Anthropic Files for $100B IPO, Reveals Stunning $80.7B Loss as Nasdaq Debut Nears

TLDR:

• Anthropic filed for a Nasdaq IPO on October 26, as the reported $100B fundraising figure remains unconfirmed.
• Anthropic recorded $16.3B in first-half revenue and an $80.7B loss, including $72.4B in noncash charges.
• Computing deals include up to $120.5B with SpaceXAI and Nvidia and up to $114.5B with Google through 2033.
• Amazon and Google handled 47% of 2025 marketplace sales; Anthropic’s seven founders would hold 50.1% of votes.

Anthropic filed its S-1 registration statement on October 26, advancing plans for a Nasdaq listing under ticker ANT. The filing pairs surging revenue with an $80.7 billion loss, largely from noncash revaluations.

The proposed offering could raise $100 billion and value Anthropic between $1.5 trillion and $2 trillion, according to reported estimates. However, neither figure is established in the filing, and the Nasdaq offering has no disclosed share count or price.

Goldman Sachs and Morgan Stanley lead Anthropic’s offering. A Nasdaq debut during the week of November 16 remains a reported target, not a confirmed timetable. That distinction matters as investors assess the gap between headline losses and actual operating performance.

Anthropic’s $80.7B Loss Includes $72.4B in Noncash Charges

Anthropic generated $16.3 billion in revenue during the first half of 2026, compared with approximately $1.2 billion a year earlier. However, its net loss jumped from $13 billion to $80.7 billion over the same periods.

About $72.4 billion reflected noncash revaluations of convertible notes and related instruments, mainly tied to rising company valuations. Those accounting charges explain most of the headline deficit without representing equivalent cash spent on operations.

The underlying operating loss narrowed to $693 million from $2.14 billion, even as computing and infrastructure costs reached approximately $8.95 billion. By September 30, more than 11,900 customers each generated at least $100,000 in trailing annual revenue.

For prospective Nasdaq shareholders, the contrast is central: fast-growing enterprise demand accompanies expensive infrastructure needs and an enormous accounting loss.

Compute Deals and 50.1% Founder Control Shape Nasdaq IPO

Anthropic disclosed computing commitments of up to $120.5 billion involving SpaceXAI and Nvidia, alongside $114.5 billion with Google through 2033. Meanwhile, Amazon agreements involve at least $110 billion through 2036, with additional equipment leasing arrangements involving Broadcom.

These partnerships also influence revenue. Amazon and Google accounted for 47% of 2025 sales through cloud marketplaces, while simultaneously serving as investors, suppliers and competitors.

However, these long-term obligations contrast with usage-based customer payments, creating financing risks if growth slows. Consequently, Anthropic warned that additional funding could become necessary sooner than expected, while cash dividends remain unlikely.

Beyond financing, governance presents another consideration. The seven co-founders would retain 50.1% voting control, limiting outside shareholder influence. Meanwhile, a proposed Public Benefit Fund could receive 5% of shares, subject to approval.

Additionally, the filing highlights catastrophic AI risks, including manipulation, concealed information and resistance to shutdown. These disclosures place the prospective Nasdaq listing under scrutiny over spending commitments, governance and technological risks.

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