The numbers are eye-watering. In the first half of this year Anthropic recorded an $80.7 billion net loss on $16.3 billion in revenue, up from $1.2 billion a year earlier. Most of that headline loss is not money spent: $72.4 billion was a non-cash accounting adjustment tied to the company's soaring valuation, stemming from convertible debt funding notes. The actual operating loss was $693 million, an improvement on the $2.1 billion recorded in the same period of 2025.

The filing also lays out enormous spending commitments for computing power: roughly $3.1 billion per month to SpaceX for access to Nvidia GPUs once planned capacity is delivered, adding up to as much as $120.5 billion by 2029, plus $44.9 billion with Microsoft through 2033, at least $114.5 billion with Google through 2033 and $110 billion with Amazon over the next ten years.

Public shareholders should not expect much say, though. The filing discloses that the seven co-founders, including Dario and Daniela Amodei, will form a "Founder LLC" controlling 50.1% of shareholder voting power after the listing, while the Long-Term Benefit Trust, established in 2023, can appoint most of the board. Anthropic frames the structure as protecting its AI safety mission, but it means voting power will not match the founders' economic ownership.

In its own words, the company argues AI could "rapidly accelerate scientific innovation" and "bring cures for major diseases within reach" if managed well, and tells prospective investors its behaviour may differ from that of a purely profit-maximising company. The filing discloses that chief executive Dario Amodei earned nearly $18 million in 2025, mostly in stock and option awards, while cofounder and president Daniela Amodei received $16.4 million. Investors also get an unusually candid list of risk factors, including the prospect of its models developing "forms of sentience", AI-specific taxes, unresolved copyright disputes over training data, and the danger of "catastrophic" AI incidents that, the company warns, no single insurer and potentially not even the insurance industry in aggregate could underwrite.