Anthropic has confidentially filed an S-1 with the U.S. SEC and plans to list on Nasdaq after November's U.S. midterm elections, seeking up to $100 billion in proceeds at a target valuation above $2 trillion, according to multiple media reports cited in the republished commentary. The same account says the company booked $4.6 billion in 2025 revenue (up about 12x year over year) with roughly $65 billion in annualized revenue, but a net loss of about $42 billion — around $34 billion of it non-cash accounting charges — plus some $518 billion in future compute and infrastructure commitments, 80% non-cancellable. It adds that about 47% of revenue flows through AWS and Google Cloud channels and nearly a quarter comes from two large customers, while firms such as PitchBook are said to see the valuation as unsupported by fundamentals.

Anthropic·SEC·Nasdaq·+5