Anthropic's prospectus could be made public as soon as Monday.

Beating AI News Flash: Anthropic is expected to publicly release its IPO prospectus as early as October 26 US time, with plans to list in mid-November.

The company confidentially filed with the US SEC as early as June this year. The market had previously discussed a $2 trillion valuation, but as AI-related stocks came under pressure, some investors have recently lowered expectations to about $1.5 trillion.

Although the prospectus has not yet been officially released, Reuters and The Wall Street Journal have already obtained drafts. In the first half of this year, Anthropic's revenue reached $16.3 billion, compared with only $1.1 billion in the same period last year. Its net loss during the same period was as high as $80.7 billion, though about $72 billion of that came from valuation adjustments on convertible bonds and other financing instruments, not actual cash burn.

Growth is also beginning to slow. Anthropic's third-quarter revenue reached $16.8 billion, up about 45% quarter over quarter, while the previous quarter's increase exceeded 140%. The company says it achieved profitability on an adjusted basis in the third quarter. But its future infrastructure commitments for cloud computing, chips, and data centers have already exceeded $600 billion, and these expenditures will occur gradually over the coming years.

Another issue is dependence on tech giants. In 2025, 47% of Anthropic's revenue was sold through the cloud platforms of Amazon and Google. These two companies are also its investors and computing power suppliers.

Control is also unusual. Anthropic plans to let its seven co-founders collectively hold 50.1% of voting rights through a special equity structure. A long-term public interest trust composed of non-shareholders can still appoint and remove a majority of the board.

The official prospectus soon to be made public will need to further explain the real revenue contribution of the two major customers, the specific costs of computing power contracts, and whether existing shareholders can be the first to sell shares at the time of listing.