Anthropic IPO filing shows $131.7 billion cash, $72.4 billion one-time charge

Prospectus details 93 pages of risks; co-founders will hold 50.1% voting power

Anthropic said in the filing that it had $131.7 billion available as cash or cash-equivalents as of June 30. The company reported $16.3 billion in revenue for the first half, about 14 times its revenue from the same period a year earlier, but $80.7 billion in net losses for that period. The loss included a one-time $72.4 billion charge for an accounting adjustment related to financing agreements. The Associated Press noted that it is not uncommon for technology companies going public not to have turned a profit.

The 335-page prospectus outlined rapid revenue growth but an inability to turn a profit yet. The filing said Anthropic’s plans to build out compute and infrastructure are “changing the cash flow profile of our business” and will mean high capital expenditures. The Associated Press characterized the combination of Anthropic’s spending and revenue as pointing to strong momentum.

Anthropic enumerated investor risk factors across 93 pages, an unusually lengthy section for a prospectus. Public companies are required by the Securities and Exchange Commission to disclose risk factors in their prospectuses. Among Anthropic’s concerns was the possibility that advanced AI systems could pose “catastrophic or existential risks to humanity.”

The Associated Press said the filing came as fears grew that advanced AI could slip free of human control and carry out harmful actions. Anthropic CEO Dario Amodei said the industry should slow its fast-moving development to give safety measures time to catch up. Anthropic placed those safety concerns before prospective investors as part of the prospectus.

Anthropic quantified customer concentration in the filing. The company had approximately 250 customers that each accounted for $10 million or more in revenue over the past year, while its top five customers represented approximately 25% of revenue this year. Anthropic did not disclose the names of its biggest customers in the filing.

Under the proposed public-company structure, Dario Amodei and six other Anthropic co-founders will hold 50.1% of the voting power after the IPO. The company will issue a single share of Class F common stock to a limited liability company organized by the co-founders. Daniela Amodei, Dario Amodei’s sister and Anthropic’s president, was among the former OpenAI employees who left the company to create Anthropic in 2021.

Anthropic, the developer of the Claude chatbot, filed papers Monday to set up a Wall Street stock debut next month, ahead of its chief rival OpenAI. OpenAI was holding off on going public until next year, placing Anthropic ahead of its rival in the companies’ planned public-market moves.

According to reports cited by The Associated Press, the offering could bring in as much as $100 billion, which would help accelerate the five-year-old startup’s expansion and could make it the biggest IPO ever. SpaceX had set records in June with an IPO that raised $86 billion.

The Associated Press also reported that Anthropic could reach a reported valuation of up to $2 trillion once public. That would surpass SpaceX’s initial public valuation of $1.77 trillion and make Anthropic one of the world’s most valuable public companies. Nvidia, a maker of computer chips, had a current valuation of more than $5 trillion, according to The Associated Press. Anthropic’s final valuation and offering price had not been established, so the comparisons remained prospective.

The filing left several core IPO terms unsettled: how much Anthropic would raise, its final valuation and the offering price investors would pay. Prospective investors could review rapid revenue growth, a $131.7 billion cash position and planned compute spending alongside net losses, customer concentration, co-founder voting power and Anthropic’s warning about catastrophic AI risks.