Anthropic Filing Shows $81 Billion Run-Rate, $104 Billion Nine-Month Loss and Seven Founders Selling About $250 Million Each

Since Anthropic publicly filed its S-1 on Oct. 26, the numbers behind the IPO have grown larger on both sides of the ledger. The amended filing submitted Tuesday, Nov. 10, shows faster revenue and deeper losses than the original.

The revenue and the losses

Anthropic said its run-rate revenue hit about $81 billion as of Oct. 31, roughly $10 billion more than at the end of September. Run-rate is an annualized estimate of the current pace, not money actually collected over twelve months.

Actual revenue was $17 billion in the third quarter and $33.2 billion for the first nine months of 2026. The company reported a nine-month net loss of $104 billion.

The first-half net loss was $80.7 billion, so the filing implies a third-quarter loss of roughly $23 billion. First-half revenue was about $16 billion, up from about $1.1 billion a year earlier.

The filing also puts compute and infrastructure commitments at $900.9 billion.

The valuation

Anthropic plans to sell 825 million shares at $70 to $78. That includes 801.35 million new Class A shares from the company and 23.65 million from existing shareholders. The sale would raise $57.75 billion to $64.35 billion.

At the top of the range, on a fully diluted basis, the company would be worth $1.404 trillion. On a basic share count at $78, Business Insider calculated a value just over $1 trillion. The difference is the shares that could be issued through employee awards, convertible notes and other commitments.

Either way, it is a big step up from the $965 billion valuation set in the May funding round. It is also well below the roughly $2 trillion the company was reported to be targeting this summer. Business Insider reported that some investors had already trimmed their expectations to about $1.5 trillion.

The $26 billion private placement of Class N stock with AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC comes on top of the public offering. Google and Nvidia are putting in $10 billion each. Combined proceeds could reach about $90 billion, which would top SpaceX's record IPO of more than $85 billion in June.

Founders and insiders

The filing now discloses how much the founders plan to sell. Dario Amodei, Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish and Christopher Olah are each selling nearly 3.4 million shares. At the $74 midpoint, that is about $250 million apiece.

Business Insider calculated that each founder would still hold roughly 240 million shares afterward, worth about $17 billion to $18 billion at the midpoint.

Some board members and affiliates have also "indicated an interest" in buying up to $303 million of shares in the offering, the filing says. Up to 20% of the offering is expected to go to retail investors.

Underwriters including Goldman Sachs and Morgan Stanley hold an option to buy up to 123.75 million additional shares at the IPO price.

TechCrunch noted one small change: the filing uses "super intelligence" and "SI" interchangeably with "AI," citing a September executive order from President Trump that directed agencies to use the new terminology.

A rattled market

The pricing lands in a jumpy tape. Democrats won control of the House and Senate in last week's midterms. Stocks initially rose, then sold off sharply on Thursday as investors weighed the prospect of tighter AI oversight and a slowdown in data center construction. The Hill reported that voters rejected data centers in dozens of ballot measures across the country.

Brian Hopkins, a principal analyst at Forrester Research, said the election gave investors a reason to correct valuations they already doubted. "The market needed an excuse to correct itself a little bit in terms of valuations," he said. He said that is why Anthropic's valuation came in below the $2 trillion expectation.

Fiona Cincotta, a senior market analyst at City Index, read the deal differently. She called the roughly $64 billion raise "fairly bullish" given last week's volatility. "It's showing that they are still sort of upbeat about the outlook as far as AI is concerned," she told Reuters.

Anthropic's own filing flags the risks of the technology it sells, including cyberattacks, biological weapons design and mass surveillance by governments. Class A buyers will have limited say in how the company is run, since the founders hold a Class F share carrying 50.1% of the vote.

What comes next

Anthropic has not set a pricing date in the filing. CNBC reported that trading on the Nasdaq under the ticker ANT is expected to begin near Nov. 19. Whether the final price lands at the top of the range, and what the shares do in their first session, will be the first real test of the $1.4 trillion figure.