Anthropic publicly filed its S-1 on Monday and is set to list next month, earning revenue from subscriptions and usage-based token fees, with its Claude Code platform cited as the key driver of growth. The filing's risk section runs more than 90 pages, ranging from the potential to 'destabilize the geopolitical order' to technology exceeding the ability of 'humans to understand and control.' Revenue reached $16.3 billion in the first half of 2026, about 14 times the same period a year earlier and three and a half times its full-year 2025 revenue. The $80.7 billion first-half net loss includes a non-cash accounting charge of $72.4 billion; excluding it, the net loss is $8.3 billion, the operating loss narrowed from $2.1 billion to $693 million, and Q2 posted a $974 million operating profit. The author says he will pass on the IPO, citing concerns that Anthropic may lack a durable moat as AI models become commodities, pressuring prices while the company keeps spending heavily on its next model.
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| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Semiconductors |
| Market cap | $5.1T |
| Close on 10/26/2026 | 215.98 |
| Change that session | +2.38% |
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