Anthropic IPO: AI giant, Anthropic moves towards a blockbuster US IPO, the company has opened its books to investors. The company publicly filed for its offering on Monday after submitting confidential paperwork in June.
Founded in 2021 by former OpenAI researchers, including siblings Dario and Daniela Amodei, Anthropic is the developer of the Claude family of AI models. Its product lineup spans four model tiers, Fable, Opus, Sonnet and Haiku, which power applications ranging from chatbots and coding assistants to enterprise-focused AI agents.
Anthropic’s early emphasis on coding-focused AI models has helped establish it as a leading player in the global AI race. The bulk of its revenue comes from businesses that pay for AI usage based on the volume of data, or “tokens,” processed by its models. The company also generates income through premium subscription offerings such as Claude Pro and Claude Max.
According to company, Anthropic’s revenue jumped to USD 4.59 billion in 2025, up from USD 386 million in 2024 and USD 41 million in 2023. Growth accelerated further in 2026, with revenue reaching USD 16.29 billion in the first six months of the year, compared with USD 1.16 billion in the same period a year earlier.
While the company remains unprofitable, its financial performance has shown signs of improvement. Reuters reported that Anthropic’s operating loss narrowed to USD 693 million in the first half of 2026 from USD 2.14 billion a year earlier, as a fourteen-fold surge in revenue outpaced a five-fold increase in overall expenses.
Anthroipc’s revenue and loss
According to Reuters, Anthropic’s revenue has grown over the past few years, rising from just USD 40 million in 2023 to USD 16.29 billion in the first half of 2026.
At the same time, the company has continued to post operating losses, but those losses have narrowed significantly to USD 690 million in H1 2026 from USD 8.06 billion in 2025. The improvement was driven by revenue growth outpacing expense increases, helping Anthropic move closer to profitability.
Anthropic’s revenue grew rapidly, but lagged behind its investment in compute?
Anthropic has consistently spent more on compute and infrastructure than it has generated in revenue, highlighting its aggressive investment in AI capabilities.
While revenue grew from USD 40 million in 2023 to USD 4.59 billion in 2025, compute and infrastructure expenses rose even faster, increasing from USD 430 million to USD 7.33 billion during the same period, according to Reuters.
Anthropic has pledged to invest hundreds of billions of dollars in compute deals.
Anthropic has committed to hundreds of billions of dollars in long-term compute and infrastructure agreements to support its AI expansion.
The company’s largest commitments include a USD 161.2 billion, five-year deal with Broadcom, a USD 120.5 billion agreement with SpaceX, USD 114.5 billion with Google, and USD 110 billion with Amazon.
Additional commitments include USD 44.9 billion with Microsoft, USD 44.6 billion with Nscale, USD 41.3 billion with Lambda, and at least USD 20 billion with AMD.
However, some of these companies are also among its biggest backers. Amazon and Google are key shareholders in Anthropic. This is another example of the ‘circular financing structure’ that has dominated capital flows within the AI industry.
Amazon has invested at least USD 13 billion in Anthropic and has agreed to invest an additional amount of up to USD 20 billion. Google has pledged to invest up to USD 40 billion in Anthropic.
According to company filings and data compiled by CNBC, Anthropic’s fundraising accelerated sharply ahead of its planned IPO, with individual funding rounds growing from less than USD 1 billion in 2022-23 to USD 65 billion in 2026.
The company’s valuation also surged during this period, rising from USD 18.4 billion in late 2023 to USD 965 billion post-money in 2026, reflecting strong investor confidence in the AI startup’s growth prospects.
Anthropic’s governance and structure
Anthropic is a Public Benefit Corporation (PBC), which means it is legally required to balance its profit goals for investors with its mission to develop AI for the benefit of humanity. An independent body elects the majority of its board.
The company is led by Dario Amodei as CEO and his sister Daniela Amodei as President and Chair of the Board, and it will continue to operate as a PBC even after going public.
It plans to keep control with its founders and an independent trust, a structure that could limit oversight from investors and public shareholders. The company has said this concentration of control and capital is necessary to reduce the risks associated with AI.
Under this setup, a majority vote of its seven co-founders will control a single Class F share that carries 50.1 per cent of the total voting power on key corporate decisions, including the election of some board directors and other matters put to investors.
Anthropic leads paid AI subscriptions among US businesses
Anthropic has overtaken OpenAI in paid AI business subscriptions among U.S. businesses. Anthropic’s share rose sharply to 43.8 per cent in 2026, surpassing OpenAI’s 40.6 per cent, while competitors such as xAI, DeepSeek and Mistral AI held much smaller shares of 4.1 per cent, 0.3 per cent and 0.2 per cent, respectively. The data highlights the intensifying race for enterprise AI adoption, with Anthropic emerging as the leading provider in the paid business subscription segment.
Anthropic vs OpenAI vs xAIDeepseek
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Anthropic AI Subscriptions.