Anthropic may publicly disclose its IPO prospectus as early as Oct. 26 U.S. time and plans to list in mid-November. According to ChainCatcher, the AI company confidentially filed documents with the U.S. Securities and Exchange Commission in June this year. The prospectus has not been officially released, but Reuters and The Wall Street Journal have obtained a draft. A valuation of $2 trillion had previously been discussed, but some investors have recently lowered expectations to about $1.5 trillion as AI-related stocks come under pressure.

Anthropic reported revenue of $16.3 billion in the first half of this year, up from $1.1 billion in the same period last year. Its net loss was $80.7 billion, including about $72 billion from valuation adjustments to convertible notes and other financing instruments rather than cash burn. Third-quarter revenue reached $16.8 billion, up about 45% from the previous quarter, after growth of more than 140% in the preceding quarter. The company said it was profitable in the third quarter on an adjusted basis.

Anthropic’s future commitments for infrastructure, including cloud computing, chips and data centers, exceed $600 billion and will be incurred over several years. In 2025, 47% of its revenue came through Amazon’s and Google’s cloud platforms; both companies are also investors and computing-power suppliers. Anthropic plans to give its seven co-founders 50.1% of voting rights through a special share structure, while a long-term public-benefit trust made up of non-shareholders would retain the ability to appoint and remove a majority of the board. The final prospectus is expected to provide more details on the two major customers’ actual revenue contributions, the costs of computing contracts and whether existing shareholders can sell shares ahead of others at the time of the IPO.