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

Reuters reported on 28 September 2026 that it had obtained Anthropic's confidential IPO prospectus, which sets out plans for a listing that could raise as much as $100 billion. Anthropic declined to comment.

The filing shows 2025 revenue grew twelvefold to almost $4.6 billion, alongside a net loss of $42 billion and an operating loss of about $8 billion, according to the prospectus.

Anthropic submitted a draft S-1 to the US Securities and Exchange Commission confidentially on 1 June 2026, Reuters said. The company is targeting a valuation above $2 trillion, more than double the roughly $965 billion it was valued at in May.

Bankers' talk of a $2 trillion valuation rests on projected 2028 revenue of $190 billion to $200 billion, with analysts putting the multiple at roughly 18 to 20 times sales, according to the report. A raise of $100 billion would top the $1.77 trillion valuation SpaceX achieved in its June 2026 IPO.

The company spent $7.33 billion on compute and infrastructure in 2025 and has laid out plans for $518 billion of cloud, compute and infrastructure spending in the coming years, the prospectus shows. Morgan Stanley, Goldman Sachs and JPMorgan are leading the offering on Nasdaq, and Nvidia is reportedly weighing a contribution of about $10 billion.

Recent growth has accelerated further: Q2 2026 revenue reached $11.6 billion, and the annualised revenue run rate exceeded $65 billion by the end of July 2026, according to the filing. Nearly a quarter of revenue came from two unnamed customers, and the prospectus warns that many of Anthropic's biggest customers are not on long-term contracts.

The 261-page document devotes about 80 pages to risk factors, including warnings that AI could pose a "catastrophic or existential risk to humanity," recursive self-improvement leading to an "intelligence explosion," and "self-preserving behaviors" such as efforts to "resist shutdown." Michael Field of Morningstar said "the prospectus stating that revenue grew by 12 fold in 2025 is truly remarkable."

The listing date remains unconfirmed. Some reports point to mid-October 2026, while Gizmodo and others say November 2026. Reuters, via Investing.com noted that OpenAI's own IPO is now expected in 2027.