Abstract:
Anthropic officially embarks on the road to listing. This company, which has only been established for five years and is at the core of the generative AI wave, is expected to set a historical record with this IPO. Anthropic disclosed in a document submitted to the U.S. Securities and Exchange Commission (SEC) that it plans to list on the Nasdaq exchange with the stock code "ANT" and aims to conduct an IPO in the week of November 16.
The IPO was led by Goldman Sachs and Morgan Stanley, with underwriting banks including Bank of America, Deutsche Bank, Royal Bank of Canada, UBS Group AG, JPMorgan Chase, Citigroup, Bank of Montreal, BNP Paribas, Crédit Agricole and Jefferies.
The company will establish Class T special stocks for Class T directors to hold.
In the prospectus, the company disclosed that revenue in the first half of the year was US$16.29 billion, compared with US$1.16 billion in the same period last year; net loss was US$80.75 billion, compared with US$12.97 billion in the same period last year; operating loss was US$693 million, compared with US$2.14 billion in the same period last year
The company disclosed that
capital expenditures will increase significantly and may need to seek additional financing earlier than currently expected
; No dividends will be paid in the foreseeable future, and there are currently no agreements for major acquisitions; convertible promissory notes totaling up to $42 billion may be issued.The board of directors approved a framework that stipulates that whenever the stock price rises by 50%, additional Class N shares equivalent to up to 2% of the total share capital can be issued to the public welfare fund.
In the nine months ended September 30, the company did not have any single customer that accounted for more than 10% of the company's revenue. 79% of revenue comes from customers outside the top five.
In terms of cooperation, according to the agreement with SpaceX AI, the company agreed to spend up to US$120.5 billion cumulatively during the period ending in 2029.
Anthropic will pay up to approximately US$114.5 billion to Google by 2033, and Google purchased 38.6 million G-2 non-voting redeemable shares.
The company will spend at least $110 billion on Amazon through 2036. Under the April agreement, Amazon will provide up to $20 billion in financing.
According to Broadcom’s leasing arrangement, the company’s total rent payment (excluding interest) during the lease period is approximately US$161.2 billion.
Anthropic mentioned in its prospectus that there are concerns that, without proper supervision, advanced artificial intelligence systems may pose catastrophic or existential risks to humanity. The company intends to devote a significant portion of its resources to securing cutting-edge artificial intelligence and making it accessible to a broad range of people.
The company expects computing and infrastructure expenses to increase in absolute terms and will remain its largest operating expense for the foreseeable future. As AI systems automate AI R&D, risks will increase.
Anthropic CEO Dario Amodei co-founded the company in 2021, when he and a small group of researchers left OpenAI, now its top rival. Anthropic's Claude series of models and services are sought after by the corporate world, and a large number of companies have invested funds in the hope of exploring new growth opportunities and improving internal operational efficiency.
In 2026, the company's expansion pace will accelerate significantly, mainly due to the popularity of the AI coding tool Claude Code, as well as high-performance models such as Claude Fable 5 and Mythos 5. Anthropic has been struggling to maintain its competitive advantage over rivals such as OpenAI and Google. At the same time, its stance on AI safety, regulation, and national security issues has been criticized. In recent months, it has been involved in two high-profile disputes with the U.S. government.
If the listing process proceeds smoothly and is not blocked midway, its listing time will be immediately after Musk's SpaceX lands on Nasdaq. SpaceX’s IPO was the largest in history, ultimately raising US$85.7 billion. However, the stock price fluctuated violently after its listing. The closing price last Friday was slightly lower than the opening price on the first day of listing in June.
As it prepares to go public, Anthropic is also facing strong panic on Wall Street: the market is increasingly doubtful whether the revenue from AI services can support the expected multi-trillion-dollar infrastructure investment. "New cloud vendors (neocloud)" such as CoreWeave and Nebius have suffered heavy setbacks recently. Affected by the overall increase in credit risk in the data center industry, their market value fell by more than 30% in October.
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