the available supply. The prospectus says the main limit on demand for AI services will be how much computing power is available.
Patil's team plays a major role in making sure the company can serve customers reliably while dealing with this shortage. When Anthropic announced his appointment, it highlighted his experience at Stripe building reliable systems that businesses depend on.
Sid Bidasaria, Claude Code engineer
Bidasaria has a less senior-sounding job title than the other leaders, but he works closely on the product that is helping drive Anthropic's revenue growth. He has been described as the technical lead for Claude Code. Anthropic's own developer conference pages also list him as a speaker from the Claude Code team.
Earlier event pages list his formal job title as Member of Technical Staff.
Pragmatic Engineer describes him as the second engineer to work on Claude Code. Boris Cherny started the project, and Bidasaria joined him after arriving at Anthropic in November.
Bidasaria describes himself as a member of the founding team behind Claude Code. He previously worked at Robinhood and Rubrik. Reports say he studied at The Doon School in Dehradun and worked at Citrix and Propelo before joining Anthropic.
Claude Code started as an experiment inside the company and grew into a major business. In February earlier this year, its annualised revenue run rate reached $2.5 billion. This figure estimates how much revenue the tool would generate over a full year if its current pace continued. Claude Code has become an important way for software developers to use Claude.
The tool is also one reason Indian IT services companies are watching Anthropic closely. At the AI Impact Summit in New Delhi in February, Infosys and Anthropic announced a partnership to bring Claude and the Claude Code agent into the Infosys Topaz platform.
Neil "Buddy" Shah, chair of the long-term benefit trust
Shah does not manage Anthropic's products or daily operations, but his role may be one of the most unusual parts of its IPO. He is CEO of the Clinton Health Access Initiative, chair of Anthropic's Long-Term Benefit Trust, and chair of the board at IDinsight.
He was named chair of the Trust when its first group of trustees was announced. Before this, he was managing director of GiveWell and helped start IDinsight.
The Trust is important because of the way Anthropic's IPO filing explains who controls the company. Through a special type of stock called Class T, the Trust generally has the power to choose and remove directors who together make up a majority of the board.
The Trust's members are expected to have no personal financial stake in Anthropic. They do not own shares in the company. The IPO also includes a second special arrangement.
Anthropic will issue one Class F share to a Founder LLC set up by its co-founders. This single share carries 50.1 per cent of the voting power on major decisions. The filing says this arrangement could lead to decisions that are not in the financial interests of investors.
For people who buy Anthropic shares on the public market, this creates an important trade-off. Shah's Trust and the founders' special share together limit the power of ordinary shareholders.
These arrangements are also the company's stated way of protecting its mission as its valuation reaches the trillion-dollar level. Former Federal Reserve Chair Ben Bernanke was appointed to the Trust in July.
Why India is watching
India is one of Anthropic's biggest markets for Claude. It has the second-largest group of Claude users, and many use the tool for technical and work-related tasks, such as writing software.
The company has been building a stronger presence in India. In January, it appointed Irina Ghose, the former head of Microsoft India, as its managing director for India.
Anthropic opened an office in Bengaluru in February. This is its second office in the Asia-Pacific region, after Tokyo.
Chief executive Dario Amodei has also visited India and met important business and government leaders. During a visit in October 2025, he met company executives and lawmakers, including Prime Minister Narendra Modi.
However, individual investors in India will find it harder to buy shares directly in the Claude maker's IPO. Direct investment in the IPO from India is not possible, and US IPOs generally offer only a limited number of shares to individual investors.
Indian investors will most likely be able to invest through funds or buy the stock after it starts trading, depending on whether their brokerage gives them access to US markets.
With inputs from agencies