Anthropic’s IPO filing puts the AI business model on display

Anthropic, the maker of Claude, has filed to list its shares on Nasdaq, though it has not yet set a price or number of shares. The filing makes the private company easier to read: revenue rose to $16.3 billion in the first half of 2026 from about $1.2 billion a year earlier, while its $80.7 billion net loss was driven largely by accounting revaluations of obligations linked to major partners’ investments. The deeper issue is the cost structure behind those sales: Anthropic is making vast multiyear commitments for the cloud capacity and chips needed to train and run its models, including with Amazon. The IPO is thus a test of whether public investors will fund a fast-growing AI business whose ability to compete depends on securing expensive computing power years in advance.