Anthropic Files for IPO, Reports $16.3 Billion First-Half Revenue at Reported $2 Trillion Valuation

Anthropic has formally filed for an initial public offering that could list as early as next month, with market estimates placing it among the largest listings on record and potentially surpassing SpaceX. The AI developer posted $16.3 billion in revenue for the first two quarters of 2026, up 1,300% year over year, implying an annualized run rate of roughly $32 billion. At a reported $2 trillion valuation, investors would pay more than 60 times revenue. Operating losses narrowed to $693 million from $2.1 billion a year earlier, though fair-value adjustments produced a book net loss of $80.7 billion. Roughly 20% of revenue comes from just two customers. Computing costs reached $8.9 billion in the first half, exceeding all of 2025's $7.3 billion, and future capacity spending could total $750 billion. Columnist and CPA David Jagielski warned that rapid fundraising could drive heavy cash burn and share dilution, and advised caution in early trading.