Anthropic files for IPO at reported $1.5 trillion to $2 trillion

Anthropic's filing caps a period of extraordinary growth that has been visible in its customer numbers as well as its revenue. The company says it now has more than 40 million customers overall, and the count of clients contributing more than $100,000 in sales over the trailing 12-month period has grown from about 20 at the end of 2023 to more than 11,900 as of September. That is a more than 59,400% increase over about three years, and Anthropic also counts more than 1,900 clients with trailing revenue above $1 million. The revenue line reflects that: $16.3 billion in the first six months of 2026, up 1,300% year over year.

The cost side tells a more complicated story. Total operating expenses reached almost $17 billion in the first half, up about 415% year over year, so revenue is growing faster than expenses. But the net loss of $80.7 billion worsened by 523% from the comparable period a year earlier, and most of that loss came from non-cash fair value charges on convertible notes, driven by Anthropic's soaring value. If revenue growth continues to significantly outpace expenses, the company could eventually turn a profit.

The valuation question is where the SpaceX example becomes relevant. SpaceX went public on June 12 and set a new record for the largest IPO ever, and its stock has since traded above its $135 IPO price but below its $150 market debut and well below the $161 level at the end of its first day. For Anthropic, the reported $1.5 trillion to $2 trillion range would imply a price-to-sales ratio of about 101.5 at the high end, based on trailing revenue as of June 30. That multiple may reflect confidence in the company's ability to tap into a large AI opportunity, but it also means investors who wait several months, or even years, before buying shares may face a different risk-reward calculation than those who rush in on day one.