Revenue growth puts Anthropic in the spotlight
Anthropic’s revenue jumped to $16.3 billion in the six months to 30 June 2026, from $1.16 billion a year earlier. However, the company reported a net loss of around $80.7 billion, largely due to an accounting charge arising from changes in the value of its financial instruments.
The company, which plans to list on the Nasdaq under the ticker symbol ANT, has not yet disclosed its final valuation, share price range or the number of shares it intends to sell. Reports suggest the offering could raise as much as $100 billion, potentially making it one of the largest IPOs on record. Goldman Sachs and Morgan Stanley are leading the offering.
Investors weigh valuation against spending risks
The filing also highlights the scale of Anthropic’s financial commitments. The company reported $131.7 billion in cash and cash equivalents as of 30 June, while warning that expanding computing capacity and infrastructure would require substantial capital spending. Around 250 customers each generated at least $10 million in revenue over the preceding year, although its five largest customers accounted for roughly a quarter of revenue.
Investors appear to be taking a closer look at Anthropic’s valuation. While earlier discussions put it at around $2 trillion, some investors are now considering a figure closer to $1.5 trillion. The company reported third-quarter revenue of $16.8 billion, up 45% from the previous quarter, and also reported an adjusted profit.
Why this IPO matters for the AI industry
Anthropic’s listing could become an important test of whether public-market investors are willing to back AI businesses that combine rapid sales growth with enormous infrastructure costs. Its prospectus also outlines potential risks from advanced AI, including severe harm to humanity.
Anthropic’s co-founders, including chief executive Dario Amodei, are expected to retain 50.1% of the voting power after the IPO. For investors, the key questions will be whether the company can manage its rising costs, turn its growing revenue into sustainable returns and justify its valuation.