Anthropic IPO Live Updates: AI Lab S-1 Filing

Anthropic said it intends to use the net proceeds from the offering for “general corporate purposes,” including capital expenditures, working capital, operating expenses and hiring and retention of “highly qualified personnel.”

The company said it may also use a portion of the net proceeds to “acquire or invest in businesses, products, services or technologies.”

“However, we have no agreements or commitments for significant acquisitions or investments at this time,” the filing said.

—Ashley Capoot

According to the filing Monday, Amodei’s compensation was $17.96 million in 2025, with the vast majority coming from stock and option awards. His base salary was $654,167.

Her sister, Daniela Amodei, was the second highest-paid executive at $16.4 million for 2025. Her base salary is the same as her brother’s.

Dario Amodei and Daniela Amodei both received raises in 2025 and two pay increases this year. The two executives’ base salaries were increased to $1.38 million effective July 1, according to the release.

Anthropic CFO Krisha Rao earned a base salary of $706,250 in 2025, and after several salary increases, her base salary now reaches $1.25 million, effective July 1.

-Annie Palmer

Microsoft announced plans to invest $5 billion in Anthropic last November as part of a funding round that valued the lab at around $350 billion. In May, Anthropic announced it had raised funding at a valuation of $965 billion, and a few weeks later, Microsoft disclosed a $3.2 billion gain on its stake.

At the time of its investment announcement last year, Microsoft said Anthropic would bring its large Claude language models to the Microsoft Azure cloud, expanding access for software developers. Additionally, Anthropic has committed to spending $30 billion on Azure and contracting up to a gigawatt of additional computing power.

Anthropic and Microsoft amended the November 2025 agreement such that Anthropic now intends to spend with Microsoft at least $44.9 billion between November 2026 and May 2023. The agreement can only be canceled if Microsoft has an unresolved material breach or an undelivered tranche.

Anthropic said in Monday’s prospectus that it pays fees to Microsoft – as well as Amazon and Google – as part of a joint marketing agreement aimed at establishing a direct relationship with customers.

Additionally, Anthropic relies on Microsoft, as well as Amazon, Google and Broadcom, for computing power in relationships that “create potential dependencies and vulnerabilities.”

Microsoft has integrated Claude templates into the GitHub Copilot coding tool, the Foundry template garden, and Copilot Cowork, a product that supports complex productivity tasks. At the same time, Microsoft has promoted the capabilities of models it has built in-house, sometimes touting their advantages over Anthropic alternatives.

“Amazon, Google, and Microsoft each offer AI services and develop and deploy competing AI models through their respective cloud platforms,” Anthropic said.

Additionally, Christopher Liddell, former Microsoft CFO, joined Anthropic’s board in February, according to the filing.

“To the extent that these CSPs promote, integrate, prioritize or provide customer access to our models, platforms and applications on terms less favorable than those applicable to their own competitive offerings or the offerings of other companies, including with respect to pricing, commercial terms, product placement, integration or access to computing or commercial incentives, our competitive position, customer adoption and business results could be harmed,” Anthropic said.

— Jordan Novet

Anthropic said it has a new capital and corporate governance structure that “has no direct public company precedent.”

“Our governance structure will likely have the effect of limiting the likelihood of an unsolicited merger proposal, an unsolicited tender offer, or a proxy contest for the removal of directors,” the filing states. “As a result, our governance structure could make it more difficult to replace our directors and officers and could have the effect of depriving our shareholders of the opportunity to sell their shares at a price above prevailing market prices.”

—Ashley Capoot

Sinan Aral, an MIT Sloan professor and AI investor, said on CNBC’s “Squawk Box” that Anthropic’s ability to be profitable in the business space will determine whether it is an attractive prospect for investors.

“If you think about the $1.5 billion to $2 trillion valuation, that’s roughly, from the low end to the high end, a multiple of 22 to 30 times revenue. So the future growth and earnings of that company are factored into that kind of valuation,” Aral said.

“The question is, where is the sustainable value? And I think the sustainable value will come from companies that can demonstrate profitability, productivity and real business value, rather than just providing intelligence. I think Anthropic is on the right track to do that…and I think that’s where it will succeed and fail.”

— Caleigh Keating

With so many companies relying on Anthropic, the company can argue that its business is more diverse than that of leading artificial intelligence chip maker Nvidia.

“No single customer accounted for more than 10% of our revenue for the nine months ended September 30, 2026,” Anthropic said in its IPO prospectus.

Nvidia, by comparison, had five customers that contributed at least 10% of accounts receivable in July, according to a filing.

Anthropic, for its part, indicated that five customers represented approximately a quarter of its turnover for the first nine months of 2026.

“We expect that we will continue to derive a significant portion of our revenue from a limited number of customers for the foreseeable future and, in some cases, the share of our revenue attributable to certain customers may increase in the future,” the AI ​​lab said in the prospectus.

By the end of 2026, revenue from customers purchasing through cloud marketplaces accounted for 48% of revenue, according to the filing.

—Jordan Novet

Anthropic said it lost a whopping $80.7 billion in the first six months of this year, after losing $12.9 billion over the same period in 2025.

For all of 2025, the company lost about $41.9 billion, compared to $8.3 billion in 2024.

-Annie Palmer

Anthropic said its revenue rose 1,304% to $16.29 billion in the six months ended June 30, up from $1.16 billion in the same period a year earlier. Revenue for all of last year jumped 1,089% to $4.59 billion.

—Ashley Capoot

At the top of the prospectus for Anthropic’s historic IPO, the two biggest investment banks for tech IPOs receive the biggest billing. The leader on the left, as the underwriter listed first is called, is Goldman Sachs. On the right, Morgan Stanley.

Other banks participating in the float include JP Morgan, Citigroup, Barclays, Wells Fargo, Bank of America, Deutsche Bank, RBC Capital Markets, UBS Investment Bank, BMO Capital Markets, BNP Paribas, Crédit Agricole CIB, Jefferies, Mizuho, ​​MUFG, Société Générale, TD Securities, BTIG, Cantor, Capital One Securities and Macquarie Capital.

— Jordan Novet

Amodei grew up in San Francisco and received his doctorate in biophysics from Princeton University.

Before starting Anthropic, Amodei, now 43, worked as a senior research scientist at Google Brain, now part of Google’s AI unit DeepMind. Amodei also spent over four years at OpenAI, where he led the development of models including GPT-2 and GPT-3.

Her sister, Daniela Amodei, is another co-founder of Anthropic and serves as the company’s president.

—Ashley Capoot

Anthropic closed its latest funding round in May, when it raised $65 billion at a valuation of $965 billion. The funding was led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital, and nearly tripled Anthropic’s valuation from February, when the company was worth $380 billion.

The cycle was particularly notable because it pushed Anthropic’s valuation above that of OpenAI for the first time. OpenAI was valued at $852 billion at the end of March after closing a record $122 billion funding round.

—Ashley Capoot