David Veprek, CFA

REPORT Anthropic is reportedly planning to file publicly for an initial public offering Monday at around 9AM today - Bloomberg

ANTHROPIC'S DRAFT IPO FILING SHOWS REVENUE UP ~15X AND AN $80.7 BILLION LOSS Here's what's inside, per the WSJ Anthropic generated about $16.3 billion in revenue in the first half of 2026, up from $1.1 billion a year earlier, according to a draft prospectus viewed by the Journal. It also reported a net loss of $80.7 billion. About $72 billion of that came from accounting charges tied to convertible notes and other instruments it used to raise money. The other big numbers: • Nearly $9 billion spent on computing in the first half, more than in all of 2025 • About one-fifth of revenue came from just two customers • Roughly $450 billion in cloud commitments over the next 7 to 10 years, including $111 billion with Google $GOOGL, $110 billion with Amazon $AMZN and $31 billion with Microsoft $MSFT • Total future infrastructure costs top $600 billion About a third of the filing is risk factors, including the risk of AI models causing real-world harm and growing political resistance to data centers. The IPO could value Anthropic at up to $2 trillion.

JUST IN: SOME ANTHROPIC INVESTORS ARE REPORTEDLY WEIGHING A LOWER VALUATION AHEAD OF ITS IPO Some investors discussed a valuation of around $1.5 trillion, below the roughly $2 trillion previously expected for its November share sale, per Reuters, citing people familiar with the matter. At its investor day on Wednesday, Anthropic reportedly told investors its third-quarter revenue rose 45% from the prior quarter to $16.8 billion, and that it was profitable on an adjusted basis. Some investors were disappointed that growth slowed after revenue more than doubled to $11.6 billion in the second quarter, the people said. Anthropic did not immediately respond to a request for comment.