NEW YORK--Anthropic took a big step closer to a potentially record-breaking IPO on Monday, even as it revealed steep losses and security concerns that could test investors' enthusiasm for the AI heavyweight.
AI has captured investors' imagination with the promise of a technological leap that could transform businesses, accelerate scientific breakthroughs and unlock vast productivity gains. That has fueled enormous investments in computing infrastructure and AI development, while also stoking skepticism over the scale and pace of the spending.
Anthropic's listing comes at a critical time for global markets as investors closely assess whether the billions of dollars being poured into the technology will generate returns to justify sky-high valuations. "There is still enormous excitement about AI's potential to transform businesses, turbocharge productivity and reshape entire industries, but investors are becoming more discerning," said Susannah Streeter, chief investment strategist at Wealth Club.
Anthropic's net loss in the first half of 2026 widened sharply to $80.7 billion, largely due to a non-operating item related to bonds convertible into the company's shares. Despite the huge expenses, its operating loss for the same period narrowed to $693 million and its adjusted operating income swung to a positive $1.62 billion compared with a loss of $1.85 billion a year ago.
The company, which is expected to go public before Thanksgiving, said its revenue grew a staggering 1,368% in the three months ended June 30 from a year ago, but it warned in the prospectus that its revenue growth rate could decline and fluctuate from time to time. The filing confirmed a series of Reuters exclusives that offered an early peek at its contents before Anthropic made it public, including details of its financial performance, growth trajectory and IPO plans.
Its prospectus details the risks from the powerful technology, from potential misuse and security threats to concerns that advanced systems could produce outputs that "could be interpreted as coercive, deceptive, or manipulative", including behaviour resembling blackmail. Anthropic CEO Dario Amodei has called for a slowdown in the development of AI.
Some current and prospective investors are valuing Anthropic at about $1.5 trillion, down from roughly $2 trillion a week ago, after the AI startup disclosed some financial details at a recent investor event. "The offering is for the faithful, that sooner or later, they're going to get some return on that invested capital," said Thomas Hayes, chairman at Great Hill Capital.
Anthropic's IPO currently stands alone in what was once expected to be a crowded fall listing market. Analysts said that would give it access to a deep pool of capital to fund its costly AI ambitions. "Anthropic's IPO will establish a benchmark for valuing leading AI labs, influencing both upcoming listings and confidence in the companies funding the AI infrastructure build-out," IPOX research associate Lukas Muehlbauer said.
Analysts expect valuations of the AI sector to correct as investor unease with the debt-fueled AI investment boom roils equity and debt markets. Higher borrowing costs and rising bond yields have also added to investor caution.
"Anthropic is entering an IPO market that is far more challenging than the summer. Investors were not questioning valuations the same way a few months ago," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs.
