Anthropic's IPO filing shows explosive growth, risks and staggering costs

Revenue reached US$16.3 billion in the first half of 2026, against US$4.6 billion for all of 2025. Net loss was US$80.7 billion, largely from a rise in the value of convertible bonds.

Cloud commitments, over 20 years

265 US$ billion

Compute commitments to cloud providers stood at US$265 billion over 20 years at the end of June. Investors reportedly pushed to cut the valuation target from US$2 trillion to US$1.5 trillion.

About 100 of the filing's 335 pages cover risks. It warns that safeguards have failed or been misconfigured before, and that models could take dangerous actions no user asked for.

What's next

The listing is expected next month on the Nasdaq under the ticker ANT. The filing does not give the share price or number of shares.