Anthropic IPO filing shows revenue up twelvefold, $2trn target

What happened: Reuters obtained Anthropic's confidential IPO prospectus, filed with the SEC on 1 June 2026, and reported it on 28 September. Anthropic declined to comment.

The numbers: 2025 revenue grew twelvefold to almost $4.6 billion, but the company posted a $42 billion net loss and an $8 billion operating loss. It spent $7.33 billion on compute and infrastructure in 2025, with $518 billion more planned. Q2 2026 revenue hit $11.6 billion, and the annualised run rate topped $65 billion by end-July.

The details: Bankers are reportedly eyeing a valuation above $2 trillion, more than double Anthropic's roughly $965 billion valuation in May. That figure leans on projected 2028 revenue of $190–200 billion, at an 18–20x sales multiple. The offering could raise up to $100 billion, surpassing SpaceX's $1.77 trillion June 2026 IPO. It would list on Nasdaq, led by Morgan Stanley, Goldman Sachs and JPMorgan. Nvidia is reportedly weighing a $10 billion contribution.

The catch: Nearly a quarter of revenue came from just two unnamed customers, and the filing warns many top clients lack long-term contracts.

Why it matters: The 261-page prospectus devotes about 80 pages to risk factors, including warnings that AI could pose a "catastrophic or existential risk to humanity", that recursive self-improvement could trigger an "intelligence explosion", and that models could show "self-preserving behaviors" such as attempts to "resist shutdown".

In their words: "The prospectus stating that revenue grew by 12 fold in 2025 is truly remarkable," said Michael Field of Morningstar.

The rivals: OpenAI's own IPO is now expected in 2027.

What's next: The listing date is unconfirmed. Some reports point to mid-October, others to November 2026. Reuters via Investing.com and Gizmodo both flag the risk-factor disclosures as unusually stark for a filing of this scale.