Anthropic's IPO faces new headwinds as AI spending worries hit Nasdaq

Anthropic's path to a Nasdaq listing faces new headwinds after hyperscaler partners Microsoft, Google, and Amazon reported quarterly results that intensified market jitters over AI spending, pushing the Nasdaq to its first three-week losing streak since March. The AI company unveiled its IPO prospectus this week, disclosing an $80 billion net loss for the first half of the year, substantial compute commitments, and over 90 pages of risk factors. Its partners also reported capital expenditure figures below analyst estimates, with Amazon posting negative free cash flow for a second straight quarter. Investors are increasingly questioning how AI spending translates into viable businesses, though strong cloud growth and Oracle's plan to limit fundraising offered some reassurance. Anthropic's prospectus showed 1,300% annual sales growth, but the broader IPO market remains largely frozen.