Anthropic IPO Prospectus to be Released as Early as October 26

Anthropic will publicly release its IPO prospectus on October 26, U.S. time, with plans to go public in mid-November. The company submitted documents to the U.S. SEC back in June this year. The market had discussed a valuation of $2 trillion, but some investors have recently lowered their expectations to around $1.5 trillion. The draft prospectus shows that Anthropic's revenue for the first half of the year reached $16.3 billion, compared to $1.1 billion in the same period last year, with a net loss of $80.7 billion, of which about $72 billion came from valuation adjustments of convertible bonds and other financing instruments. Revenue for the third quarter was $16.8 billion, a quarter-on-quarter increase of about 45%, but the growth rate has slowed compared to the 140% increase in the previous quarter. The company claims to have achieved profitability on an adjusted basis, with future commitments for infrastructure in cloud computing, chips, and data centers exceeding $60 billion. By 2025, 47% of Anthropic's revenue will be generated through sales on Amazon and Google's cloud platforms, both of which are also its investors and computing power suppliers. In terms of control, the seven co-founders will hold 50.1% of the voting rights through a special equity structure, while a long-term public trust composed of non-shareholders can appoint or dismiss a majority of the board members. The formal prospectus will further clarify the actual revenue contributions from major clients, the specific costs of computing power contracts, and whether existing shareholders can sell their stocks first upon listing.

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