Anthropic's IPO S-1 prospectus

Anthropic has filed an S-1 prospectus for an IPO that one summary characterized as projected to be the largest in history, with ARR surpassing $100 billion and preliminary Q2 2026 revenue exceeding $11.5 billion, more than double all of 2025. For full-year 2025, revenue grew 12-fold to nearly $4.6 billion, but compute and infrastructure spending of $7.33 billion exceeded that revenue, producing an $8.06 billion operating loss up from $2.98 billion in 2024. The nearly $42 billion net loss for 2025 mostly reflects a roughly $34 billion non-cash charge from revaluing convertible financing instruments as Anthropic's valuation rose; it does not represent cash spent. Adjusted operating income turned positive in Q2 2026. On that trajectory, Reuters reported the IPO could value Anthropic at more than $2 trillion, over double the $965 billion post-money valuation from its May 2026 funding round. The prospectus discloses approximately $518 billion in total compute commitments over 7 to 10 years, including a potential SpaceX contract worth $84.5 billion through 2029 covering Nvidia-based compute capacity, nearly double a previously known figure, with Anthropic retaining the right to cancel most of the spending with 90 days' notice. Akamai committed $11.6 billion over seven years to run Anthropic compute workloads, with an option for an additional $9 billion tied to future spend milestones. Anthropic's cofounders are seeking 50.1% voting control post-IPO, with the Long Term Benefit Trust also holding board appointment powers. Approximately a quarter of 2025 revenue came from just two clients, and many of Anthropic's largest customers are not bound by long-term contracts and could reduce or stop their spending at any time.