Anthropic to File IPO Docs: $2T Valuation, $100B Raise

Anthropic's IPO Prospectus Could Be Released as Early as Today: Listing Planned for Mid-November, Aiming to Raise Up to $100 Billion

According to The Information, Anthropic may publicly release its IPO prospectus (Form S-1) as early as Monday, October 26, US time. The prospectus is a comprehensive financial disclosure required by the US Securities and Exchange Commission (SEC) prior to listing, detailing revenue, losses, major clients, partner revenue shares, and control structures. Anthropic already submitted a confidential draft on June 1, visible only to regulators; public release will allow ordinary investors to fully review the company’s financials for the first time.

As of the morning of October 26 Beijing time, the prospectus was not yet available in the SEC’s EDGAR filing system. Reports last week suggested it might be released as early as Friday, October 23, but this did not materialize.

[Timeline]

According to a report by financial media outlet IFR on October 15, Anthropic plans to file publicly on October 26, begin roadshows (pitching shares to institutional investors) on November 9, price the offering within the following week, and list in mid-November. The fundraising target is up to approximately $100 billion, implying a valuation of around $2 trillion, with Morgan Stanley and Goldman Sachs leading the underwriting syndicate. These details come from sources familiar with the matter; Anthropic has not publicly confirmed them.

This period also coincides with earnings season: Microsoft and Alphabet (Google’s parent company) are scheduled to report earnings on Wednesday, while Amazon reports on Thursday. All three companies have cloud compute contracts with Anthropic, and Amazon and Google are also major investors in the AI firm.

[Leaked Figures]

The figures below originate from media access to confidential drafts and an investor meeting. None have been confirmed via the public prospectus, and definitions or accounting methods may change.

• Revenue: According to a newer draft seen by The Wall Street Journal, revenue for the first half of 2026 was $16.3 billion, compared to $1.1 billion in the same period last year. Q3 figures were not included in the draft but were reportedly presented by Anthropic to potential investors at its San Francisco headquarters on October 14, according to FT and Reuters: Q3 revenue was approximately $16.8 billion, representing about 45% growth over Q2’s $11.6 billion. This 45% figure reflects quarter-over-quarter growth, meaning a single quarter’s revenue exceeded that of the entire first half. Growth rates are slowing, however; Q2 grew approximately 147% over Q1 (approx. $4.7 billion).

• Losses: The same draft indicates a net loss of $80.7 billion for the first half under GAAP standards. Approximately $72 billion of this stems from non-cash accounting adjustments related to financing instruments such as convertible bonds. Anthropic told investors that it has been profitable for two consecutive quarters based on its own internal metrics, though it did not specify which costs were excluded.

• Dependence on Cloud Giants: According to a confidential draft seen by Reuters in late September, approximately 47% of sales in 2025 (about $2.16 billion) were made through Amazon and Google’s cloud marketplaces. These marketplaces function like app stores operated by cloud providers, allowing enterprises to purchase Claude directly via their AWS or Google Cloud bills, with the platforms taking a commission. Reuters estimates that these two giants took roughly $351 million in fees, equivalent to 16 cents per dollar sold. The draft also revealed that two unnamed clients each accounted for 12% of 2025 revenue.

These cloud partners are simultaneously Anthropic’s compute suppliers. According to The Wall Street Journal, the draft lists future ten-year cloud compute commitments totaling approximately $450 billion, broken down as $111 billion for Google Cloud, $110 billion for AWS, and $31 billion for Microsoft.

Source: https://t.co/ICbpOuT7ZU