Anthropic’s IPO puts a price on one of the biggest bets in AI.

Revenue at the company behind Claude more than doubled from Q1 to Q2 2026, then rose a further 47% in Q3. Anthropic’s IPO prospectus also sets out what the company has committed to spend to keep up with demand.

The Nasdaq Composite fell 5.5% on 5 November as investors weighed whether Democratic gains in the US midterms could slow data-centre expansion. For Anthropic’s IPO, the question is how much investors are willing to pay for Claude’s growth when the cost and timing of securing more computing power are under greater scrutiny.

In this briefing, we look at what Anthropic’s IPO prospectus reveals about how the company makes money, what it spends on computing power, and how those figures could shape the stock’s first few trading sessions.

The IPO in three numbers

Source: Anthropic’s amended IPO prospectus, 2 November 2026 

79% of revenue comes from usage

Claude is best known as an AI assistant. Most of Anthropic’s revenue comes from metered use, including businesses that build Claude into their own software and customers who pay for extra usage beyond their plans.

More than 1,900 customers each generated at least $1m in revenue in the 12 months to September 2026. As customers give Claude more work, they can spend more without adding a single user. How much Anthropic earns on that extra usage depends on what it can charge and what it costs to run the models.

Q3 compute costs grew faster than revenue

Anthropic attributed the return to an operating loss mainly to the higher cost of short-term computing capacity. Longer-term arrangements could bring costs down if capacity comes online as planned and demand is there to use it.

Why Anthropic’s net loss reached $104bn. Most of the loss for January to September 2026 came from a $94.3bn non-cash charge, mainly because Anthropic’s convertible notes rose in value as the company’s valuation increased.

What Anthropic has committed to spend on compute

• $69.8bn due in the 12 months after 30 September 2026.

• $447.5bn expected before the end of 2030, including that first year.

• Most of the remainder expected between 2031 and 2045.

Around $214bn of the total is subject to termination rights or conditions such as partners securing financing. For investors, the timing matters. Capacity that arrives late could constrain revenue, while capacity that arrives ahead of demand could weigh on margins.

About the listing

Anthropic is expected to list on the Nasdaq following its IPO. Anthropic is not available to trade pre-IPO with Tickmill. Any future availability would be as a CFD and depend on the outcome of the listing process.

What to watch around the Nasdaq listing

• The offer valuation

  The offer price and post-IPO share count give investors a benchmark for what the whole business is worth. A higher valuation leaves more riding on continued growth and lower computing costs relative to revenue.

• The first few sessions

  Compare the offer price with where the shares open and where they settle. A limited number of shares available to trade can amplify early moves in either direction.

• The wider AI market

  Watch Amazon and Alphabet, both Anthropic infrastructure partners, alongside the wider Nasdaq-100 as a whole. If weakness persists across AI infrastructure stocks, watch for signs that financing is becoming harder to secure. Anthropic’s prospectus says some of its infrastructure partners rely on outside funding. If those partners have to borrow at higher rates or struggle to raise the money they need, Anthropic could face delays or pay more for computing capacity.

Sources: Anthropic’s amended IPO prospectus; Reuters on Anthropic’s Q3 results and compute commitments; Reuters on the post-midterms AI stock sell-off 

This article is for information purposes only and should not be considered investment advice.