Anthropic's IPO prospectus shows 1,300% annual sales growth, 900% net revenue retention and an implied 85% gross margin, but also roughly $80 billion in half-year net losses and hundreds of billions of dollars in compute commitments. The company was valued at $965 billion in May and is reportedly seeking an IPO valuation of $1.5 trillion to $2 trillion, which would place it among the 10 most valuable U.S. tech companies. It has more than 11,900 enterprise customers spending at least $100,000 in the prior year, over 1,900 spending $1 million or more, and roughly 250 spending $10 million or more; five customers accounted for about a quarter of revenue in the first nine months of 2026. Investors are divided: Janus Henderson's Denny Fish calls it a 'generational moment' but says key details are still missing, New Constructs' David Trainer calls it 'a huge Wall Street grift' and cites concerns over insider selling and competitive position, and Roger McNamee describes the S-1 as 'speculative fiction'. Anthropic still has to run its roadshow, set the offer price and allocate shares before listing on Nasdaq under the ticker 'ANT'.
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