Anthropic Files for IPO Targeting Up to $2 Trillion Valuation, Reports $16.3 Billion in First-Half Revenue

Anthropic filed a 335-page prospectus Monday for a Wall Street debut next month, setting up a potential offering of as much as $100 billion at a reported valuation of up to $2 trillion. The listing would precede rival OpenAI's and surpass SpaceX's record $86 billion IPO in June. The Claude chatbot maker reported $16.3 billion in first-half revenue, roughly 14 times the prior-year period, alongside a net loss of $80.7 billion that included a one-time $72.4 billion accounting charge tied to financing agreements. It held $131.7 billion in cash and equivalents as of June 30. Anthropic cited high capital expenditures ahead as it builds out compute and infrastructure, a shift it said is "changing the cash flow profile of our business." The filing lists 93 pages of risk factors, including that advanced AI could pose "catastrophic or existential risks to humanity." About 250 customers each generate $10 million or more in annual revenue, with the top five accounting for roughly 25% of sales. CEO Dario Amodei and six co-founders will hold 50.1% of voting power post-IPO through Class F stock.