Anthropic IPO analysis — what investors would be buying in one of the largest AI listings ever
- S-1 made public Oct. 26; Nasdaq ticker ANT. Price range and share count are still blank, and reports point to a listing from mid-November.
- First-half 2026 revenue was $16.3B (vs. $1.16B a year earlier). Of the $80.7B net loss, $72.4B is a non-cash revaluation of convertible notes.
- Founder voting control of 50.1%, $518B of compute and infrastructure commitments, and customer and cloud-partner concentration are the key risks flagged.