Anthropic Files for IPO as Quarterly Sales Hit $11.6 Billion
Anthropic PBC filed for an initial public offering on Monday, revealing second-quarter revenue of $11.6 billion and a $974 million operating profit as demand for its Claude artificial intelligence models surged.
Revenue for the three months ended June 30 rose from $787 million a year earlier and $4.73 billion in the first quarter, according to its registration statement. The operating profit compared with an operating loss of $1.2 billion in the same quarter last year.
The company nonetheless reported a second-quarter net loss of $66.3 billion, reflecting large financing-related accounting charges. For the first half, its net loss widened to $80.75 billion from $12.97 billion, including a $72.39 billion charge from changes in the fair value of convertible notes, derivative liabilities and other financing instruments. Anthropic said that charge primarily reflected an increase in its enterprise valuation, rather than cash spent running the business.
Anthropic applied to list its Class A shares on the Nasdaq Global Select Market under the symbol “ANT.” It did not disclose the number of shares to be sold or an expected price range. Goldman Sachs and Morgan Stanley head the list of underwriters.
The filing gives prospective investors a detailed view of the revenue growth, spending and funding behind one of OpenAI’s main competitors. Anthropic sells access to Claude through usage-based services and subscriptions, competing for business customers deploying AI to write software and automate work.
First-half revenue climbed 1,300% to $16.29 billion from $1.16 billion a year earlier. Its operating loss narrowed to $693 million from $2.14 billion.
Compute and infrastructure expenses rose 283% to $8.95 billion in the first six months. Even so, those costs fell to 55% of revenue from 201% a year earlier as sales expanded faster than spending. Anthropic warned that greater use of short-term computing capacity, which typically costs more, would compress operating margins in the near term.
The company reported first-half adjusted operating income of $1.62 billion, compared with an adjusted operating loss of $1.85 billion a year earlier. The latest figure excludes $2.19 billion of stock-based compensation and $126 million of noncash charitable contributions.
Operating cash flow turned positive at $3.93 billion in the first half, compared with an outflow of $1.51 billion a year earlier. Anthropic attributed the improvement to operating performance after noncash adjustments and working-capital changes, including the timing of customer receipts and vendor payments.
Anthropic held $112.39 billion in cash and cash equivalents and $19.26 billion in short-term investments at June 30. Financing activities provided $110.77 billion during the first half, primarily from preferred-stock issuance.
The company is also taking on substantial long-term computing obligations. It disclosed an agreement to spend at least about $114.5 billion with Google between April 2026 and July 2033, and a separate commitment of at least $44.9 billion with Microsoft between November 2026 and May 2033, regardless of actual usage.
Anthropic said it plans to use IPO proceeds for general corporate purposes, including computing infrastructure, operating expenses and hiring. The offering will include shares sold by the company and existing stockholders; Anthropic will receive no proceeds from the latter.
