Anthropic is ready for an IPO. Analysts and onlookers are weighing in.
On Monday, the Artificial Intelligence Laboratory filed its highly anticipated S-1 filing. The prospectus provides an inside look at Anthropic’s financial health: net losses in 2025 of approximately $42 billion on revenue of $4.6 billion. It plans to trade under the ticker ANT.
The S-1 laid the foundation for a blockbuster IPO. Here’s what smart people are saying about Anthropic’s application:
Guo Sha, founder of Faith
Conviction founder Sarah Kuo said she’s interested in seeing how Anthropic’s mission changes (or remains the same) after it goes public. Large Event Media/Getty Images for the HumanX Conference
Venture capitalist SarahGuo began her X post by offering a huge “congratulations” to Anthropic for submitting its S-1 application.
Guo shared her first takeaways: changes in operating profits, a focus on new discoveries, a mismatch between consumption-based revenue and long-term calculation obligations, and more.
“I’m curious about 1) how a company with a strong mission changes (or doesn’t change) the way it operates under quarterly public scrutiny, and 2) how public opinion might change when retail has a slice of the upper hand,” Kuo wrote.
Ann Bordetsky, founder of Elora Capital
Ann Bordetsky said the S-1 set a “(high) bar.” Kimberly White/Getty Images for TechCrunch
Ann Bordetsky was a partner in the technology practice of New Enterprise Associates before founding her own firm, Elora Capital. She wrote on X that S-1 was an “interesting read.”
Bodetsky wrote that the document will set a (high) standard for how capital markets evaluate artificial intelligence startups.
semi-analytical
SemiAnalysis, a research firm founded by Dylan Patel, released “the most exciting statistics” it has seen in S-1. It cited the amount Anthropic raised compared to cash and investments.
SemiAnalysis writes that Anthropic is “growing rapidly” and was “profitable on operating income in the quarter ended June.”
“This may be the most efficient corporate expansion in the history of capitalism,” the company wrote.
Brad Gerstner, CEO, Altimeter Capital
Altimeter invests in Anthropic. Gerstner was quick to congratulate the team. Mandel Yan/AFP, Getty Images
Brad Gerstner had high praise for Anthropic. He congratulated the team on “another major milestone!”
Gerstner wrote that Altimeter will work with Anthropic by “primarily participating in the IPO based on our existing ownership.” He used American flag and rocket emojis.
Gerstner’s venture capital firm is a long-term investor in Anthropic and co-led the artificial intelligence lab’s Series H round in May.
Vivek Gopalan, Partner, 8VC
Vivek Gopalan is an investor in 8VC, the venture capital firm co-founded by Joe Lonsdale. He released Anthropic’s S-1 chart showing growing revenue on a per dollar basis.
“You need to believe that this is monotonic and incremental,” Gopalan wrote.
Dan Shipper, CEO of Every
After the company filed its S-1 filing, every CEO joked about Anthropic’s doomsday predictions. Alex Broadway/Sportsfile for Web Summit (Getty Images)
Dan Shipper has some “big news” to share: a joke about Anthropic always focusing on safety. He celebrated that the S-1 “didn’t say ‘otherwise it might kill/put everyone out of work’ in the first paragraph!”
The CEO of Every, an artificial intelligence agency startup, calls it a “victory for humanity.”