Anthropic sent bankers an IPO filing showing a proposed sale of about 867 million shares at $70 to $80 each, then retracted the pricing details as inaccurate, Reuters reported after seeing the emails late on 9 November. The emails concern its preparations to sell shares to public investors.
Key points
- Anthropic told bankers that pricing details in the emailed filing were inaccurate and said it would update the filing later.
- An amended IPO filing reported third-quarter revenue of $16.96 billion, up 47% from the preceding quarter.
- Anthropic expects nearly half of its $895.4 billion in AI infrastructure commitments to fall due before 31 December 2030.
Anthropic retracts the $70 to $80 range
The first email contained a copy of a filing showing Anthropic aimed to sell about 867 million shares within the stated price range. A follow-up email told the bankers that details about pricing were inaccurate and that Anthropic would update the filing later. Reuters reported that Anthropic declined to comment.
The proposed range reached bankers during Anthropic’s preparations to market shares to prospective investors. AI Affairs previously reported on Anthropic’s IPO marketing alongside the financing sought by Anthropic and OpenAI. The subsequent email withdrew the pricing details that bankers had received.
Anthropic reports $16.96 billion in quarterly revenue
Anthropic’s amended S-1, an IPO registration filing, reported third-quarter revenue of $16.96 billion, up 47% from the preceding quarter, Reuters reported on 2 November. Revenue had grown 144% in the second quarter. At the time of that report, Anthropic was preparing to begin formally marketing its shares to prospective investors the following week.
The amended filing put Anthropic’s third-quarter net loss at $23.29 billion, compared with $66.3 billion in the preceding quarter. Its operating result moved from income of $974 million in the second quarter to a loss of $567 million in the third. The net loss also included items outside its operations related to bonds convertible into Anthropic shares.
Anthropic reported $5 billion in additional compute costs during the third quarter. Those costs reduced revenue per dollar of compute from the previous quarter and weighed on improvements in efficiency. The company also reported more than 11,900 customers generating at least $100,000 in revenue over the preceding 12 months as of 30 September, up from more than 1,500 at the end of 2025.
Some current and prospective investors were weighing a $1.5 trillion valuation, down from roughly $2 trillion, after Anthropic disclosed financial details at an investor event. Matt Kennedy, a senior strategist at IPO research and ETF provider Renaissance Capital, said he expected pressure on growth and margins to be reflected in the eventual IPO valuation.
Anthropic faces $895.4 billion in infrastructure commitments
Anthropic’s amended filing described nearly $900 billion in computing commitments with partners including Amazon and Alphabet’s Google. Its planned spending on AI infrastructure totals $895.4 billion, with about $69.8 billion due in the 12 months following 30 September 2026. The obligations put the timing and financing of additional capacity alongside revenue growth in investors’ assessment of the proposed offering.
Anthropic warned in the filing, as reported by Reuters, that some compute providers and infrastructure partners rely on outside financing or credit support to buy chips and develop capacity. If that funding becomes unavailable or more expensive, the company said, contracted capacity could be delayed, repriced, reduced or left undelivered. Anthropic expects to incur nearly half of its $895.4 billion in AI infrastructure spending commitments before 31 December 2030.
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