Anthropic’s more than 300-page prospectus provides detailed information about its revenue, risks, competitors and computing costs. In the first half of 2026, the company reported $16.29 billion in revenue and $2.38 billion in cost of revenue, implying an 85% gross margin, but quarterly revenue growth slowed sharply from approximately 144% in the second quarter to 47% in the third quarter. The company remains constrained by computing demand exceeding available capacity, while the filing does not specify how much of its commitments is allocated to training its next generation of models versus serving customers. Governance is also a key issue, with the seven founders, including Dario Amodei, holding special voting power equivalent to 50.1% of the total vote, while the IPO valuation, estimated by analysts at between $1 trillion and $2 trillion, has not yet been set. The filing also shows that Anthropic would have an exceptionally large cash position, a near-unprecedented level for a company going public.
Source: Read the original article
