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There has never been a company like Anthropic. It owes almost $650 billion for computing, generates eye-popping revenue per employee and wants every investor to know that its product poses existential risks to humanity. Why it matters : The future of the AI race, the market and the global economy rest within Anthropic's IPO prospectus, where some of Silicon Valley's most seasoned investors found new reasons to be bullish. They also found warning signs. A wager on Anthropic is a bet not just that AI will deliver on its enormous promise, but that customers will keep spending at a rate that keeps pace with massive computing costs. It's also a bet that Anthropic can continue to deliver models good enough to justify premium prices, even as competition intensifies and cheaper alternatives improve. What they're saying : Reaching a valuation of $2 trillion would require 50% growth, according to Theory Ventures. "What is Anthropic worth?" Theory's Tomasz Tunguz asked rhetorically. "The case for a very large number is simple," he said, noting that the company grew quickly on a high margin and generated an operating profit. "The case against is equally simple," he added, noting its $637 billion of computing commitments, non-cancellable contracts and no guarantee of customer loyalty. Catch up quick: Monday's filing offered the most detailed public look yet at Anthropic's business , finances and risks as it prepares for a potentially record-setting IPO. (See what Claude and OpenAI's ChatGPT say about whether they'd invest). As Tunguz noted, the filing had fodder for a variety of perspectives. The good : Anthropic has nearly 2,000 customers with $1 million or more of revenue, and 250 with $10 million or more. Half the Fortune 500 pays the company $100,000 a year, and those customers spent less than 0.1% of their total expenses in the third quarter on Anthropic. "We are so early," Ben Bajarin, a longtime tech analyst, said on X. He pointed out that there are 300 million global businesses outside of China that spend almost $1.5 trillion on enterprise software annually. The company had more $130 billion in cash and short-term investments on hand as of June 30, about $10 billion less than the total it's raised, pointing to substantial financial discipline, some investors said. As noted, Anthropic had revenue per employee of $6.6 million as of the end of the third quarter, only slightly lower than Nvidia, which is typically seen as one of the most efficient operators in tech. Data: S&P Capital IQ Pro; Note: Calculated as trailing 12-month revenue divided by most recently reported annual headcount The bad (or maybe bad) : Anthropic's five largest customers accounted for approximately 25% of revenue during the first nine months of 2026. Many Anthropic customers pay by usage and don't make multi-year commitments. But the company's computing obligations extend for years and include minimum payments regardless of how much capacity it actually uses. Nearly 50% of Anthropic's first-half revenue came through cloud marketplaces operated by Amazon, Google and Microsoft — companies that are also investors, computing suppliers and competitors. That makes hyperscalers huge winners, since they collect revenue in multiple ways, once by providing compute and also as platform fee. The company said 5% to 7% of revenue in the first nine months of 2026 was from customers using Anthropic models in violation of its policies or against its terms of service. Some outside experts believe much of this is from distillation, the practice of querying a model an immense number of times for training purposes. The surprising/intruiging : Anthropic's deal with Elon Musk is expanding. According to Anthropic's paperwork, the company's payments to SpaceX are now seen reaching $3.1 billion a month and up to $120.5 billion on computing through 2029, up from $1.25 billion a month at the time of SpaceX's IPO filing. (Yes, but: Either side can cancel that deal with 90 days notice.) Anthropic has a ton of cash on its books. Its filing lists more than $134 billion in cash and similar securities. That represents nearly all the money the company has raised, leaving some to wonder if the company has been paying a lot of its bills with convertible notes. Others noted just how few of Anthropic's costs seem to be reflected in its so-called "cost of goods sold," which directly affects reported profit margins. CEO Dario Amodei received nearly $18 million in total compensation in 2025, while Anthropic disclosed millions in spending on personal security for its two top executives. And speaking of Amodei and his co-founders, the filing details an unusual succession plan in which they can nominate successors for their voting power, subject to approval from the other co-founders. The bottom line: Anthropic has demonstrated that demand for powerful AI can grow at a staggering rate. Its IPO will test whether investors believe that demand can remain strong enough, long enough, to pay for the enormous infrastructure being built to serve it.

With the AI trade sputtering of late and interest rates on the rise, Anthropic's IPO is taking on outsized importance.

The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF Anthropic filed for its IPO and expects to begin trading on the Nasdaq Global Select Market under the symbol ANT. The company's IPO will serve as a litmus test for investor demand for new equity tied to the AI trade, and its debut has become a focal point for hopes and fears over artificial intelligence. Anthropic's prospectus flagged various "risks to humanity" including attempts to "resist shutdown" and "conceal or manipulate information," and the company emphasized the potential for its AI to "behave in unintended, misaligned, or autonomous ways." On today's episode: Shirin Ghaffary, Bloomberg News AI Reporter Rudina Seseri, Founder and Managing Partner at Glasswing Ventures Axel Merk, President and Chief Investment Officer, Merk Investments Dave Lee, Bloomberg Opinion US Technology Columnist (Source: Bloomberg)

The Close brings you the latest news and analysis leading up to the final minutes and seconds before and after the closing bell on Wall Street. Today's guests are Russell Investments President & CIO Kate El-Hillow, Harbor Capital Advisors Portfolio Manager Justin Menne, ValueEdge Advisors Chair Nell Minow, Strategic Value Partners Founder & CIO Victor Khosla, Moderna CEO Stéphane Bancel, Barclays Head of US Equity Strategy, Global Equity Linked Strategies Venu Krishna, The IPO Initiative Director Jay Ritter, Willow Wealth CEO Mitch Caplan, Duke’s Mayo Company E. Yuri Hermida, Once Upon a Farm Co-Founder & Chief Brand Officer Jennifer Garner, & Edward Jones Head of Policy, Regulatory & Government Relations Andy Blocker. (Source: Bloomberg)

Welcome to The Hill's Business & Economy newsletter {beacon} Business & Economy Business & Economy The Big Story AI giant Anthropic files to go public Anthropic publicly filed for an initial public offering (IPO) on Monday morning in what is expected to be a historic stock market debut. © Markus Schreiber, The Associated Press...

The long-awaited S-1 filing from Anthropic has finally landed and, if all goes smoothly, it could bookend a year of two of the biggest IPOs in history. It may also restart a stalled IPO market that’s been waiting on it. Markets have been choppy in the runup to the mega-IPO from the first frontier AI lab to try and tap the public for much needed funding. Ed Ludlow, Bloomberg Tech Host and Seth Fiegerman, Bloomberg News AI Editor have the details. Plus, Axel Merk, President and Chief Investment Officer, Merk Investments says that markets are fundamentally misunderstanding the Warsh Fed. And Bloomberg Balance of Power co-hosts Joe Mathieu and Kailey Leinz preview US Midterms. (Source: Bloomberg)

We broke down the A.I. company’s key figures, which give insight into the health of its business, its future plans and who’s in charge.

Todd Sohn, chief ETF strategist at Baird Strategas, joins Scarlet Fu and Athanasios Psarofagis on "Bloomberg ETF IQ." They discuss Anthropic's IPO filing and iShares MSCI Brazil ETF (ticker: EWZ), which is falling today after incumbent Luiz Inácio Lula da Silva staged a surprising comeback in Sunday’s runoff, winning Brazil's presidential election. (Source: Bloomberg)

Looking beyond AI for the next big winner? This drug stock could be headed for a $2 trillion valuation.

An S&P 500 index without AI stocks is beating the traditional index. These sectors and stocks could be winners if the AI trade keeps fraying.

Bernstein and Deutsche Bank raised their price targets on SpaceX.

Meta announced that it is launching two new stock offerings to raise $95 billion for building out AI infrastructure, drawing interest from Nvidia.

Artificial intelligence startup Anthropic unveiled its public IPO filing for the first time ahead of what is expected to be one of the largest stock debuts in history. NBC News' Allie Canal reports on the details surrounding Anthropic ahead of its IPO.

The AI company, which makes the popular Claude chatbot, has filed for an initial public offering that could be one of the biggest ever.

SAN FRANCISCO (AP) — Artificial intelligence giant Anthropic filed papers Monday for what could be the biggest initial public offering of stock ever even as its top executive warns that advanced AI could pose an existential threat to humanity. The filing sets up the San Francisco company for a Wall Street debut next month, potentially [...]

Anthropic plans to list under the ticker symbol “ANT.”

Anthropic publicly filed for an initial public offering (IPO) on Monday morning in what is expected to be a historic stock market debut. The S-1 filing with the Securities and Exchange Commission (SEC) brings the Claude-maker a step closer to becoming the first large frontier AI lab to go public. It is expected to be...

As goes Apple, so goes the tech sector. For years, that was the case, but not anymore.

Tech firm announces two-part fundraising after Elon Musk warns hundreds of AI startups face collapse Business live – latest updates Mark Zuckerberg’s Meta has announced plans for a $95bn (£71bn) fundraising to cover its AI expenditure, even as Elon Musk warned that funding for smaller players in the sector was drying up. The owner of Facebook, Instagram and WhatsApp is a leading investor in AI and is ploughing multibillion-dollar sums into datacentres, the central nervous systems of the technology. Continue reading...

Meta Platforms is looking to raise $95 billion to fund its massive AI infrastructure buildout.

Meta plans to raise $95 billion to fund AI infrastructure and superintelligence, as Nvidia, AMD and Broadcom eye up to $5 billion in shares.

Jasper Zhang runs Hyperbolic, a GPU exchange building a software for "physical" AI futures

Investors are already questioning the debt-fueled expansion of neoclouds and whether the large AI infrastructure build-out will generate long-term returns.

Corporate America’s massive AI investments have delivered “zero financial payoff” outside the Magnificent 7, a new Apollo analysis found, intensifying investors’ fears over big AI spending ahead of critical Big Tech earnings this week.