Anthropic files S-1 for Nasdaq listing at $1.5T–$2T valuation

The S-1 offers the first audited look at a frontier AI lab's finances. It shows a company that has scaled to $70 billion-plus in annualized recurring revenue and $1 trillion-plus valuation quickly. The margin improvement from negative 94 percent to positive 85 percent on inference reflects gains in token throughput across a diverse chip fleet, including Trainiums, TPUs, and GPUs. Still, the filing relies on ambitious assumptions about AI's adoption in white-collar work beyond coding, which remains the dominant use case today. Anthropic has committed $500 to $600 billion over 7 to 10 years to hyperscalers and neoclouds, and it has only burned $10 billion of cash while holding $120 billion-plus in cash and securities. The company's public-market debut will test whether investors accept those commitments and the AGI narrative behind them.