The filing does not state how many shares Anthropic will sell or the target price. Growth is also slowing. A Forbes analysis found third-quarter revenue rose about 45% from the prior quarter, down from more than 140% in the second quarter. Reuters reports that some current and prospective investors value the company at about $1.5 trillion, down from roughly $2 trillion a week earlier. A Reuters-syndicated version puts the first-half loss at $66.3 billion, not $80.7 billion, and the S-1 must be checked to resolve the discrepancy. Earlier reports had pointed to a debut after the November midterms, but the company is now moving faster.
Attorneys should watch for the share count and price range in any amended filing, and for the reconciled loss figure. The prospectus also discloses a 2025 net loss of $42 billion, which includes a roughly $34 billion accounting charge, and $518 billion in planned cloud, computing and infrastructure obligations. Compute spending reached $7.33 billion last year, nearly triple 2024. Public scrutiny of AI safety is rising after a string of high-profile hacking incidents involving rogue agents, and the prospectus lists competition from other AI labs as a risk to "catastrophic or existential risks to humanity." The offering will also serve as a valuation benchmark for Wall Street's view of leading AI companies, including rival OpenAI.