Anthropic may publicly release its IPO prospectus as early as Oct. 26 U.S. time and is aiming to list in mid-November, according to ChainCatcher. The AI company confidentially submitted its filing to the U.S. Securities and Exchange Commission in June.
Market discussion had previously centered on a $2 trillion valuation. More recently, with AI-related stocks under pressure, some investors have lowered that expectation to about $1.5 trillion.
The prospectus has not been published yet, but Reuters and The Wall Street Journal have already obtained a draft. The document shows that Anthropic posted $16.3 billion in revenue in the first half of the year, compared with $1.1 billion in the same period last year.
Net loss for the same period was $80.7 billion. About $72 billion of that amount came from valuation adjustments on convertible bonds and other financing instruments, rather than actual cash spending.
In the third quarter, revenue reached $16.8 billion, up about 45% from the previous quarter. The prior quarter had recorded growth of more than 140%. Anthropic said it achieved profitability in the third quarter on an adjusted basis.
The company has also committed more than $600 billion to infrastructure including cloud computing, chips, and data centers, with those obligations set to be incurred over the coming years.
According to the draft filing, 47% of Anthropic’s 2025 revenue was sold through Amazon and Google cloud platforms. The two companies are also investors in Anthropic and suppliers of computing capacity.
On governance, Anthropic plans to give its seven co-founders joint control of 50.1% of the voting power through a special share structure. A long-term public-benefit trust made up of non-shareholders would still retain the power to appoint and remove a majority of the board.
The final prospectus is still expected to clarify the actual revenue contribution from the two major customers, the specific cost of computing contracts, and whether existing shareholders will be allowed to sell shares when the company goes public.
