Anthropic ahead of IPO: $16.3 billion in revenue in half a year
The prospectus filed with the U.S. Securities and Exchange Commission shows the growth pace of Claude's creator, the scale of its losses, and a caveat that concerns companies building products on its models.
Anthropic, the creator of the Claude artificial intelligence models, filed an S-1 form (opens in a new tab) with the U.S. Securities and Exchange Commission (SEC) on Monday, October 26. This is the registration document before an initial public offering (IPO). The company wants to debut on the Nasdaq stock exchange under the symbol ANT. The prospectus does not provide the number of shares or the price range. Media outlets cite analysts' estimates of a valuation in the range of $1.5-2 trillion, but that figure does not appear in the document.
In the first half of 2026, Anthropic's revenue reached $16.3 billion, compared with $1.2 billion a year earlier. Crunchbase News describes this as 14-fold growth, while My Company Polska calls it more than 13-fold. The difference comes from rounding the same data. Net loss reached $80.7 billion. About 90 percent of that amount was a change in the accounting valuation of financial instruments, rather than current operating costs. Operating loss was $693 million, about two thirds less than a year earlier.
Risk factors take up 93 of the document's 335 pages. Some of the prospectus provisions concern customers. Anthropic states that its core business will remain model development, but it may “from time to time” compete with companies building applications on Claude in “selected categories.” It does not indicate which industries or products this concerns. The company also says that a significant portion of its customers are startups and technology companies, which may cut spending if economic conditions worsen. As direct competitors among creators of the most advanced models, it names OpenAI and Google.
The caveat appears three weeks after Anthropic expanded the Claude Startups program on October 6. Its participants may receive, among other things, credits for using the API (the interface through which applications connect to the model) and technical support.
For companies that base products or processes on the Claude API, the prospectus means that a feature sold today through an external application could end up directly in Claude. According to My Company Polska, less exposed may be companies with their own data, deep integration with customer systems, or specialized processes, such as contract analysis under Polish regulations.