Anthropic has formally entered the public markets process, with its draft S-1 registration statement — filed confidentially with the SEC in June and now partially disclosed — revealing $16.3 billion in first-half 2026 revenue, a figure that dwarfs the $1.1 billion it generated in the same six months of 2025. The company behind the Claude family of AI models is targeting a November listing at a valuation that investors and analysts have pegged near $2 trillion, which would make it one of the most valuable companies ever to go public.

The financial picture is characteristically double-edged for the AI sector. Against that revenue surge sits a net loss of $80.7 billion for the same period, though roughly $72 billion of that figure stems from non-cash accounting charges tied to changes in the value of convertible notes and other financial instruments rather than operating burn. The company reached adjusted profitability and positive cash flow in the third quarter of 2026, a milestone it shared with investors. Third-quarter revenue alone came in at $16.8 billion — meaning a single quarter nearly matched the entire first half.

The prospectus also flags significant concentration risk: approximately one-fifth of the $16.3 billion in first-half revenue came from just two customers, and Anthropic acknowledged that a limited client base will likely continue to generate a disproportionate share of income for the foreseeable future. The company also disclosed infrastructure commitments topping $600 billion and warned that it faces challenges securing enough compute from hyperscalers — Amazon, Google and Microsoft — which it said increasingly treat it as a competitor rather than a customer. October has otherwise been the slowest month of the year for IPOs, with markets waiting for Anthropic's debut.