Anthropic files S-1 for Nasdaq IPO, with analysts weighing its economics

Anthropic has filed its S-1 to go public on the Nasdaq. Host Nilay Patel said the listing could begin trading next month at a valuation of between $1.5 trillion and $2 trillion. The hundreds of pages in the filing lay out the finances of a frontier AI lab for the first time in detail.

Brookhart said annualized recurring revenue is above $70 billion, and that inference gross margin has moved from negative 94 percent two years ago to positive 85 percent. He said Anthropic reported an 11 percent non-GAAP EBITA margin and burned about $10 billion of cash. An $80 billion loss in the first half of 2026 comes mostly from a non-cash charge tied to warrants and convertible notes as the valuation rose.

Anthropic rents most of its compute from other clouds, including SpaceXAI, Google and Amazon, and the S-1 lists those commitments. Brookhart said coding accounts for much of current spending, and that reaching a $1 trillion revenue level would require spending on broader white-collar work. He also said the company expects to issue more shares over time.

Developers now have audited figures showing how a major model API provider's margins depend on compute costs and token throughput. Brookhart said only coders are allowed to use frontier models at many enterprises, while non-coders are often limited to Sonnet, which affects which models agent products can count on. Public-market pressure may also push Anthropic toward lower margins to fund training, so pricing and model lineups could change.