On October 22, media reports indicated that Anthropic is expected to publicly submit its S-1 registration statement as early as this Friday. If all goes smoothly, this move will clear a key procedural hurdle for its planned listing in November, and the project is anticipated to become a large-scale initial public offering. Anthropic had previously submitted a draft application confidentially to the U.S. Securities and Exchange Commission in June of this year. According to relevant regulations, companies must publicly disclose documents at least 15 days before officially starting their roadshow.
Wall Street had previously expected that Anthropic could raise up to $100 billion, with a valuation potentially reaching $200 billion. However, following a slowdown in its monthly revenue growth, some investors have adjusted their valuation expectations down to the $150 billion range. Financial data shows that Anthropic generated $16.3 billion in revenue in the first half of 2026, with a net loss exceeding $80 billion, of which approximately $72 billion in losses stemmed from accounting treatment of changes in the value of convertible notes and other instruments.
Anthropic is expected to successfully go public in November
Subsequently, in the third quarter, its revenue increased to $16.8 billion, nearly a 50% quarter-over-quarter growth, and it achieved adjusted profitability and positive free cash flow. Currently, the company is heavily investing in infrastructure through partnerships and leasing GPU computing power to support the development and operation of the Claude series models.
The current capital market is cautious regarding the substantial capital expenditures and return performance in the AI sector, as recent IPOs and stock prices of several data center and computing companies have faced obstacles or pressure, reflecting market volatility. As a benchmark in the industry, its competitor OpenAI has postponed its IPO timeline to early 2027. The final issuance window for Anthropic will still depend on subsequent market trends.