Live updates
Investors weigh the price as Anthropic’s IPO draws fresh reactions
The debate around Anthropic's IPO is turning to what investors are willing to pay. Reuters reports today that some current and prospective investors value the company at about $1.5 trillion, down from roughly $2 trillion a week ago, following financial disclosures at a recent investor event. Those are investor estimates ahead of the offering's pricing.
Josh Stevens, chief investment officer at Cresalta Investment Management, told Reuters he was optimistic about AI and found Anthropic exciting, but would not rush to buy shares at the IPO. He said even strong businesses can become cheaper when investors reassess supply and demand.
In the same round of investor comments, Andersen Capital Management founder Peter Andersen called the offering a "significant milestone in the development of artificial intelligence." He said its outcome would indicate investors' willingness to keep supporting spending on AI development.
Great Hill Capital chairman Thomas Hayes raised another possibility: investors could sell shares in the big technology companies to make room for Anthropic. He said that could weigh on those stocks in coming weeks, with Microsoft's, Alphabet's and Amazon's earnings this week helping determine the outcome.
Today's Reuters guide to Anthropic's backers also sets out how much its existing technology partners have committed. Amazon has invested at least $13 billion and agreed in April to invest up to another $20 billion. Anthropic, in turn, committed to spend more than $100 billion on Amazon's cloud services over 10 years.
Google has committed up to $40 billion, including an initial $10 billion investment announced in April, according to the same report. Reuters also lists Sequoia, Coatue and Altimeter among the lead investors in Anthropic's $65 billion Series H round at a $965 billion valuation.
On timing, Axios reports that the filing puts a debut before Thanksgiving within reach. Anthropic's own announcement today confirms the proposed offering but gives no trading-start date.
Cloud partners open mixed as filing reveals $16.3 billion in first-half revenue
The first few minutes of Monday's trading brought a mixed picture for Claude's cloud partners. At 13:35 UTC, Amazon was up 0.11% at $248.28 and Microsoft had gained 0.30% to $526.06, while Alphabet's Class A shares were down 0.27% at $319.34, according to Nasdaq.
All three distribute Claude through their cloud platforms. Anthropic's prospectus says sales through cloud marketplaces generated 48% of its revenue in the first half of 2026. Those platforms bill customers, collect payments and pass the money to Anthropic after fees.
The newly public prospectus shows how quickly the business has grown. Revenue reached $16.3 billion in the six months ended June 30, compared with $1.2 billion in the same period of 2025. Its operating loss narrowed to $693 million from $2.1 billion.
Anthropic separately reported $1.6 billion in adjusted operating income for the first half. That is a non-GAAP measure, presented alongside its operating loss under standard accounting rules. The company cautions that margins can move around when it receives substantial new computing capacity and starts paying the associated costs.
Most of the money comes from customers paying for what they use. Consumption-based revenue accounted for $13.1 billion, or 80% of first-half sales. Subscriptions brought in $3.2 billion, or 20%. Usage charges depend on the model selected and the number of tokens processed. Tokens are the units used to measure that usage.
The filing also puts remaining performance obligations at $10.8 billion as of June 30. These are amounts expected to become revenue under contracts with non-cancelable commitments. Anthropic expects to recognize about 75% over the following 12 months, with the timing tied to customer usage and delivery under those agreements.
Cloud marketplaces also accounted for 58% of Anthropic's net accounts receivable at the end of June. The prospectus warns that changes to a major distribution relationship could disrupt customers' access to Claude, reduce usage or increase the cost of moving customers to another route.
Anthropic’s IPO filing is public, with ANT as its proposed ticker
Anthropic has publicly filed for an initial public offering, with the company behind Claude applying to list its Class A shares on the Nasdaq Global Select Market under the ticker ANT. Its Form S-1 was filed with the Securities and Exchange Commission on Monday, October 26.
The preliminary prospectus leaves the share count, expected price range and delivery date blank. Those details will determine how much the company raises and the valuation public investors are being asked to accept.
The filing also gives investors a closer look at the cost of building the business. Anthropic reported a $42 billion net loss for 2025. That total included $34.3 billion from changes in the fair value of convertible notes, derivative liabilities and agreements for future equity, primarily driven by increases in the company's valuation.
Anthropic says it has recorded a net loss in every year since its founding and warns that it may not achieve or sustain profitability. It describes its business as highly capital intensive, with continued access to computing resources central to developing its models and meeting customer demand.
The proposed offering includes new shares sold by Anthropic and shares sold by existing stockholders. The company says it will receive no proceeds from those stockholders' sales. Goldman Sachs, Morgan Stanley and JPMorgan are among the banks named on the prospectus cover.
The governance arrangements also matter for prospective shareholders. Anthropic will remain a Delaware public benefit corporation, which requires it to balance shareholders' financial interests with its stated public benefit purpose.
Its Long-Term Benefit Trust generally has the power, through Class T shares, to elect and remove directors who make up a majority of the board. A separate founders' company is set to hold a Class F share carrying 50.1% of the voting power on matters put to stockholders generally, including the election of directors outside that trust-controlled group. Public Class A shares carry one vote each.
Dario Amodei is listed as chief executive and co-founder. Daniela Amodei is president, co-founder and board chair. The registration statement describes Claude's business across direct customer sales and major cloud platforms, including Amazon Web Services, Google Cloud and Microsoft Azure.