Key facts
- Anthropic is targeting a valuation of up to $1.02 trillion, a figure Reuters calculated from shares disclosed in the filing.
- Anthropic said it has committed more than $600 billion in spending with about eight partners over a decade.
- The company committed at least $110 billion with Amazon, about $114.5 billion with Google and $44.9 billion with Microsoft over 7 to 10 years.
- Amazon has invested at least $13 billion in Anthropic and agreed to up to $20 billion more; Google committed up to $40 billion.
- A majority vote of Anthropic's seven co-founders will direct a Class F share carrying 50.1% of voting power.
- Ramp data showed Anthropic accounted for 60.5% of AI token spending in the week ended October 23.
Anthropic began the roadshow for its US initial public offering on November 10, 2026, seeking to raise as much as $64.4 billion, according to regulatory filings reported by Reuters. The Claude maker is targeting a valuation of up to $1.02 trillion, a figure Reuters calculated from outstanding shares disclosed in the filing.
The company had submitted a confidential filing in June. Its revenue reached $4.59 billion in 2025, up from $386 million a year earlier and $41 million in 2023, the filing showed. For the six months ended June 2026, revenue was $16.29 billion against $1.16 billion a year earlier.
Operating losses stood at $693 million in the first half of 2026, narrowing from $2.14 billion in the first half of 2025, as a fourteen-fold rise in revenue offset a fivefold increase in overall expenses, per the filing.
Computing power is Anthropic's largest expense, covering fees to Amazon Web Services and Google Cloud, data center facilities and capacity rentals, equipment leases and energy bills. The company said it has committed more than $600 billion in spending with about eight partners over a decade, and that many portions of those agreements are non-cancelable or require payment regardless of usage.
Those commitments include at least $110 billion with Amazon, about $114.5 billion with Google and $44.9 billion with Microsoft over the next 7 to 10 years. Amazon and Google are also among Anthropic's top shareholders: Amazon has invested at least $13 billion and agreed to put in up to $20 billion more, while Google has committed up to $40 billion.
Anthropic is a public benefit corporation, legally obligated to balance investor returns with developing AI for the benefit of humanity, and said it will keep that status after listing. An independent body elects a majority of its board. The company expects founders and an independent trust to retain control: a majority vote of its seven co-founders will direct a single Class F share carrying 50.1% of total voting power over key corporate matters, a structure the filing says could limit public shareholders' influence.
Dario Amodei is CEO; Daniela Amodei is president and chair of the board. Anthropic's most direct competitor is OpenAI, and it is also competing with SpaceX, Alphabet's Google and Meta. Ramp data showed Anthropic accounted for 60.5% of AI token spending in the week ended October 23, capturing a slice of business AI spending.