Anthropic files IPO application: target valuation of up to 2 trillion US dollars, 7-dollar Class F shares hold 50.1% of voting rights

Anthropic publicly filed its IPO application with the U.S. SEC on October 26, under the ticker ANT, targeting a valuation of $1.5 trillion to $2 trillion. The prospectus shows total signed compute contracts exceeding $800 billion, extending as far as 2045; contracts with Google, Amazon and Microsoft all include take-or-pay clauses, while about 80% of revenue is settled based on actual usage. Revenue in the first half of 2026 was $16.286 billion, with a net loss of $80.748 billion, of which about $72.388 billion came from fair value changes on convertible notes and similar items and does not involve cash outflows; adjusted net profit on a non-GAAP basis was $2.671 billion. Seven founders together contributed $7 to subscribe to 1 Class F share, with voting power fixed at 50.1% and not diluted by additional issuance; a long-term interest trust generally has the right to elect and remove four of the seven directors. The prospectus warns across more than 90 pages of risk factors that its technology could pose catastrophic or existential risk to humanity, and states that the entire insurance industry combined might be unable to underwrite it.