Anthropic files for blockbuster IPO amid growth slowdown questions

Summarised from 2 outlets · Updated 30 Oct, 14:07 · Archive

AI company Anthropic has filed to go public in a $1.5 trillion flotation, though growth momentum has slowed.

Anthropic, the US artificial intelligence company, has filed for an IPO expected to value it at around $1.5 trillion. The 335-page prospectus reveals significant revenue generation, with $16.29 billion in the first half of 2026 against costs of revenue of $2.38 billion, implying a gross margin of 85 per cent. Up to 20 per cent of shares will be set aside for private investors.

CEO Dario Amodei and his sister Daniella, the president, are among six co-founders who each own over 200 million shares, potentially worth billions if valuations are realised. However, analysts have raised questions about the company's trajectory. Violeta Todorova at Leverage Shares told CNBC that first-half revenue of $16.29 billion compared with $1.16 billion in the same period of 2025, and questioned whether growth could sustain expectations. Michael Field at Morningstar noted the prospectus did not explain management's expectations around a sequential slowdown in growth rate.

Quarterly revenue growth slowed markedly: approximately 144 per cent in the second quarter compared to the first, followed by roughly 47 per cent in the third quarter. The prospectus states that substantially all cost of revenue is associated with compute and infrastructure costs. The IPO is arriving amid a broader tech sector downturn, with shares in Amazon, Alphabet and Intel having fallen in recent weeks.

How it is being reported

• Will Anthropic's IPO see shares soar like SpaceX or could the tech sell-off bring it crashing down to earth?Anthropic, the controversial US tech company behind the groundbreaking Claude artificial intelligence (AI) system, will be going public within weeks in a $1.5 trillion flotation.This is Money · 30 Oct, 13:42
• The big questions remaining after Anthropic’s blockbuster IPO prospectusUncertainties remain ahead of one of the most hotly anticipated IPOs in history.CNBC · 30 Oct, 12:27

In this story: Anthropic · Dario Amodei · Daniella Amodei · Claude · United States

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