Anthropic’s IPO prospectus shows $16.3 billion in revenue, an $80.7 billion net loss, and goal of an ‘age of miracles’

Anthropic filed the paperwork for its hotly anticipated public stock offering on Monday, providing the first detailed look at its finances in a voluminous, and at times slightly surreal, document that describes a coming “age of miracles” alongside warnings of “existential risks to society.”

The S-1 filing, which starts the countdown clock to what’s expected to be one of the largest IPOs of all time, reveals a company whose revenue grew an astounding 1,300% in the first half of the year, totaling $16.3 billion, thanks to booming demand for its Claude family of AI products, as well as massive computing expenses and deep losses.

“We expect our costs will increase over time and our losses will continue as we expect to invest significant resources towards growing our business and operating as a public company,” Anthropic warned in the S-1’s lengthy list of risk factors. The San Francisco-based company, founded in 2021, had 5,300 employees at the end of September, with power firmly concentrated in the hands of its seven cofounders thanks to a special multi-class share structure.

Anthropic plans to list on the Nasdaq under the ticker “ANT,” and is expected to target a Thanksgiving week debut. The offering means that Anthropic will list shares before arch-rival OpenAI, the maker of ChatGPT, from which Anthropic’s founders defected five years ago to launch their company.

While the filing does not specify the price or the number of shares Anthropic intends to sell, as is customary at this stage in the process, media reports in recent weeks have said the company is targeting a valuation somewhere between $1.5 trillion and $2 trillion. That could put it above Elon Musk’s SpaceX, which was valued at $1.77 trillion in its June IPO. (Some investors have even predicted Anthropic could pop in valuation to as high as $2.4 trillion in market value once it starts trading.)

Anthropic recorded a net loss of $80.7 billion for the six months through June 2026. That figure is one of the largest half-year losses any company has ever recorded. But most of that loss—$72.4 billion—is due to an accounting charge to reflect the increased value of convertible notes Anthropic has issued.

The flood of red ink is less severe on an operating basis: Anthropic’s operating losses narrowed to $693 million in the six months through June, compared to $2.1 billion for the same period of 2025. Anthropic said that on an adjusted basis—which excludes stock-based compensation expenses, non-cash charitable contributions, and legal settlement expenses—it was profitable in the first half of the year, making $1.6 billion in operating income, or about a 10% profit margin.

The company also reported that it generated positive cash flow from operations for the first time in the six months through June, generating $3.9 billion in cash, compared to a negative cash flow of $1.5 billion in the same period of 2025.

“Our aim is to help humankind chart a safe course through this technological evolution, open new frontiers of discovery, and bring forth an age of miracles,” the company’s cofounders wrote in an 8-page letter at the top of the prospectus.

Risks factors 

Anthropic’s business has surged over the past few years thanks to the popularity of its large language models which have proven particularly popular with business customers.

“As we deliver more capable models, customers have expanded their usage into new use cases and increased their spending accordingly,” Anthropic said in the S-1.

The prospectus touted thousands of business customers, but also underscored Anthropic’s dependence on a few very large customers, some of which also happen to be its competitors. The company’s top five customers accounted for about 25% of revenue in the first nine months of 2026, and nearly half of its revenue flows through cloud marketplaces run by Amazon, Google, and Microsoft.

“Many of our competitors offer diverse product portfolios across multiple business lines or pursue broader development across AI modalities, enabling them to offset weaknesses in a particular area,” Anthropic noted in the filing’s “risk factors”section. In contrast, Anthropic continued, “any decline in demand for our core offerings, whether due to competition, technological changes, pricing pressure, changes in customer demand, or other factors, would have a direct and disproportionate impact on our revenue and ability to achieve and sustain profitability.”

The company’s risk factor section takes up about 94 pages of the more than 300-page filing, covering everything from Anthropic’s reliance on a few large customers to its ongoing legal fight with the Department of War.

Anthropic also disclosed incidents where its model had gained unauthorized access to real outside world systems during security testing, and it estimated 5% to 7% of its revenue this year came from customers it later found were violating its usage policies. 

In one risk warning, Anthropic even warned that if employees—many of whom joined for its safety mission—come to feel the company isn’t living up to those values, it could face lower morale, departures, and trouble recruiting, which could slow its work. Last month, Anthropic employee Jacob Coxon resigned from the company saying that it and the entire AI industry were being reckless in the way they were building AI models and were “gambling with our lives.”

The lab also briefly touches on some of the existential risks posed by AI that have dominated headlines in the last few months. 

“Concerns have been raised both within our organization and by other researchers, regulators, policymakers, and industry participants that sufficiently advanced AI systems could, if not developed, deployed, and operated with appropriate safeguards, oversight, and security measures, pose catastrophic or existential risks to humanity, particularly if such systems were misused, replicated, weaponized, or allowed to operate with a high degree of autonomy,” the company wrote in its S-1.

Each of the seven co-founders has also pledged to give 80% of their personal Anthropic equity to philanthropic causes.

 This is a developing story, check back for updates.

This story was originally featured on Fortune.com