Anthropic (ANTH.PVT) publicly filed its S-1 investor prospectus on Monday, ahead of its planned initial public offering later this fall under the ticker symbol "ANT."

The AI lab, helmed by CEO Dario Amodei, has exploded in popularity thanks to its Claude Code AI coding tool and Claude Cowork enterprise offering.

As of May, Anthropic was valued at $965 billion, more than rival OpenAI's (OPAI.PVT) $852 billion valuation in March.

Anthropic's S-1 provides potential investors with their first look at the company's financials, including how much it's spending on capital expenditures related to AI chips and data center leases, as well as how much revenue it's bringing in and what its largest sources are.

The AI lab has faced a number of controversies this year, including a run-in with the Trump administration over how the government can use the company's AI models, and current and former employees warning about the potential threat of killer AI. Though experts say those fears are overblown.

Anthropic's revenue more than doubled in a single quarter. Its computing bill didn't, and that pushed the AI lab to an operating profit for the first time.

Anthropic (ANTH.PVT) made $974 million from running its business in the second quarter, according to the IPO prospectus it filed Monday. That's operating income — what's left from sales after the costs of doing business, before accounting charges and other items. Three months earlier, the same line showed a $1.7 billion loss.

The swing came from a simple mismatch. Revenue jumped to $11.6 billion from $4.7 billion in the first quarter. The cost of the computing power that runs its Claude models rose far less, to $5.6 billion from $3.4 billion. Read more.

Anthropic (ANTH.PVT) says it is building its own data centers as part of an effort called Anthropic Direct.

The plan is designed to serve as a more "flexible use of capital by allowing us to separate our commitments for data center capacity from our commitments for the compute infrastructure deployed inside them, the company said in its S-1.

According to Anthropic, the initiative will represent a "growing share of our compute investments over time."

The move will also allow the company to backfill short-term compute agreements with its own more cost-effective compute during periods of high demand.

Anthropic's filing revealed that the company will allow insiders to trade shares as soon as the first trading day — an unusual step for a company going public.

Typically, after an IPO, insiders, early investors, and employees are required to wait 180 days before they can sell their shares.

Anthropic's lockup schedule, by comparison, allows some employees to trade on the first trading day, followed by lockup periods that expire on the 27th, 48th, 62nd, and 76th days.

While the 180-day period remains standard, earlier trading releases are becoming more common. Notably, SpaceX (SPCX) had a similar schedule of early share unlocks.

Anthropic's (ANTH.PVT) highly anticipated IPO comes as the cost of running AI models continues to decline, raising questions about pricing pressure amid intensifying competition.

The AI developer that makes the Claude chatbot publicly filed paperwork for an IPO on Monday.

Anthropic generates revenue primarily through usage-based pricing, metered in tokens. Customers are charged rates that vary by Claude model, as well as subscription fees for its products. The company said consumption-based revenue accounted for 80% of total revenue in the first half of 2026, and subscriptions contributed the remaining 20%.

In the risks section of its filing, the AI developer noted its future growth depends on its ability to attract new customers, retain existing customers, and expand sales.

"Even if we successfully attract new customers, we face significant challenges in retaining them," read the filing. Read more.

Stocks gained on Monday after AI developer Anthropic filed to go public.

The Tech (XLK) sector gained, with shares of chip giants Nvidia (NVDA), AMD (AMD), and Broadcom (AVGO) all jumping. Meta (META) stock declined after the social media giant revealed plans to raise up to $95 billion to fund its AI infrastructure build-out.

Here's a check of the markets in the first few minutes of trading, based on a heat map powered by Yahoo Finance AlphaSpace data. Read more.

Investors will have to get comfortable with a public Anthropic (ANTH.PVT) spending billions of dollars to support its AI vision.

There is a precedent for this in tech: Amazon (AMZN), which moved from bookstore to cloud computing powerhouse and online shopping behemoth.

"It [Anthropic's IPO's] reminds me of a kind of a couple of things. I got to work with Jeff Bezos for a long period of time. And he always said, 'We're willing to be misunderstood for long periods of time,'" Kleiner Perkins partner and Electronic Arts co-founder Bing Gordon said on Sozzi Unleashed. Gordon was also an early board member at Amazon.

"I was in the boardroom when we kept having to approve capex for AWS, kind of no profit in the short term. A lot of capex," Gordon added. "And there was one year where we said, oh my God, it's $75 billion in capex. That would be like the top 10th country in the world … The board was freaked out early on when we weren't showing free cash flow. We were investing in the future. And it is kind of like the Anthropic story. Invest in the future. The market is usually pretty bad at figuring out the three- or four-year-out returns. And so this is the bet that the capex is going to pay off in that three- or four-year period, as it did with AWS." Read more.

Anthropic (ANTH.PVT) on Monday filed paperwork for its blockbuster IPO, widely anticipated to be the largest in history, underscoring the massive expectations for the frontier AI lab and a testament to Wall Street's excitement around the AI transformation.

The documents, known as an S-1 (read the whole thing here), give us the clearest picture yet of Anthropic's business. The financials are fascinating — the company took in $16 billion while losing over $80 billion in the first half of the year — and the Terminator-esque warnings of AI safety are there.

But some of the juiciest parts come from the section on risk factors, which outline all the threats facing the company. But no one is more creatively pessimistic than a good securities lawyer. (One of those risks is from bad media coverage about, you guessed it, risks.)

There are plenty of obvious and boilerplate risks. But here are five unexpected risks Anthropic is worried about and that investors should keep a close eye on.

Anthropic's customer base is narrow and sensitive to downturns

Anthropic doesn't have other revenue like Meta, Google, or Amazon 

Anthropic is not interested in commodity AI

Sales, marketing, and UX might be more important than capability

Many Anthropic clients are allowed to suddenly terminate their contracts or lower usage

Read more.

Big Tech is pouring more than $700 billion into data centers this year. Anthropic (ANTH.PVT), one of its biggest customers, builds almost none of the ones it runs on.

The AI lab's IPO prospectus, filed Monday, shows it spent $482 million on its own property and equipment in the first half of 2026. It spent $8.9 billion renting computing from others, nearly four times as much as a year earlier.

The bigger numbers are still ahead. Anthropic has signed four deals it can't cancel worth about $430 billion, by Yahoo Finance calculations, and the largest isn't with a cloud giant. Broadcom (AVGO) leads at about $161 billion, ahead of Google (GOOG, GOOGL) at about $115 billion, Amazon (AMZN) at $110 billion, and Microsoft (MSFT) at about $45 billion. Read more.

Anthropic's long-awaited filing on Monday offered investors a fresh glimpse into the fortunes at stake for some of the biggest names in tech and finance ahead of the artificial intelligence startup's stock market debut.

The new filing details a financing agreement with Alphabet, Google's parent company (GOOG, GOOGL), that could provide Anthropic with up to $20 billion in additional funding.

The arrangement could be reduced by as much as $10 billion if Google exercises an option to purchase nonvoting Anthropic stock in a private placement alongside the IPO, at the offering price.

Google's financing agreement carries a 14.99% ownership cap, which the company can waive. No funds had been drawn under the arrangement as of June 30, according to the filing.

Amazon (AMZN), one of Anthropic's other biggest backers, holds approximately $6.2 billion in outstanding convertible notes that could become roughly 1.84 billion nonvoting shares when the AI startup completes its IPO, according to the filing.

Read more.

Anthropic (ANTH.PVT) has publicly filed its S-1 investment prospectus with the Securities and Exchange Commission, giving investors a look at the company's most important financial information ahead of its initial public offering.

Here are some of the key things we learned about the frontier AI lab, which is expected to be one of the the largest debuts of any public company:

The company will trade under the ticker symbol ANT.

Anthropic said it generated $16.3 billion in revenue in the six-month period ended in June, more than the $4.6 billion it saw in all of 2025.

Anthropic saw a net loss of $80.7 billion through June, though the vast majority of that was the result of accounting charges.

The company also spent $9 billion on AI infrastructure in the first six months of the year, ahead of the $7.3 billion it spent throughout 2025.

Roughly one-fifth of Anthropic's revenue came from two customers. The remainder came from a small handful of clients.

Read more.