Anthropic is setting several records in its IPO prospectus, with first-half revenue growth of 1,300%, net revenue retention of about 900% and an expected valuation of $1.5 trillion, placing it third behind Aramco and SpaceX. The company nevertheless reported a quarterly loss of $66.3 billion and an accumulated deficit of $132.9 billion, including $113.2 billion related to the fair value of its convertible debt. It plans to spend $265.6 billion on computational services over the coming years and expects to raise $100 billion in its IPO, which would set a record. Revenue increased from $41 million in 2023 to $16.3 billion in the first half of 2026, but the prospectus states that Anthropic does not expect to sustain comparable growth rates and cannot guarantee that revenue will continue to grow at all.
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