Anthropic's IPO: Revenue Soars to $16.3B but Computing Costs Bite

Anthropic filed for its US initial public offering on Monday, setting up a market debut that will test investor appetite for funding its massive AI infrastructure spending amid debt-fueled industry concerns. The company, founded in 2021 by former OpenAI researchers, reported revenue of $16.29 billion for the first half of 2026, up from $4.59 billion in all of 2025, but posted an operating loss of $693 million in that period. Computing costs are its largest expense, with over $500 billion in decade-long commitments to partners including Amazon, Google, and Microsoft. Anthropic will remain a public benefit corporation after listing, with co-founders controlling 50.1% of voting power through a special share structure. It competes directly with OpenAI and held 60.1% of AI token spending by business customers in mid-October.