Investors back Anthropic IPO despite AI risks and slowing growth

Investors reacted positively to Anthropic's IPO filing despite concerns about AI risks, with the company reporting a 10% adjusted operating margin for the first half of the year, though revenue growth slowed from Q2 to Q3. Analysts noted Anthropic's net losses are small even after stock-based compensation, with a net loss of $80.7 billion largely due to non-cash accounting for convertible debt. The company holds $112.4 billion in cash plus $19.3 billion in securities. Anthropic's S-1 warns it may not achieve profitability and highlights its public benefits corporation structure, which prioritizes responsible AI development over maximizing shareholder value. The IPO is expected in mid-to-late November, with Amazon, Alphabet, and Broadcom seen as key beneficiaries.