Anthropic unveiled its IPO prospectus just as Microsoft, Google and Amazon reported quarterly results that deepened concerns over AI spending. The prospectus showed an $80 billion net loss for the first half of the year, hundreds of billions of dollars in compute commitments and more than 90 pages of risk factors. All three hyperscalers issued capex figures or forecasts below analysts' estimates, with Microsoft cutting its forecast to $170 billion from $175 billion. Free cash flow was negative $42.4 billion for Amazon over the trailing 12 months and negative $9.1 billion for Google, while Microsoft plans to raise $25 billion in bonds. The Nasdaq Composite fell 2.9% on Friday, its first three-week losing streak since March.
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| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/30/2026 | 690.49 |
| Change that session | -3.47% |
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Related news
- Anthropic's $750 Billion Compute Bill Could Delay Its Path to Profitability
According to a draft S-1 filing reported by The Wall Street Journal, Anthropic could spend up to $750 billion on compute over roughly the next decade, including $450 billion in noncancelable cloud contracts. The bulk of that goes to Alphabet ($160 billion for processors leased through Broadcom and $111 billion for Google Cloud), Amazon Web Services ($110 billion), Nvidia ($86 billion) and Microsoft ($31 billion). Revenue reached $16.3 billion in the first half of this year, up from $1.1 billion in the same period of 2025, but losses hit $80 billion, of which $72 billion came from an accounting adjustment tied to convertible notes. The article says GAAP profitability looks distant, even though the company was slightly profitable on an adjusted basis in the third quarter, and that losing a major customer could pressure margins, since two customers account for 20% of revenue.
- This Nvidia-Backed Cloud Computing Firm Is Reportedly In Talks To Sign A $45B Compute Deal With Anthropic
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- Anthropic IPO: How to Buy Shares and What to Expect on Day 1
Anthropic has publicly filed its S-1 ahead of an IPO that could debut as early as the week of Nov. 16, with shares to trade on Nasdaq under the ticker ANT. The article explains that retail investors typically buy only after the IPO price is set and shares begin trading, using SpaceX's June IPO (priced at $135, opened at $150) as an example. It notes that IPO stocks can swing sharply: SpaceX hit an intraday high of $176.52 on its first day and an all-time high of $225.64 on June 16, then fell to $104.83 on Aug. 3 before closing at $148.58 on Oct. 27. The article also cites Motley Fool research showing that five of the biggest IPOs ever by capital raised had negative returns after three months, and three of the 10 had negative returns five years after listing.
- Anthropic's IPO could be 'speculative fiction' or a 'generational moment' — investors are split
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'.
- Paul Kedrosky Says AI Bubble May Be Hiding in Private Markets as Anthropic IPO Nears
Technology investor Paul Kedrosky told Benzinga that the AI bubble may be in private markets rather than public ones, as the number of listed companies has declined and much of the speculative value has moved to firms like Anthropic and OpenAI, which have reached enormous valuations. He estimated that companies potentially coming to market could carry combined valuations of $4 trillion to $6 trillion. Anthropic publicly filed its S-1 and plans to list on Nasdaq under the ticker ANT, a move that could be a major test of private-market valuations. The company reported $16.3 billion in first-half revenue, up from $1.2 billion a year earlier, alongside a $693 million operating loss, while reports suggest a potential valuation of $1.5 trillion to $2 trillion. Amazon has invested at least $13 billion and Alphabet has pledged up to $40 billion, while Nvidia has agreed to invest up to $10 billion.
- Anthropic’s Founders Will Keep Control With a Single Share of Stock
Anthropic filed its public S-1 on October 26, 2026, seeking a Nasdaq listing of Class A stock under the symbol ANT. Before the offering, it will issue one Class F share with no economic rights to Anthropic Founders, LLC, whose members are its seven co-founders, giving them 50.1% of total voting power while Class A voting is capped at 49.9%. The founders’ successor lists are kept confidential, and new members can join only until the tenth anniversary of the offering. The article compares this with Meta, where Mark Zuckerberg holds 60.8% of voting control on about 14% of the economics, and warns the structure may make the stock ineligible for index inclusion. First-half revenue reached $16.29 billion, up from $1.16 billion a year earlier, while the $80.7 billion net loss was mostly a $72.4 billion non-cash fair-value change; the article suggests AI IPOs built this way may warrant a visible governance discount.
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