Sources: Anthropic is continuing with plans to list before the Thanksgiving holiday this month, expecting to raise $80B-$100B at a valuation of $1.25T to $1.75T (Financial Times)

Sources: institutional investors told Anthropic that its IPO valuation should be around $1.5T to $1.6T, down from estimates of $2T, citing a tech stock selloff (Wall Street Journal)

S-1: Anthropic spent ~$2.50 on compute and infrastructure for every $1 of revenue in Q1 2025, falling to under 50 cents in Q2 2026, as it seeks profitability (Financial Times)

Anthropic Raises $65 Billion in Series H