Anthropic, the AI company behind the Claude chatbot, has filed for an IPO, and its stock could begin trading next month. It would follow SpaceX's June listing, which valued the rocket company at around $1.8 trillion. Anthropic's revenue grew from $1.2 billion in the first six months of 2025 to $16.3 billion over the first two quarters of this year, but its operating expenses, just under $17 billion, still exceed revenue, and competition is intensifying. The author argues the company is not worth even $1 trillion and that its IPO valuation could be around double that figure. SpaceX shares have fallen about 35% from their early-trading peak of more than $225, and the author warns Anthropic's stock could face a sharp sell-off.
Summary written by Upside AI from the original article. Read the source for full details.
Read the original on Yahoo Finance ↗
Keywords
AnthropicIPOartificial intelligencevaluationSpaceX
Open a keyword to see other news on the same topic.
Related news
- Why Anthropic's IPO contrasts the 'cult of Elon Musk' at SpaceX and Tesla
The SpaceX (SPCX) prospectus singles out Elon Musk as the key decision-maker, while Anthropic (ANTH.PVT), which could be the largest IPO ever, is run by a group of co-founders. Veteran dealmaker Jim Neeson of the Connor Group argues that this structure can avoid dependence on one person, though the founding group will hold majority control through new Class F stock and collectively own 50.1%. Anthropic's first-half 2026 revenue rose to $16.3 billion from $1.1 billion a year earlier, but the filing shows an $80.7 billion net loss driven by heavy AI spending. On an adjusted basis, it posted $1.62 billion in operating income over the first six months of 2026, versus a $1.85 billion loss a year earlier. Investment bankers reportedly target a listing valuation of $1.5 trillion to $2 trillion, with a debut possible before the end of November on Nasdaq under the ticker ANT.
- Elon Musk's SpaceX clearly has a lot riding on the success of Anthropic, probably much to the surprise of investors
Anthropic's prospectus shows its relationship with SpaceX (SPCX) is larger than the original agreement described in SpaceX's S-1, with maximum compute spending of $120.5 billion through 2029. Aggregate monthly fees of about $3.1 billion, expected in December once all capacity is delivered, are almost 2.5 times the $1.25 billion a month for roughly 325,000 Nvidia GPUs disclosed earlier. EvercoreISI analyst Kutgun Maral estimates that at full run rate, Anthropic could account for 25% to 28% of SpaceX's first-quarter 2027 revenue guidance, and says this is not a near-term revenue risk but raises questions about dependence on a single customer. Anthropic's first-half 2026 revenue rose to $16.3 billion from $1.1 billion, while it posted an $80.7 billion net loss. It could list before the end of November, with a reported valuation of $1.5 to $2 trillion.
- Billionaire Paul Tudor Jones warns AI and IPOs could hit stocks hard in 2027. Protect your nest egg now
Paul Tudor Jones told CNBC on Oct. 13 that 2027 will be very challenging for the stock market, as AI fundraising and big IPOs add shares that compete for investors' money. He noted that buybacks and acquisitions have long removed shares, such as Apple's repurchase of 402 million shares for $89.3 billion in fiscal 2025, but this balance could shift as SpaceX, Anthropic and OpenAI prepare offerings. He said he will be short the whole year, betting on falling prices, and compared the current market to 1999. The article stresses that his warning concerns what could follow, not an immediate collapse, and that he still sees room for a strong finish to 2026.
- Anthropic's First-Half Revenue Rose 1,300%. Should You Buy the Stock When It Starts Trading?
Anthropic publicly filed for its IPO, planning to list on Nasdaq as 'ANT', with first-half 2026 sales of $16.3 billion, up 1,300% from $1.2 billion a year earlier. The filing leaves the price range, share count and third-quarter revenue blank, while media reports say the company is seeking a $1.5 trillion to $2 trillion valuation, against the $965 billion valuation at its $65 billion raise in May. Second-quarter operating income was $974 million, an 8% margin and the only profitable quarter shown, although the first-half net loss of $80.7 billion included a $72.4 billion non-cash charge tied to the rising valuation. The author sees strong growth but argues that a $1.5–2 trillion valuation, about 43 to 57 times sales, already assumes years of expansion, and that a price nearer the May valuation would make the stock worth a look.
- Is Anthropic a SaaS Stock? Here's How It Stacks Up With the Other Top Software Players
Anthropic has released its S-1 filing ahead of what could be the biggest IPO ever, targeting a valuation of around $2 trillion. Although it is often called an AI lab, the company shares several traits with SaaS stocks: it sells Claude and Claude Code through monthly subscriptions and reports metrics such as customers by annual recurring revenue (ARR), with more than 11,900 customers at $10,000 or more ARR as of the end of the third quarter. Sales, marketing and partnerships took less than 20% of revenue in the first half of 2026, and the company had 5,300 employees at the end of the third quarter, far fewer than Salesforce's roughly 83,000. Based on third-quarter revenue of $16.8 billion (annualised to $67 billion), the $2 trillion valuation implies a price-to-sales ratio of around 30, close to Datadog at 25.4 and Snowflake at 21.9. The article says this looks relatively low given sequential revenue growth of nearly 50% and adjusted profitability, though the stock carries risks such as large cloud spending commitments.
- Anthropic taps JPMorgan to lead IPO’s U.S. retail sales, Bloomberg reports
Anthropic has selected JPMorgan Chase to lead U.S. retail share sales in its potentially record-setting IPO, according to Bloomberg, citing people familiar with the matter. The company is considering allocating about 15% to 20% of IPO shares to retail investors, though talks are ongoing and the proportion could change. JPMorgan CEO Jamie Dimon is expected to join the bank's retail outreach, while Citigroup will coordinate the international retail offering across Australia, Canada, Japan, Britain, Switzerland and some European Economic Area countries. JPMorgan is also leading retail outreach for SpaceX's $86.2 billion IPO, which drew over $100 billion in individual investor demand. Anthropic filed publicly on Monday with Goldman Sachs and Morgan Stanley leading, and investors have indicated a valuation of $1.4 trillion to $1.5 trillion, with $1.75 trillion possible.
Related markets
Latest news
- Trump is using tariffs as 'tool for grift,' Raskin says in demand for donor records
House Democrat Jamie Raskin accused President Trump of using tariffs as a 'tool for grift and self-enrichment,' citing tariff carve-outs for Brazilian meat, diamonds and smartphones that he said make little sense under administration criteria, and asked for records by Nov. 11. He cited Tax Foundation data that the latest tariffs could cost an average of $820 per U.S. household this year. Raskin also argued that Section 301 tariffs on more than 80 countries, presented as a response to forced labor, may be meant to replace the 'liberation day' duties the Supreme Court struck down in February, and pointed to the lifting of forced-labor restrictions on Central Romana, whose owner reportedly hosted a $50 million fundraiser for Trump in 2024. The White House and USTR did not immediately respond to CNBC's requests for comment.
- Why Micron Technology Stock Rallied Today
Micron shares rose about 4.8% in Wednesday trading, after SK Hynix reported record fiscal 2026 third-quarter revenue of 104.6 trillion won (roughly $78.9 billion), up 328% year over year, and operating profit of 83.3 trillion won (roughly $61.7 billion). SK Hynix said demand is expected to outpace supply through 2030 and its supply is essentially sold out for the next three years, easing fears of falling memory demand from 2028, and announced it would return 100 trillion won to shareholders. The article says Micron, one of the Big Three memory makers, stands to benefit from demand for HBM, DRAM and NAND, and has locked major customers into multi-year, non-cancelable contracts. Micron stock has gained more than 340% over the past year but trades at 13 times earnings, and the author describes that valuation as attractive.
- Jim Cramer sees buying opportunities in these 2 beaten-down stocks
Stocks were little changed ahead of the Federal Reserve's rate decision, with rates widely expected to hold steady. CME FedWatch put the odds of a December rate increase at around 78%, and Jim Cramer said oil and interest rates are in control of the market. He emphasized keeping roughly 15% in cash to take advantage of potential opportunities. Boeing fell again after a 10.7% sell-off Tuesday on worries about its multiyear free cash flow outlook, though Jim argues investors are overlooking its long-term potential. GE Vernova reported a strong third quarter with orders nearly doubling and announced a $9 billion Trench Group acquisition, but the stock fell on comments that 2027 power orders could moderate; Jim called the sell-off unwarranted and said his charitable trust bought it around $820.
- Prediction: Palantir Stock Will Skyrocket After Nov. 2
Palantir shares have risen 62% over the past three months amid renewed confidence in software stocks, ahead of third-quarter results due after the close on Nov. 2. The company has beaten earnings expectations in each of the past four quarters, with Q2 revenue up 93% year over year to $1.93 billion and adjusted operating margin of 62%, versus 46% a year earlier. Consensus expects EPS of $0.46 for the current quarter, a potential 84% increase over last year. The stock trades at 181 times earnings versus 41 for the Nasdaq Composite, but the author argues strong earnings growth could justify the valuation, citing a PEG ratio of 0.63 according to Morningstar. The author suggests a better-than-expected report and guidance could lift the stock after Nov. 2.
- Amazon Q3 preview: AWS acceleration expected to lead the way
Amazon is expected to report a 12% rise in third-quarter revenue on Wednesday, with consensus at about $202.2 billion, and investors are watching whether AWS accelerates, with consensus at $45.4 billion to $45.6 billion, up around 37% to 38% from $33 billion. Bank of America forecasts AWS growth of 40% and a stable 39% operating margin, but warns that elevated expectations are a risk if investors look for AWS growth of 42% or more. On retail, card data showed online spending growth slowing to 9%, while advertising growth is expected to moderate after 26% in the second quarter, to 15% in the third quarter. Bank of America expects fourth-quarter revenue guidance of $239 billion to $246 billion, with a midpoint of $242.5 billion versus Wall Street's $244.6 billion, while its 2027 forward price-to-earnings multiple has fallen from 29 times at the end of 2025 to 23 times.
- 2 AI Stocks Down 48% to 70% to Buy Now and Hold for 10 Years
AI stocks sold off last week on worries about AI spending, though the Nasdaq Composite is still up about 12% year to date. Ciena (CIEN) is down 70% from its recent high, yet fiscal third-quarter revenue rose 37% to $1.7 billion and it had $8.5 billion in orders awaiting fulfillment. Astera Labs (ALAB) closed Oct. 22 about 48% below its 52-week high, while Q2 revenue more than doubled to $392 million and Q3 revenue is guided to $540 million to $560 million. The author argues both companies benefit from long-term AI infrastructure demand, though competition from Broadcom is a risk. The author believes Ciena will outperform the market over the next decade.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.