Anthropic has filed its S-1 ahead of what could be the biggest IPO in history, with a headline loss of $80.7 billion. The host, Ejaaz Ahamadeen, walks through the filing, including revenue of $16.3 billion in the first half of 2026 and $132 billion in cash. He also explains why most of the loss is not cash going out the door.
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AnthropicIPOartificial intelligence
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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% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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Anthropic's IPO prospectus, spanning more than 90 pages, lists risk factors that go well beyond typical boilerplate, from catastrophic or existential risks to humanity to the company's current clash with the Trump administration. Key concerns include AI safety efforts that may prove inadequate, growing public opposition to data centers with lawmakers in 16 states considering moratoriums, and a lack of sufficient electrical power. The filing also flags child-safety risks, noting that minors are not allowed to access Claude but that adoption could extend to minors and vulnerable users, while Meta recently agreed to pay roughly $17 billion to settle state litigation over child mental health. Anthropic further warns that slower market growth, or customers switching to cheaper and open-source models, could hurt demand for its products.
- I Asked Anthropic's Own AI Model Whether I Should Buy the IPO. Claude's Answer Shocked Me.
Anthropic publicly filed its S-1 registration statement with the SEC on Oct. 26 and intends to list on Nasdaq under the ticker ANT, and the author put the filing into Claude to assess the stock ahead of its listing. Revenue in the first half of 2026 reached $16.3 billion, up nearly 1,300% year on year, while the net loss of $80.7 billion was mainly driven by $72.4 billion in largely non-cash accounting changes to convertible securities and other financial instruments; the operating loss was about $693 million, narrowing from $2.1 billion in the first half of 2025. Claude flagged compute commitments extending through 2045 and the fact that cloud partners such as AWS and Google Cloud are also developing competing AI products, and noted that co-founders including CEO Dario Amodei will retain 50.1% of voting power. At hypothetical valuations of $500 billion, $1 trillion and $2 trillion, the price-to-sales ratio would be 15, 31 and 61 times; Claude said a small speculative investment could make sense at $500 billion, judged the IPO unattractive at $1 trillion because investors would be paying for years of outsize growth, and called $2 trillion a non-starter. Claude suggested waiting for
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Anthropic has publicly filed its prospectus, bringing a potentially very large IPO a step closer, after investors and analysts previously discussed a valuation above $1.5 trillion. SpaceX's June IPO came with a valuation above $2 trillion. Revenue for the six months ended June 30 rose more than 1,300% to over $16 billion, and revenue last year rose 1,000% to $4.5 billion. The six-month loss exceeded $80 billion, but $72 billion was a non-cash accounting charge, leaving cash burn at a little over $8 billion. The article highlights the governance structure: Class A shareholders generally cannot affect the outcome of votes, while the founders' Class F shares carry 50.1% of total voting power.
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