Anthropic Opens Accounts Ahead of IPO: Rapid Growth and Massive Losses

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The official announcement specifies the outlines of the operation, without determining the financial terms. Anthropic wants to list its Class A common stock on Nasdaq. Goldman Sachs and Morgan Stanley are among the contacts to obtain the preliminary prospectus when it becomes available.

Form S-1 presents in particular the activity, accounts, risks and capital structure of a company preparing a public offering. Its filing, however, does not mean that the shares can already be purchased. Anthropic clarifies that the registration statement has not yet entered into force.

The company announced on June 1, 2026 the confidential submission of a draft document to the SEC. The public filing therefore prolongs a procedure already initiated, rather than launching the examination of the file from scratch.

The amounts mentioned in the press must be distinguished from the confirmed terms. A raise of up to $100 billion and a valuation of between $1.5 trillion and $2 trillion have been reported, but Anthropic did not set any of these numbers in its press release. The timetable still depends on the procedure and market conditions.

Behind the stock market project, the accounts illustrate the cost of developing artificial intelligence. According to elements of the public filing, Anthropic achieved 16.3 billion dollars in turnover in the first half of 2026, after 4.6 billion for the whole of 2025.

The half-year net loss nevertheless reached $80.7 billion. A large part comes from an accounting adjustment: this amount therefore does not correspond entirely to money spent during these six months. It remains essential to distinguish net loss, operating income and cash consumption.

Investors should also review commitments to computing power providers. Developing and operating Claude requires significant capabilities, the financing of which supports commercial growth.

This dependence creates a complex relationship with large technology groups. Some combine the roles of investor, supplier, distributor and competitor. Their infrastructures support Anthropic's activity, while weighing on its costs and its margin for maneuver.

The planned introduction thus offers a concrete test for AI financing: high revenue growth in the face of considerable capital requirements. To appreciate the ANT file, the price offered and the ability to transform this growth into cash count as much as Claude's popularity. Volatility in sight on the US stock market…

An editorial article. Le Journal du Coin, the first French-speaking news media on cryptocurrency, Bitcoin, and blockchain protocols.

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