Anthropic has just filed updated financial paperwork ahead of an IPO that could take place by the end of this month. Its revenue surged 1,127%, but computing costs erased its profit.
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Original headline: Behind Anthropic’s 1,127% revenue surge — and the computing bill that erased its profit
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AnthropicIPOartificial intelligenceearnings
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| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Semiconductors |
| Market cap | $5.1T |
| Close on 10/30/2026 | 204.81 |
| Change that session | -4.14% |
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Related news
- Anthropic swings to third quarter operating loss as compute costs surge ahead of IPO
- Anthropic Intends to Trade on the Nasdaq Under the Ticker ANT
Anthropic has filed a prospectus for an IPO expected to trade on Nasdaq under the ticker ANT, though it has not yet set a price. Its second-quarter revenue rose nearly 15-fold year over year to $11.6 billion, with 11,900 customers paying at least $100,000 and 1,900 paying at least $1 million. Operating income reached $974 million in Q2, reversing earlier quarterly losses, while the net loss widened to $66 billion due to a non-cash charge tied to some private fundraising rounds. The 94 pages of risk factors warn that AI models may act in unintended or misaligned ways, and also cover competition, compute costs and concentrated voting rights in management. The prospectus omits third-quarter results, and the IPO price is expected to be set after a roadshow with potential investors.
- 1 Great Number From Anthropic's IPO Prospectus and 1 Number That Disappointed
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Anthropic plans its public debut next month, seeking to raise $100 billion in what could be the largest IPO ever, which would surpass the June listing of Space Exploration Technologies (SPCX). Its S-1 shows revenue grew from $41 million in 2023 to $386 million in 2024 and about $4.6 billion in 2025, reaching $16.3 billion in the first half of 2026, more than 1,300% above the same period of 2025. Third-quarter results were not included, and recent reports suggest growth slowed then. The first-half net loss of $80.7 billion mostly reflects a $72.4 billion non-cash charge tied to revaluing convertible debt; the operating loss narrowed to $693 million from $2.1 billion a year earlier, and the company posted a $974 million operating profit in the second quarter. Anthropic also has roughly $750 billion in spending commitments to compute providers and chipmakers, most of them non-cancelable, which the article says could leave it in a tight financial position if sales projections prove too optimistic.
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Anthropic has filed its public S-1, showing first-half 2026 revenue of $16.3 billion, roughly 14 times the same period a year earlier, which implies a gross margin of about 85%, up from 12%. Including research and development and sales and marketing costs, its GAAP operating margin was 8% in Q2 2026. The company warns margins may fluctuate, since it contracts for compute 12 to 18 months ahead and has about $417 billion in future minimum payment obligations, while most customer spending is consumption-based. Anthropic reportedly plans to raise up to $100 billion at a $1.5 trillion to $2 trillion valuation, which the author calculates would be about 63 times annualized first-half 2026 sales at $2 trillion. The author also expects the stock may debut with an expensive valuation.
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Steve Eisman accused Anthropic of deliberately leaving third-quarter financial figures out of its IPO prospectus, arguing that newer numbers could reveal a sharp slowdown in growth. He made the remarks on Prof G Markets on Wednesday.
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