Anthropic will publicly release its IPO prospectus on October 26

AI company Anthropic is expected to publicly file its IPO prospectus on October 26, U.S. time, with plans to go public in mid-November. The company submitted documents to the U.S. SEC in secret this June. There was previous market discussion of a $2 trillion valuation; however, as AI-related stocks have come under pressure, some investors have recently lowered their expectations to about $1.5 trillion. The prospectus has not yet been officially released, but Reuters and The Wall Street Journal have obtained a draft.

In the first half of this year, revenue was $16.3 billion, compared to $1.1 billion in the same period last year. The net loss during the same period was $80.7 billion, of which about $72 billion came from valuation adjustments of financing instruments such as convertible bonds, rather than actual cash burned. Revenue for the third quarter was $16.8 billion, a quarter-over-quarter increase of about 45%, with the previous quarter's growth exceeding 140%. The company stated that it achieved profitability in the third quarter on an adjusted basis.

Future commitments for infrastructure such as cloud computing, chips, and data centers have exceeded $60 billion and will occur over the coming years. By 2025, 47% of revenue will be generated through Amazon and Google's cloud platforms, which are both investors and computing power suppliers. The company plans to allow the seven co-founders to collectively hold 50.1% of the voting rights through a special equity structure, while a long-term public trust composed of non-shareholders will still have the authority to appoint and dismiss the majority of board members. The formal prospectus will need to further clarify the actual revenue contributions from the two major clients, the specific costs of computing power contracts, and whether existing shareholders can sell their stocks first at the time of the IPO.