Anthropic Launches Its IPO Website, Disclosing $17.0B in Q3 Revenue

What happened

The new ipo.anthropic.com is Anthropic's official page for the offering, with a founders' letter, roadshow video, third-quarter financial highlights, five customer stories and FAQs. The page confirms that the roadshow began on Nov 10, that final pricing is expected on Nov 18 and trading to begin on Nov 19, with the shares listed on the Nasdaq Global Select Market under the ticker ANT; the prospectus has been filed with the U.S. Securities and Exchange Commission but is not yet effective.

The third-quarter figures show revenue of $17.0 billion ($16.96 billion precisely), up 1,127% year over year and 47% from the second quarter; first-quarter revenue was $4.73 billion and second-quarter revenue $11.56 billion, bringing the first nine months to $33.24 billion, up 1,206%. Run-rate revenue was about $81 billion on Oct 31, up about $10 billion from Sept 30. More than 11,900 customers had at least $100,000 in trailing-twelve-month revenue, also up more than 12x year over year.

The loss is concentrated in non-cash items: the third-quarter net loss of $23.3 billion includes a $21.9 billion non-cash charge from changes in the fair value of convertible notes, derivative liabilities and SAFEs, which grew as the company's valuation rose; the operating loss was $567 million, an operating margin of -3% and an adjusted operating margin of 15%, with the roadshow materials setting a long-term target above 35%. Compute efficiency has risen more than 4x since the first quarter of 2025. The prospectus lists about $900.9 billion in compute and infrastructure commitments, about $70.7 billion of it due within 12 months, against liquidity of $146.6 billion as of Sept 30.

On offering terms, the public sale covers 825 million Class A shares at $70 to $78 each — 801.4 million new shares from the company and 23.6 million from existing holders — raising up to about $64.35 billion; underwriters hold a 30-day option for up to 123.75 million more shares. Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC will separately buy $26 billion of non-voting shares at the IPO price in a private placement: Google and Nvidia $10 billion each, AMD $2.5 billion, Broadcom, Micron and Microsoft $1 billion each, and TSMC $500 million. The public offering plus the placement could reach about $90.4 billion; at the top of the range the equity value is about $1.02 trillion, or about $1.405 trillion fully diluted.

Statements

The founders' letter opens by calling AI one of the most consequential technologies in human history, saying that, managed well, it could accelerate scientific innovation, raise economic growth rates and bring cures for major diseases within reach. The site's front page adds that AI will have a vast impact on the world and that Anthropic, as a public benefit corporation, is dedicated to securing its benefits and mitigating its risks.

The roadshow materials put the long-term market opportunity for Claude at $40 trillion and set a long-term target for adjusted operating margin above 35%. Goldman Sachs and Morgan Stanley lead a syndicate of 22 banks.

CNBC, citing people familiar with the matter, reported that institutional orders covered the full price range on the first day of the roadshow, and that the company plans to allocate about 20% of the shares to retail investors — well above the 5% to 10% typical of a large IPO — through six brokerages: Charles Schwab, Fidelity, Robinhood, SoFi, E*Trade and TradePMR. The Financial Times reported that underwriters are considering raising the valuation above $1.5 trillion; that is a press report, and the filed terms are unchanged at $70 to $78 a share.

Among the customer stories on the site, Salesforce Chair and CEO Marc Benioff said that fusing Claude's reasoning with the trusted data, workflows and governance enterprises run on is delivering 'a dynamic interface that thinks, reasons, and acts.' Eli Lilly Executive Vice President and Chief Information and Digital Officer Diogo Rau said the company gave Claude to its scientists first and has since rolled it out across the company, with more than 85% of employees in key functions actively engaging with it.

Key facts

1. Website: ipo.anthropic.com, with a founders' letter, roadshow video, Q3 financial highlights, five customer stories and FAQs
2. Timeline: Roadshow began Nov 10; final pricing is expected Nov 18 and trading to begin Nov 19 on Nasdaq under the ticker ANT; the prospectus has been filed but is not yet effective
3. Offering: 825 million Class A shares at $70 to $78 each; 801.4 million new shares from the company and 23.6 million from existing holders; underwriters' 30-day option for up to 123.75 million more shares
4. Proceeds: Public offering of up to about $64.35 billion; seven companies separately buy $26 billion in a private placement at the IPO price; up to about $90.4 billion combined
5. Valuation: At the top of the range, an equity value of about $1.02 trillion, or about $1.405 trillion fully diluted
6. Revenue: Q3 revenue of $17.0 billion, up 1,127% year over year and 47% sequentially; $33.24 billion for the first nine months; run-rate revenue of about $81 billion on Oct 31
7. Customers: More than 11,900 customers with at least $100,000 in trailing-twelve-month revenue, also up more than 12x year over year
8. Loss: Net loss of $23.3 billion, including a $21.9 billion non-cash charge from changes in the fair value of convertible notes, derivative liabilities and SAFEs; operating loss of $567 million
9. Margin and efficiency: Adjusted operating margin of 15%, operating margin of -3%, long-term target above 35%; compute efficiency up more than 4x since the first quarter of 2025
10. Commitments: About $900.9 billion in compute and infrastructure commitments, about $70.7 billion due within 12 months; liquidity of $146.6 billion as of Sept 30
11. Retail: About 20% of the shares are planned for retail investors through six brokerages; institutional orders covered the full price range on day one (CNBC, citing people familiar with the matter)
12. Customer stories: Five companies — law firm Legora, Eli Lilly, Rakuten, Salesforce and Walmart — with figures for Claude's use in legal, pharmaceutical, e-commerce, sales and retail work