Anthropic reveals $81 billion loss ahead of planned IPO

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Anthropic targets November IPO

Highlights

Anthropic targets a $1.5 trillion IPO valuation.
Revenue surges as infrastructure costs mount.
Investors weigh AI growth against steep losses.

The company is expected to list on Nasdaq under the ticker ANT, potentially after the November 3 U.S. midterm elections and before Thanksgiving on November 26. According to Reuters, the offering will test investor confidence in the economics of advanced AI at a time when technology valuations and borrowing costs are under greater scrutiny.

Revenue growth reshapes IPO expectations

Anthropic reported third-quarter revenue of $16.8 billion, nearly 50% above the previous quarter. Revenue in the three months ended June 30 increased 1,368% from a year earlier, reflecting rapid adoption of its AI models among corporate customers.

More than half of Fortune 500 companies and over 30% of Global 2000 businesses generated at least $100,000 each in revenue for Anthropic during the 12 months ended September 30.

The expansion has strengthened expectations for a major listing, although valuations have become more restrained. Anthropic was valued at $965 billion in a May private funding round. Current investor estimates are closer to $1.5 trillion, with some expectations reaching $1.75 trillion, compared with earlier projections of approximately $2 trillion.

Goldman Sachs and Morgan Stanley are leading the offering. The final valuation and number of shares have not been disclosed.

Financial losses and infrastructure costs

Anthropic recorded a net loss of $80.7 billion in the first half of 2026, largely reflecting a non-operating adjustment tied to convertible debt rather than ordinary business expenses.

Its operating loss narrowed to $693 million, while adjusted operating income reached $1.62 billion, reversing a $1.85 billion loss a year earlier. These figures suggest improving underlying performance despite the headline deficit.

Computing remains the company's largest operating expense. Anthropic has committed more than $600 billion to infrastructure arrangements involving major technology partners, while its longer-term spending obligations approach $800 billion.

The prospectus also identifies risks involving AI model behavior, cybersecurity, and dependence on a limited group of cloud and semiconductor suppliers.

A major test for AI valuations

Anthropic's debut could establish a valuation benchmark for other AI developers and companies financing data centers, chips and computing capacity.

The proposed listing follows SpaceX's $75 billion IPO in June, which valued the aerospace company at $1.75 trillion. A similarly high valuation for Anthropic would signal continued investor willingness to finance expensive technology expansion.

Yet the market environment has become less forgiving. Higher bond yields, concerns about debt-funded AI investment and uncertainty over future profit margins have made investors more selective.

The central question is whether Anthropic can sustain exceptional sales growth while bringing infrastructure costs under control. Its IPO pricing and early trading performance will provide an important indication of how public investors assess that balance.

We also reported that Anthropic founders secure 50.1% voting control in IPO structure.

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