Anthropic IPO Filing Shows $16.3 Billion in Revenue and an $80.7 Billion Loss

Anthropic, the artificial intelligence company behind the Claude models, made its IPO filing public Monday, disclosing $16.29 billion in first-half revenue and an $80.7 billion net loss.

The company plans to list on the Nasdaq under the ticker “ANT,” Anthropic said. It has not yet set the number of shares to be sold or a price range.

Goldman Sachs and Morgan Stanley are leading the deal, according to the S-1 registration statement filed with the Securities and Exchange Commission. Anthropic had filed confidentially in June, giving regulators time to review its books.

Revenue for the six months ended June 30 rose 1,304% from $1.16 billion a year earlier, CNBC reported from the filing. Revenue for all of 2025 jumped 1,089% to $4.59 billion.

The loss compares with $12.9 billion in the first half of 2025. Anthropic said it largely reflects accounting charges as its convertible notes rose in value along with the company’s valuation.

Cost of revenue was $2.38 billion in the first half, implying a gross margin of about 85%, up from roughly 12% a year earlier. Nearly all of that cost is computing and infrastructure.

As of Sept. 30, more than 11,900 business customers had spent at least $100,000 with Anthropic over the prior 12 months, and about 250 had spent $10 million or more.

Massive Computing Commitments

The filing also shows how much the company has promised to spend. Noncancelable purchase commitments climbed to $265.6 billion by June 30 from $54.6 billion at the end of 2025.

In April, Anthropic committed to spend at least $110 billion with Amazon for cloud services through April 2036, “regardless of actual usage.” It also agreed to pay SpaceX up to $120.5 billion for computing power into 2029.

Amazon has invested $13 billion in Anthropic since 2023 and holds $6.2 billion in convertible notes, which account for the company’s outstanding debt. Amazon’s stake is capped at 12%.

Control will stay with the founders. Founder LLC, whose members are CEO Dario Amodei, his sister and company President Daniela Amodei, and five other co-founders, will hold 50.1% of the voting power.

Anthropic said its governance structure “has no direct public company precedent” and could make it harder to replace directors. Its risk factors also warn that local moratoriums on new data centers could delay facilities it depends on.

Anthropic raised $65 billion at a $965 billion valuation in May, pushing it above rival OpenAI for the first time. Its listing would follow SpaceX’s June debut, the largest IPO on record at $85.7 billion.

“In the general sense of a business doing $16 or $32 billion annualized revenue, and losing $80 to $160 billion a year, a $1.5 trillion valuation seems rich,” Thomas Hayes, chairman of Great Hill Capital, told Reuters.

Peter Andersen, founder of Andersen Capital Management, said “the outcome of this IPO will be fairly indicative of the sentiment for continuing to support capital expenditures in the development of artificial intelligence.”

Early backers are more upbeat. “You wait your entire 25-year career to find a technology wave like this,” Matt Murphy, a partner at Menlo Ventures, said on CNBC. Menlo first invested when Anthropic was valued at $4 billion.

Anthropic said it plans to use the proceeds for general corporate purposes, including capital spending, operating expenses and hiring, and that it has no agreements for any material acquisitions.

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