Overview
- Anthropic has confidentially filed an S‑1 and is preparing for a potential late‑2026 public offering after disclosing preliminary second‑quarter revenue of about $11.6 billion that analysts say pushes its annualized run rate above $65 billion.
- The company has told investors it expects roughly $190 billion to $200 billion in revenue for 2028, a projection Reuters reported that underpins unusually long forward revenue multiples bankers are using to value the IPO.
- Banks are syndicating a pre‑IPO revolving credit facility that people familiar with the matter say is set to exceed a $10 billion target, with lead banks being asked to commit about $1.25 billion each.
- Secondary trades, crypto perpetual contracts and some backers imply IPO valuations ranging from roughly $1.5 trillion up to $1.8 trillion and higher, while critics warn those marks rest on aggressive forecasts and unproven margin improvements.
- Key risks for public investors include Anthropic’s capital intensity for compute and model training, differing adjusted‑profit accounting that excludes stock‑based compensation, and reported plans to issue super‑voting shares to preserve founder control.