Anthropic IPO live updates: AI lab’s S-1 filing

Anthropic said it had 5,300 employees as of the end of Sept. 30, compared with 940 staffers as of the end of Dec. 31, 2024.

The company said it logged $6.6 million in revenue per employee for the trailing twelve months, which it said is a “reflection of what we believe is the deepest concentration of AI research talent in the world.”

The filing also touches on Anthropic’s corporate culture. The company said it refers to its employees internally as “Ants,” a nickname that “captures the collaborative, ego-light culture of the team.”

“Claude compounds that impact further: Ants use Claude across every function to take on work that would otherwise require substantially larger teams — allowing us to remain remarkably lean relative to our output,” according to the filing.

Anthropic said it’s “one of the most intensive users of our own technology.” More than 90% of contributions to its codebase in September “were written by Claude,” the company said.

— Annie Palmer

The only two companies Anthropic named as competitors in its prospectus are OpenAI and Google.

“We face direct competition from companies building frontier models for third-party software developers and enterprises, including OpenAI and Google, and large, well-capitalized technology companies investing to reach the frontier,” Anthropic said.

Additionally, the company said it faces competition from a “broader set of model providers,” including open-weight or open-source models.

—Ari Levy

Anthropic said the geographic concentration of advanced chip manufacturing in Taiwan, particularly at Taiwan Semiconductor Manufacturing Company, is a risk to its business.

The company said it could be impacted by natural disasters in Taiwan, potential disruption from geopolitical tensions with China, disruptions to its power grid or other critical infrastructure, as well as trade regulations or restrictions.

“Accordingly, any restrictions or delays on the supply of advanced chips out of Taiwan or TSMC would adversely affect our business, financial condition, and results of operations.”

—Ashley Capoot

The Amodei siblings — Dario and Daniela — along with Anthropic’s five other co-founders will be the “sole members of” Founder LLC, which will hold 50.1% of the voting power of outstanding shares, the filing said.

The other members of the LLC are:

• Tom Brown, chief compute officer
• Jack Clark, head of Anthropic Institute
• Jared Kaplan, chief science officer
• Sam McCandish, chief architect
• Christopher Olah, head of interpretability research efforts

The group owns in total about 1.7 billion Class A shares.

—Ari Levy

Anthropic will pay SpaceX around $3.1 billion per month to “access compute powered by NVIDIA GPUs,” once all promised capacity is delivered, the filing said. The company has agreed to spend up to $120.5 billion over a period extending into 2029.

Anthropic’s filing said the company has other agreements with Microsoft, Nscale, Lambda and other cloud providers to provide “compute capacity powered by Nvidia GPUS.”

SpaceX said in its third-quarter financial filing last week that a customer, which is Anthropic, paid the company just over $5 billion, or 34.5% of its total $14.58 billion in revenue for the quarter.

SpaceX previously said Anthropic would spend up to $1.25 billion per month on cloud compute capacity at the company’s Colossus data centers in the area around Memphis, Tennessee.

—Lora Kolodny

Anthropic said it intends to use the net proceeds from the offering for “general corporate purposes,” including capital expenditures, working capital, operating expenses and hiring and retention of “highly skilled personnel.”

The company said it may also use a portion of the net proceeds to “acquire or invest in businesses, products, services, or technologies.”

“However, we do not have agreements or commitments for any material acquisitions or investments at this time,” the filing says.

—Ashley Capoot

According to Monday’s filing, Amodei’s compensation totaled $17.96 million in 2025, with the vast majority coming from stock and options awards. His base salary was $654,167.

His sister, Daniela Amodei, was the second-highest paid executive at $16.4 million for 2025. Her base salary is the same as her brother’s.

Both Dario Amodei and Daniela Amodei received raises in 2025 and two pay bumps this year. Both executives’ base salary was increased to $1.38 million, effective July 1, according to the release.

Anthropic CFO Krishna Rao earned a base salary of $706,250 in 2025, and following several salary increases, his base salary now reaches $1.25 million, effective July 1.

— Annie Palmer

Microsoft announced plans to invest $5 billion in Anthropic last November in a funding round valuing the lab in the range of $350 billion. In May, Anthropic said it had raised funds at a $965 billion valuation, and weeks later, Microsoft disclosed a $3.2 billion gain on its stake.

At the time of its investment announcement last year, Microsoft said Anthropic would bring its Claude large language models to the Microsoft Azure cloud, widening access to software developers. Plus, Anthropic signed on to spend $30 billion on Azure and contracting as much as a gigawatt worth of additional computing power.

Anthropic and Microsoft have modified the November 2025 agreement such that Anthropic now intends to spend with Microsoft at least $44.9 billion between November 2026 and May 2023. The deal can’t be canceled unless Microsoft has an uncured material breach or an undelivered tranche.

Anthropic said in Monday’s prospectus that it pays fees to Microsoft — plus Amazon and Google — in a joint go-to-market arrangement to gain a direct relationship with customers.

Plus, Anthropic counts on Microsoft, as well as Amazon, Google and Broadcom, for computing power in relationships that “create dependencies and potential vulnerabilities.”

Microsoft has integrated Claude models into the GitHub Copilot coding tool, the Foundry model garden and Copilot Cowork, a product that takes on complex productivity tasks. At the same time, Microsoft has been advertising the capabilities of models it has built in house, at times touting advantages over Anthropic alternatives.

“Amazon, Google, and Microsoft each offer AI services and develop and deploy competing AI models through their respective cloud platforms,” Anthropic said.

Additionally, Christopher Liddell, a former Microsoft finance chief, joined Anthropic’s board in February, according to the filing.

“To the extent these CSPs promote, integrate, prioritize, or provide customer access to our models, platform, and applications on terms that are less favorable than those applicable to their own competing offerings or to the offerings of other companies, including with respect to pricing, commercial terms, product placement, integration, or access to compute or sales incentives, our competitive position, customer adoption, and business results could be adversely affected,” Anthropic said.

— Jordan Novet

Anthropic said it has a novel capital and corporate governance structure that “has no direct public company precedent.”

“Our governance structure is likely to have the effect of limiting the likelihood of an unsolicited merger proposal, unsolicited tender offer, or proxy contest for the removal of directors,” the filing said. “As a result, our governance structure may make it more difficult to replace our directors and management and may have the effect of depriving our stockholders of an opportunity to sell their shares at a premium over prevailing market prices.”

—Ashley Capoot

Sinan Aral, MIT Sloan Professor and AI investor, said on CNBC’s “Squawk Box” that Anthropic’s ability to be profitable in the enterprise space will determine whether it’s an attractive prospect for investors.

“If you think about the $1.5 to $2 trillion valuation, that’s approximately from the low to high end a 22 times to 30 times revenue multiple. So the future growth and the profit of this company are being priced in that kind of valuation,” Aral said.

“The question is, where is the enduring value? And I think the enduring value is going to come from companies that can demonstrate enterprise profitability, productivity, and actual value add, rather than just providing intelligence. I think Anthropic is on the way to doing that … and I think that is where it will succeed and fail.”

— Caleigh Keating

With so many companies relying on Anthropic, the company can say that its business has greater diversification than top artificial intelligence chipmaker Nvidia.

“No single customer represented more than 10% of our revenue for the nine months ended September 30, 2026,” Anthropic said in its IPO prospectus.

Nvidia, by comparison, had five clients that were contributing at least 10% of accounts receivable as of July, according to a filing.

Anthropic, for its part, reported that five customers accounted for about a quarter of its revenue for the first nine months of 2026.

“We anticipate that we will continue to derive a significant portion of our revenue from a limited number of customers for the foreseeable future, and in some cases, the portion of our revenue attributable to certain customers may increase in the future,” the AI lab said in the prospectus.

At the end of 2026, revenue from customers that buy through cloud marketplaces represented 48% of revenue, the filing shows.

— Jordan Novet

Anthropic said it lost a staggering $80.7 billion in the first six months of this year, after losing $12.9 billion over the same stretch in 2025.

The total largely reflects accounting charges related to changes in the value of convertible notes, “resulting from an increase in our enterprise valuation during each of the respective periods,” Anthropic said.

For all of 2025, the company lost about $41.9 billion, widening from a loss of $8.3 billion in 2024.

— Annie Palmer

Anthropic said revenue increased 1,304% to $16.29 billion in the six months ended June 30, up from $1.16 billion during the same period a year earlier. Revenue for all of last year jumped 1,089% to $4.59 billion.

—Ashley Capoot

At the top of the prospectus for Anthropic’s historic initial public offering, the two biggest investment banks for technology IPOs receive the largest billing. The lead left, as the term is called for the underwriter listed first, is Goldman Sachs. On the right is Morgan Stanley.

Others banks participating in the share float include JP Morgan, Citigroup, Barclays, Wells Fargo, Bank of America, Deutsche Bank, RBC Capital Markets, UBS Investment Bank, BMO Capital Markets, BNP Paribas, Credit Agricole CIB, Jefferies, Mizuho, MUFG, Societe Generale, TD Securities, BTIG, Cantor, Capital One Securities and Macquarie Capital.

— Jordan Novet

Amodei grew up in San Francisco and earned his doctorate degree in biophysics from Princeton University. 

Prior to starting Anthropic, Amodei, now 43, worked as a senior research scientist at Google Brain, which is now part of AI unit Google DeepMind. Amodei also spent more than four years at OpenAI, where he led the development of models including GPT-2 and GPT-3.

His sister, Daniela Amodei, is another Anthropic co-founder and serves as the company’s president.

—Ashley Capoot

Anthropic closed its last funding round in May, when it raised $65 billion at a $965 billion valuation. The financing was led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital, and nearly tripled Anthropic’s valuation from February, when the company was worth $380 billion. 

The round was particularly notable because it pushed Anthropic’s valuation above OpenAI’s for the first time. OpenAI was valued at $852 billion in late March after closing a record-breaking $122 billion funding round. 

—Ashley Capoot