Anthropic IPO Live Updates: AI lab’s S-1 filing

Once all promised capacity is delivered, Anthropic plans to pay SpaceX approximately $3.1 billion per month for “access to NVIDIA GPU computing,” according to the filing. The company has agreed to spend up to $120.5 billion through 2029.

Anthropic has other agreements in place, according to its filing. microsoftNscale, Lambda, and other cloud providers offer “computing capacity powered by Nvidia GPUS.”

—Laura Kolodny

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 retaining “highly skilled personnel.”

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

“However, there are no significant acquisition or investment agreements or commitments at this time,” the filing states.

—Ashley Caputo

Amodei’s compensation totals $17.96 million in 2025, the majority of which comes from stock and option awards, according to Monday’s filing. His base salary was $654,167.

His sister Daniela Amodei was the second highest paid executive in 2025 at $16.4 million. Her basic salary is the same as her brother’s.

Dario Amodei and Daniela Amodei both received raises in 2025 and two raises this year. The base salaries of both executives 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, but after several raises, her base salary reached $1.25 million starting July 1.

— Annie Palmer

Last November, Microsoft announced plans to invest $5 billion in Anthropic in a funding round, valuing the institute in the $350 billion range. Anthropic announced in May that it had raised funding at a valuation of $965 billion, and a few weeks later Microsoft revealed it had received a $3.2 billion gain from its stake in the company.

When announcing the investment last year, Microsoft said Anthropic would bring its Claude large-scale language model to the Microsoft Azure cloud, expanding access for software developers. Additionally, Anthropic signed a $30 billion deal with Azure for gigawatts worth of additional computing power.

Anthropic and Microsoft have amended their November 2025 agreement, under which Anthropic will spend at least $44.9 billion with Microsoft between November 2026 and May 2023. This agreement may not be canceled unless Microsoft has an unresolved material breach or unperformed tranche.

Anthropic said in its prospectus on Monday that it pays fees to Amazon and Google, in addition to Microsoft, in joint market development agreements to gain direct relationships with customers.

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

Microsoft has integrated Claude models into its GitHub Copilot coding tool, Foundry model garden, and Copilot Cowork, a product for complex productivity tasks. At the same time, Microsoft has touted the capabilities of its internally built models and, at times, their advantages over Anthropic’s alternatives.

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

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

“To the extent that these CSPs facilitate, integrate, prioritize or provide customer access to our models, platforms and applications on terms that are less favorable than those applicable to their own competitors and other companies’ products, including pricing, commercial terms, product placement, integration, access to computing and sales incentives, our competitive position, customer adoption and results of operations may be adversely affected,” Anthropic said.

— Jordan Novett

Anthropic said the company has a novel capital and corporate governance structure “with no direct precedent for a public company.”

“Our governance structure is likely to have the effect of limiting the potential for unsolicited merger offers, unsolicited tender offers, or proxy contests to remove our directors,” the filing states. “As a result, our governance structure may make it more difficult to replace our directors and management, and our shareholders may be denied the opportunity to sell their shares at a premium to market prices.”

—Ashley Caputo

Sinan Aral, a Massachusetts Institute of Technology Sloan professor and AI investor, said on CNBC’s “Squawk Box” that Anthropic’s ability to make money in the enterprise space will determine whether it’s an attractive prospect for investors.

“Given a valuation of $1.5 trillion to $2 trillion, this equates to roughly a 22x to 30x sales multiple. So the future growth and profits of this company are factored into those valuations,” Aral said.

“The question is, where is the lasting value? And I think the lasting value comes from companies that can demonstrate profitability, productivity, and real value-add to the enterprise, rather than just providing intelligence. I think Anthropic is well on its way to doing that…and I think that’s where success and failure lie.”

— Kateing Keating

So many companies rely on Anthropic that its business is more diversified than Nvidia, the top artificial intelligence chipmaker.

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

Nvidia, by contrast, had five customers contributing at least 10% of its accounts receivable as of July, according to filings.

Meanwhile, Anthropic reported that five customers accounted for about a quarter of its revenue for the first nine months of 2026.

“We expect to derive a significant portion of our revenue from a limited number of customers for the foreseeable future, and in some cases, the percentage of our revenue attributable to any particular customer may increase in the future,” AI Labs said in its prospectus.

At the end of 2026, 48% of its revenue came from customers purchasing through its cloud marketplace, according to the filing.

— Jordan Novett

Anthropic said it lost a staggering $80.7 billion in the first six months of this year, after posting a loss of $12.9 billion in the same period in 2025.

For the full year of 2025, the loss was approximately $41.9 billion, widening from the $8.3 billion loss in 2024.

— Annie Palmer

Anthropic said its sales for the six months ended June 30 were $16.29 billion, an increase of 1,304% from $1.16 billion in the same period last year. Overall revenue last year increased 1,089% to $4.59 billion.

—Ashley Caputo

At the top of the prospectus for Anthropic’s historic initial public offering, the two largest investment banks in technology IPOs receive the largest amount of billing. The remaining lead is Goldman Sachs, as the term refers to the first listed underwriter. Morgan Stanley is on the right.

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

— Jordan Novett

Amodei grew up in San Francisco and earned a doctorate in biophysics from Princeton University.

Before starting Anthropic, Amodei, now 43, worked as a senior researcher at Google Brain, which is now part of the AI ​​division Google DeepMind. Amodei also spent more than four years at OpenAI, where he led the development of models such as GPT-2 and GPT-3.

His sister Daniela Amodei is also a co-founder of Anthropic and serves as the company’s president.

—Ashley Caputo

Anthropic closed its last funding round in May, raising $65 billion at a valuation of $965 billion. The financing, led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital, nearly tripled Anthropic’s valuation since February, when the company was valued at $380 billion.

This round was particularly noteworthy as it valued Anthropic above OpenAI’s for the first time. OpenAI was valued at $852 billion as of late March after completing a record $122 billion funding round.

—Ashley Caputo