Anthropic’s prospectus reports annual sales growth of 1,300%, net revenue retention of 900% and an implied gross margin of 85%, but also a loss of $80.7 billion in the first half of 2026 and compute commitments worth hundreds of billions of dollars. Founded in 2021, the company behind the Claude models has more than 11,900 customers that spent at least $100,000 over the past year, including around 250 that spent $10 million or more; five customers generated roughly a quarter of revenue in the first nine months of 2026. Anthropic was valued at $965 billion in May and is reportedly seeking an IPO valuation of $1.5 trillion to $2 trillion, which could make it the largest offering in history. Bull investors see a generational moment for artificial intelligence, while critics point to opacity, competition from lower-cost open-weight models, the insider selling schedule and doubts about the path to profitability. The company must market its offering, test demand, set the share price and allocate shares before listing on Nasdaq under the ticker ANT amid rising interest rates and uncertainty over the scale of artificial intelligence investment.
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