Anthropic plans to go public by the end of the year, reportedly targeting a $2 trillion valuation that would make it the largest IPO in history. Leaks from its confidential S-1 filing show $16.3 billion in revenue for the first half of 2026 alongside an $80.7 billion net loss, of which $72 billion came from non-cash accounting charges, raising questions about its claim of adjusted profitability in the third quarter. About a fifth of first-half revenue came from two customers, which industry reports identify as SpaceX and Microsoft, though the filing does not name them. SpaceX's AI business bought Cursor for $60 billion in August, and Microsoft integrates Claude into GitHub Copilot, so Anthropic earns revenue as their developers access Claude's API. The article warns that these large customers pay on a usage basis without long-term contracts, so cheaper competing coding models or forced price cuts could sharply reduce revenue and widen losses.
Summary written by Upside AI from the original article. Read the source for full details.
Read the original on Yahoo Finance ↗
Keywords
AnthropicIPOartificial intelligencevaluation
Open a keyword to see other news on the same topic.
Related news
- Anthropic IPO: Here's What a $5,000 Investment Could Be Worth in 5 Years
Anthropic, maker of the Claude models, is expected to list next month, possibly in the biggest IPO in history, targeting a valuation of $1.5 trillion to $2 trillion. Revenue has surged, with Q3 revenue of $16.8 billion, up 45% from Q2, but the company spent $7.33 billion on compute and infrastructure in 2025 and posted a $42 billion net loss, about $34 billion of it from an accounting adjustment. Anthropic reportedly posted positive adjusted profit in Q2 2026, though the article says the gap versus GAAP results matters. At $2 trillion, the stock would trade at more than 400 times 2025 revenue but about 30 times annualized Q3 revenue. The author models bull, base and bear scenarios for a $5,000 investment and is skeptical of the bull case, arguing AI may become a commodity.
- Ex-Google CEO got the job after a Burning Man trip with Larry Page. Now an ex’s intro could make him $20B on Anthropic
Eric Schmidt was vetted by Sergey Brin and Larry Page and hired as Google's CEO after an unconventional interview process, with Brin citing Schmidt as the only CEO finalist who had gone to Burning Man. In 2011, Schmidt began dating Camilla Clark for three years; she later married Anthropic CEO Dario Amodei. In 2018, that connection led Schmidt to meet with her and her then-partner to discuss Anthropic, and he invested early and now owns about 1% of the company. According to the Financial Times, Anthropic could be valued at as much as $2 trillion in an IPO, which could make Schmidt's stake worth $20 billion, more than half his current net worth per Forbes, compared with the roughly $461 million valuation when he invested.
- Eric Schmidt Wrote a Check to Anthropic Before the AI Boom: Here’s How Big the Payoff Could Get
According to Bloomberg, former Google CEO Eric Schmidt holds about 1% of Anthropic through a Series A investment of 'tens of millions of dollars', though it is unclear whether he has sold any stake. Anthropic was valued at $461 million when Schmidt invested in 2021, per PitchBook, while investors recently indicated a fair valuation of about $1.8 trillion to $2 trillion. At $2 trillion, the stake would lift his net worth by about one-third to nearly $80 billion. Alphabet owns about 14% of Anthropic and Amazon has invested an estimated $8 billion, while early investor Brad Gerstner expects an IPO in 'weeks, not months'. Per Reuters, Anthropic told investors that third-quarter revenue rose 45% from the previous quarter to $16.8 billion and that it was profitable on an adjusted basis.
- Eric Schmidt’s 1% Anthropic Stake Set to Pay Massive Windfall
Former Google CEO Eric Schmidt owns about 1% of Anthropic PBC thanks to his early investment in the startup, according to people familiar with the matter, potentially making him one of the largest individual beneficiaries of the company's imminent IPO. Schmidt, 71, invested tens of millions of dollars in Anthropic's Series A round in 2021, when the company was valued at $461 million. Investors indicated last week a fair valuation of $1.8 trillion to $2 trillion, with the high end more than 4,300 times the Series A valuation; at that value, his stake would lift his net worth by about one-third to nearly $80 billion. Even at Anthropic's latest $965 billion valuation, the stake would add nearly $10 billion to his existing $57.5 billion fortune. Schmidt has also invested in Mistral AI, Reflection AI and World Labs, and a $2 trillion debut would beat Innovation Endeavors' early 2011 bet on Uber.
- Anthropic is AI trade's last big hope for a major IPO this year
Investors had expected a wave of major 2026 IPOs from SpaceX, Anthropic and OpenAI, but several offerings have been postponed and OpenAI has ruled out listing this year. On prediction market Kalshi, Anthropic, which confidentially filed a prospectus with the SEC in early June, is the only major company with better-than-even odds (75% as of Monday morning) of officially announcing an IPO this year. Odds for others have fallen sharply, such as Plaid (from 50% to 10%) and Databricks (from over 50% to 1%). Although IPO proceeds are up thanks to megacap debuts like SpaceX, the number of U.S. IPOs priced this year is down 33% from 2025, according to Renaissance Capital. Anthropic's third-quarter revenue of $16.8 billion showed slower growth, and a revised IPO valuation range starting at $1.5T, instead of the earlier expected at least $2T, was viewed as disappointing.
- Anthropic Reportedly Posted Quarterly Revenue Growth of 50% and Was Cash-Flow Positive. Here's Why It Might Not Be Enough to Impress Investors Before the Company's Massive IPO
Anthropic reportedly told investors at a private day that its revenue reached $16.8 billion for the three months ended Sept. 30, up 50% quarter over quarter, and that it was cash-flow positive and adjusted-profitable. That growth is slower than the 140% gain seen between the first and second quarters, and Jefferies had reportedly expected an annual revenue run rate of at least $80 billion. The company has delayed its IPO registration statement twice amid AI safety concerns and very heavy infrastructure spending. A Saxo Markets strategist says a valuation above $2 trillion would be about 30 times annualized Q3 revenue, making valuation the main debate. The article argues investors are now asking tougher questions about funding, cost of capital and returns, so these results may not impress them much.
Related markets
Latest news
- California's Proposition 40: What voters need to know about the billionaire wealth tax
Proposition 40 would authorize a one-time 5% wealth tax on California residents with a net worth above $1 billion, with the vote set for November 3. A September UC Berkeley IGS poll found 45% of likely voters backing it and 42% opposed, while a Mason-Dixon poll for NBC Universal and Telemundo showed a 10% Yes advantage. Prediction markets Kalshi and Polymarket put the odds of passage below 30%. Most revenue would fund state healthcare programs to offset cuts from the One Big Beautiful Bill Act; supporters estimate about $100 billion, while the Hoover Institution estimates $30 billion. Critics warn that billionaires could leave the state, and the nonpartisan fiscal advisor estimates a possible ongoing decrease of less than $1 billion per year in state income tax revenue from billionaires.
- Gix Internet: Quantum X Labs Achieved Key Milestones with NVIDIA CUDA-Q Decoder and IBM Quantum Hardware
Gix Internet, which holds about 13% (2,818,585 shares) of Quantum X Labs (QXL), announced two technology milestones reported by QXL. QXL's quantum error-correction decoder, now running on NVIDIA CUDA-Q, made 12.7% fewer logical errors than the standard PyMatching decoder at code distance 3 and 12.1% fewer at distance 5 on Google's public data, and its streaming decoder showed error rates about 6% and 9% lower at those distances. In a separate test, QXL's QuantumQ Security unit reduced measurement bias on three IBM quantum processors from roughly 11%–15% to below 6%, and cut maximum cumulative error 15- to 21-fold using its LayerQake technology. Gix does not control QXL and has not independently verified the test results, so no benefit to its shareholders is assured.
- Ethereum’s four-minute settlement plan could lower the cost of moving crypto
Ethereum researchers have proposed cutting the wait for transaction finality from about 16 minutes to roughly four minutes, though the draft is unfinished and has no activation date. Faster finality would let transfer services recover and reuse funds sooner; for a service fronting $1 million an hour, the idle money waiting on repayment would fall from about $267,000 to about $67,000. The plan would split validators’ block-selection and finality votes, allowing faster locking-in and an eventual move to quantum-resistant signatures. Many details, such as voting timings and penalties, remain unresolved, and Solana’s Alpenglow upgrade targets about 150 milliseconds.
- Trump Wants Data Centers to Pay a “Dividend” to Their Neighbors
On October 21, 2026, President Donald Trump posted on Truth Social that big data centers should pay host communities a “dividend” and that he had “mandated” them to make their own electricity. No executive order, rule, dollar amount or enforcement program has been issued, and the posts do not say who pays or who qualifies. Cash offers have not always won local support: developers of a proposed Amazon Web Services campus in Hazle Township, Pennsylvania, offered each resident $10,000, which residents rejected in October. The article says Bloom Energy’s fuel cells would benefit most if on-site power spreads, though its $70.25 billion market value already assumes it wins; GE Vernova’s $176 billion backlog depends less on the policy, since data centers make up only 20% of its contracted gas gigawatts. The Federal Energy Regulatory Commission also declined in October to require data centers to bring their own generation.
- Ford Plans to Overtake Toyota in a Critical Business. Here's Why It Matters.
Ford’s certified pre-owned (CPO) sales rose 44% in the third quarter, and the automaker surpassed Toyota’s CPO volume for the first time, while the industry’s CPO sales fell 2.5% through August. Ford launched its dealer-led Ford Blue Advantage program in 2021, and about 70% of its 2,800 U.S. dealerships take part; the article says buyers of certified vehicles return to the brand more than half the time, versus about 30% for non-certified used cars. With Ford discontinuing the Escape and Lincoln Corsair, CPO sales fill a gap in entry-level options, and dealer certificates for each sale act as an incentive that can help lower new-vehicle prices. Ford is on track to exceed its 500,000 CPO sales target for 2027, which the article says would likely take Toyota’s top spot among certified sellers.
- Zadara Achieves NVIDIA AI Cloud Ready Validation and Will Showcase its AI-Optimized Platform at NVIDIA GTC Berlin 2026
Zadara’s full-stack AI cloud platform passed NVIDIA AI Cloud Ready validation for ISV partners, confirming that compute, networking, data platform, storage and GPU management work together as one validated system on NVIDIA hardware, including GB200 NVL72 rack-scale systems. The company says the validation shows its orchestration platform can run production AI workloads at scale, and that it enforces tenant isolation across compute, network and data platform rather than relying on namespace-based isolation. Zadara will showcase the milestone at NVIDIA GTC Berlin 2026, held October 20–22, 2026, in Berlin, Germany.
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.