EL7.AI
StocksMedium•26 October 2026•
4 min read

Anthropic targets 9 a.m. filing of IPO prospectus as November offering looms

Key Facts

1Anthropic was expected to publicly file an S-1 registration statement at 9 a.m. Eastern time on October 26.
2Anthropic generated $16.3 billion in revenue in the first half of 2026, compared with $1.1 billion a year earlier, and recorded a net loss of $80.7 billion.
3Anthropic's long-term computing commitments exceeded $417 billion in early 2026, covering 3.5 gigawatts of dedicated capacity.
4Forty-seven percent of Anthropic's sales in 2025 went through Amazon and Google, both investors and computing suppliers as well as competitors.

Anthropic was expected to publicly file an S-1 registration statement at 9 a.m. Eastern time on Monday, October 26, Investing.com reported, citing Liz Claman of Fox Business. The filing was still expected when the report was published, so this is not news that it had been completed. Claman said the initial public offering could take place as soon as November 19 or 20. Reuters reported on October 22, citing people familiar with the matter, that the company was moving ahead with a targeted mid-November offering, with a public prospectus potentially available in late October. The sources cautioned that the plan and timing could change.

The public filing would mark a step toward a potential offering, but would not confirm that the shares will be listed or that the announced timing will be met. Anthropic said on June 1 that it had confidentially submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission for a proposed offering of its common stock. The company said the confidential filing gives it the option to proceed with the offering after the SEC completes its review, subject to market conditions and other factors. It added that the number of shares to be offered and their price had not yet been determined. Publication of the prospectus would allow those terms to be followed, along with the financial details provided by the company.

Expectations reported by Reuters indicate that official marketing of the shares could begin during the week of November 9, while Bloomberg said marketing could begin that week and trading could start before the U.S. Thanksgiving holiday on November 26. Bloomberg reported that the debut was expected no later than year-end. Claman said the offering could take place on November 19 or 20, and that she would provide further details on Fox Business at 3 p.m. Eastern time on October 26. These dates remain expectations reported by sources and news outlets, not a final schedule announced by the company. Reuters also reported that the public prospectus could be made available in late October.

Financial figures reported from a draft prospectus put the scale of growth alongside its cost. Anthropic generated about $4.6 billion in revenue in 2025, after revenue increased 12-fold, while operating losses exceeded $8 billion, according to Reuters. Axios reported that revenue reached $16.3 billion in the first half of 2026, compared with $1.1 billion in the same period a year earlier. The company also recorded a net loss of $80.7 billion in the first half of 2026, according to the report. The figures show revenue expanding alongside substantial losses as the company prepares for a potential offering.

Computing and infrastructure commitments stand out as a major part of the spending picture. According to a confidential version of the prospectus reviewed by Reuters, non-cancelable hosting and computing commitments totaled $54.6 billion at the end of 2025. Long-term commitments exceeded $417 billion in early 2026 and covered 3.5 gigawatts of dedicated computing capacity. Axios reported, citing a draft prospectus reviewed by The Wall Street Journal, that computing commitments could reach $750 billion over the coming years. The report added that the company already faces more than $600 billion in future infrastructure costs. These commitments put the company's computing needs at the center of the information expected in the offering prospectus.

The prospectus also reveals Anthropic's ties to computing suppliers that compete with it in artificial intelligence. Forty-seven percent of the company's sales in 2025 went through Amazon and Google, according to a confidential version of the prospectus reviewed by Reuters; both companies are investors and major computing suppliers, as well as competitors in AI. This comes as long-term computing commitments reported by Reuters and Axios expand. In a development related to its ownership structure, Anthropic announced on October 18 that it would allocate 5% of its shares to a new public-benefit fund, subject to shareholder approval. The company said its board could add 2% of the shares for each 50% increase in the company's value above a specified baseline.