Anthropic seeks IPO after $16.3 bn revenue, $9 bn AI spend

Anthropic publicly filed an S-1 prospectus with the Securities and Exchange Commission on Oct. 26, disclosing $16.3 billion of revenue for the six months through June before a planned IPO.

The filing tests public-market appetite for an AI developer with first-half revenue already above 2025’s $4.6 billion, while first-half AI infrastructure spending reached $9 billion versus $7.3 billion for all of 2025.

Anthropic said it plans to trade under the ticker ANT. The filing showed about one-fifth of revenue came from two customers, with the balance drawn from a small group of clients, according to Yahoo Finance’s account of the S-1.

The company also disclosed more than $430 billion of locked-in cloud-computing commitments with providers including Amazon and Google, both described by Yahoo Finance as major Anthropic investors, plus other companies. Including cancellable and smaller arrangements, the total could be as much as $637 billion, Yahoo Finance reported.

The same material says Anthropic lost $42 billion in 2025.

Anthropic is led by Chief Executive Dario Amodei, who co-founded the company with Daniela Amodei, its president. Its products include the Claude chatbot, the Claude Code coding tool and Claude Cowork, which have helped position the company in the enterprise AI market.

The IPO would give public investors another large private-technology valuation to assess after SpaceX listed on June 12 at $150 a share and ended its first trading day 20% higher, according to Yahoo Finance. Atlas360 background said Anthropic plans a Nasdaq listing after confidential paperwork submitted in June and that the IPO may value the AI group at $2 trillion.

The S-1 also sets out risks tied to advanced AI systems. Anthropic said its models may develop capabilities the company does not anticipate and described scenarios in which model behavior could cause real-world harm, which the company said could limit its ability to cover potential damages.

Government risk is another issue in the filing backdrop. Yahoo Finance reported that the Trump administration issued an export-control directive requiring Anthropic to suspend access to its Fable 5 and Mythos 5 models for foreign nationals inside and outside the U.S., effectively forcing those models to shut down.

Yahoo Finance also reported that Defense Secretary Pete Hegseth designated Anthropic a supply-chain threat in February after the company refused to let the Pentagon use its models to develop fully autonomous weapons or for mass surveillance of Americans. Anthropic is suing the Defense Department to reverse the designation, Yahoo Finance reported.

Relations with the administration may have improved since then. Commerce Secretary Howard Lutnick told Axios on Sept. 2 that Anthropic was “back on the right side” with the White House, according to Yahoo Finance.

The filing does not by itself set the IPO price, valuation or first trading date. Those terms will determine how investors weigh Anthropic’s revenue growth against its infrastructure costs, cloud commitments, customer concentration and regulatory risks.

Source: S-1 filing and Yahoo Finance article, Oct. 26, 2026