CoreWeave Shares Rise 5.7% After Anthropic Files for Expected IPO
Key Facts
CoreWeave shares rose 5.7% after Anthropic filed paperwork for an initial public offering, according to a Reuters report published on October 26, 2026. The company filed an S-1 registration statement with the U.S. Securities and Exchange Commission the same day in preparation for the offering. Nebius Group shares also rose 2.3% after the filing, Reuters reported. CoreWeave shares closed at $55.19 on October 26, according to EL7 data. Shares of artificial intelligence infrastructure companies rose as investors remained concerned about debt-financed infrastructure spending.
The filing showed that Anthropic held $112.4 billion in cash and cash equivalents, plus $19.3 billion in short-term investments, as of June 30, 2026. In the first half of the year, the company reported revenue of $16.286 billion, compared with $1.163 billion in the same period of 2025, an annual increase of 1,300%. Anthropic attributed the growth to model and product releases that increased usage, expansion and adoption. Its revenue in the quarter ended June 30 also rose 1,368% year over year, Reuters reported. At the same time, the company warned that its revenue growth rate could decline and fluctuate.
Computing and infrastructure expenses rose to $8.945 billion in the first half of 2026, equivalent to 55% of revenue, according to the registration statement. In the comparable period of 2025, those expenses were $2.334 billion, or 201% of revenue. Anthropic said the increase was related to the delivery of computing capacity it had previously committed to. As the ratio of these expenses to revenue declines, the company said it expects its capital expenditures to rise substantially as it continues to expand. This places revenue growth and liquidity alongside the company’s ongoing need to build computing and infrastructure capacity.
Anthropic’s growth extended to its corporate customer base; the company said more than half of Fortune 500 companies and more than 30% of Global 2000 companies generated at least $100,000 in revenue per customer during the 12 months ended September 30. The Associated Press reported that about 250 customers each generated revenue of $10 million or more in the year before the filing. But the five largest customers accounted for about 25% of the company’s revenue in 2026, according to the agency. This customer concentration stands out in the rapid growth picture presented in the IPO filing. The Associated Press also reported that the seven founders will collectively retain 50.1% of voting power after the offering through Class F shares reserved for an entity created by the founders.
Meanwhile, Reuters reported that some investors cut their estimates of Anthropic’s valuation to about $1.5 trillion, from about $2 trillion a week earlier, after the company disclosed financial data at an investor event. The company did not specify the terms of the offering in the filing, according to Reuters. The agency said Anthropic’s net losses totaled $80.7 billion in the first half of 2026, while its operating loss was $693 million. On an adjusted basis, the company reported operating income of $1.62 billion, after an adjusted operating loss of $1.85 billion in the comparable period of 2025. The IPO filing also pointed to the company’s reliance on a limited number of cloud service providers, including Amazon, Google and Microsoft, and on Broadcom for computing and infrastructure components; the company said these relationships could create “potential dependencies and vulnerabilities.”
The Associated Press said the filing sets the stage for a planned listing the following month, but the final valuation and IPO price had not yet been determined. Reuters had reported before the filing that the company was targeting a mid-November offering, with share marketing potentially beginning in the week of November 9, while the timing and plan remained subject to change. Anthropic will trade on Nasdaq under the symbol ANT after completing the offering, Reuters said. The move came in a market where volatility had weakened the autumn IPO calendar, while higher borrowing costs increased investor concerns about the debt-financed artificial intelligence investment boom. In morning trading on October 26, the S&P 500 rose 0.5%, and U.S. stock futures also received a brief boost after the IPO filing was published, according to Reuters.