Anthropic IPO live updates: AI lab’s S-1 filing

With so many companies relying on Anthropic, the company can say that its business has greater diversification than top artificial intelligence chipmaker Nvidia.

“No single customer represented more than 10% of our revenue for the nine months ended September 30, 2026,” Anthropic said in its IPO prospectus.

Nvidia, by comparison, had five clients that were contributing at least 10% of accounts receivable as of July, according to a filing.

Anthropic, for its part, reported that five customers accounted for about a quarter of its revenue for the first nine months of 2026.

“We anticipate that we will continue to derive a significant portion of our revenue from a limited number of customers for the foreseeable future, and in some cases, the portion of our revenue attributable to certain customers may increase in the future,” the AI lab said in the prospectus.

At the end of 2026, revenue from customers that buy through cloud marketplaces represented 48% of revenue, the filing shows.

— Jordan Novet

Anthropic said it lost a staggering $80.7 billion in the first six months of this year, after losing $12.9 billion over the same stretch in 2025.

For all of 2025, the company lost about $41.9 billion, widening from a loss of $8.3 billion in 2024.

— Annie Palmer

Anthropic said revenue increased 1,304% to $16.29 billion in the six months ended June 30, up from $1.16 billion during the same period a year earlier. Revenue for all of last year jumped 1,089% to $4.59 billion.

—Ashley Capoot

At the top of the prospectus for Anthropic’s historic initial public offering, the two biggest investment banks for technology IPOs receive the largest billing. The lead left, as the term is called for the underwriter listed first, is Goldman Sachs. On the right is Morgan Stanley.

Others banks participating in the share float include JP Morgan, Citigroup, Barclays, Wells Fargo, Bank of America, Deutsche Bank, RBC Capital Markets, UBS Investment Bank, BMO Capital Markets, BNP Paribas, Credit Agricole CIB, Jefferies, Mizuho, MUFG, Societe Generale, TD Securities, BTIG, Cantor, Capital One Securities and Macquarie Capital.

— Jordan Novet

Amodei grew up in San Francisco and earned his doctorate degree in biophysics from Princeton University. 

Prior to starting Anthropic, Amodei, now 43, worked as a senior research scientist at Google Brain, which is now part of AI unit Google DeepMind. Amodei also spent more than four years at OpenAI, where he led the development of models including GPT-2 and GPT-3.

His sister, Daniela Amodei, is another Anthropic co-founder and serves as the company’s president.

—Ashley Capoot

Anthropic closed its last funding round in May, when it raised $65 billion at a $965 billion valuation. The financing was led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital, and nearly tripled Anthropic’s valuation from February, when the company was worth $380 billion. 

The round was particularly notable because it pushed Anthropic’s valuation above OpenAI’s for the first time. OpenAI was valued at $852 billion in late March after closing a record-breaking $122 billion funding round. 

—Ashley Capoot