Anthropic's over 300-page S-1 filing shows first-half 2026 revenue of $16.29 billion against cost of revenue of $2.38 billion, implying a gross margin of about 85%, compared with $1.16 billion in the first half of 2025. Revenue growth slowed from roughly 144% sequentially in the second quarter to roughly 47% in the third, and the filing says substantially all cost of revenue relates to compute and infrastructure. The company has historically operated in a compute-constrained environment where demand exceeded supply. Its public benefit corporation structure gives seven co-founders, including CEO Dario Amodei, a Class F share carrying 50.1% of voting power on matters put to shareholders, and Amodei and his six co-founders each own over 200 million shares. The IPO valuation has not been set, with analysts estimating between $1 trillion and $2 trillion.
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IPOAnthropicartificial intelligencecloud computing
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Related tickers and likely impact
AMZN
▲ Likely positiveAmazon
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Consumer Discretionary |
| Industry | Broadline Retail |
| Market cap | $2.7T |
| Close on 10/29/2026 | 244.23 |
| Change that session | -4.07% |
GOOGL
▲ Likely positiveAlphabet Inc. (Class A)
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Communication Services |
| Industry | Interactive Media & Services |
| Market cap | $4.0T |
| Close on 10/29/2026 | 283.75 |
| Change that session | -12.66% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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