Investors Await Anthropic IPO Filing Amid Infrastructure Deals

Investors are awaiting the official registration statement for Anthropic, a leading artificial intelligence company, as it prepares for a potential initial public offering. Wall Street sources indicate that the final S-1 filing could be made public as soon as Friday, though timing remains uncertain due to market volatility. The offering is reportedly led by Morgan Stanley and Goldman Sachs and could value the company at as much as $2 trillion.

Financial Performance and Growth Metrics

Recent reports suggest Anthropic generated $16.8 billion in revenue for the quarter ending Sept. 30, representing 50% quarter-over-quarter growth. According to The Financial Times, which cited anonymous sources, management told investors at a private day that the company was cash flow positive and profitable on an adjusted basis during this period. Bloomberg Tech Anchor Ed Ludlow reported that the company claimed 85% gross margins on a GAAP basis.

However, this growth rate marks a slowdown from the 140% quarterly growth reported between the first and second quarters of the year. Jefferies analyst Jeffrey Favuzza noted in a research note that the market had expected an annual revenue run rate of at least $80 billion, with hopes of reaching $105 billion by the end of 2026. Saxo Markets Chief Investment Strategist Charu Chanana stated that while the revenue figures are impressive, "the market has moved from simply rewarding growth to asking much tougher questions about funding, cost of capital and returns on that spending."

Infrastructure Expansion and Nscale Deal

Anthropic is actively expanding its computing capacity through major infrastructure agreements. The company is in talks for a second potential $45 billion deal with Nscale, a UK-based infrastructure start-up, for a 460-megawatt data centre in West Virginia. This proposed facility would be part of Nscale’s Monarch campus and utilize Nvidia’s Vera Rubin AI chips.

This negotiation follows an existing agreement between Anthropic and Nscale worth as much as $44.6 billion, according to documents filed for Nscale’s planned IPO. Anthropic also holds a right of first refusal on a third building at the campus. Other infrastructure commitments include a $50 billion agreement with Fluidstack, a $10 billion deal with Volta Infrastructure Holdings, and a $45 billion computing agreement with SpaceX.

Nscale, which is backed by Nvidia, reported a net loss of $1 billion on revenue of $141 million in the first half of 2026. The company has yet to secure financing for its first Anthropic contract, and its September IPO prospectus disclosed no binding commitments for the funding required to construct the site.

Market Concerns and Risk Factors

Investors are scrutinizing Anthropic’s financial disclosures for details on debt and risk factors. The New York Post reported, citing sources, that the company could be losing as much as $80 billion in the first half of the year, a figure that contrasts with reports of adjusted profitability in the third quarter. The official S-1 filing is expected to clarify these financial positions and detail off-balance sheet obligations, which some accounts estimate could be as much as $130 billion or more.

The company faces competition from "open-weight" AI models, which are free to download and modify. Anthropic operates as a "frontier" AI provider, charging businesses for usage through subscriptions and tokens. Investors are watching to see how the filing addresses the potential impact of this competition on revenue growth.

Additionally, energy usage and supply are expected to be listed as risk factors due to the high costs of AI infrastructure. Anthropic has delayed its registration twice, amid broader market concerns about AI safety and the sustainability of current valuations.

---

Sources

• nypost.com: Investors eagerly await Anthropic’s official IPO statement to see if it will stoke demand
• aol.com: Anthropic Reportedly Posted Quarterly Revenue Growth of 50% and Was Cash-Flow Positive. Here's Why It Might Not Be Enough to Impress Investors Before the Company's Massive IPO - AOL
• finance.yahoo.com: Anthropic Reportedly Posted Quarterly Revenue Growth of 50% and Was Cash-Flow Positive. Here's Why It Might Not Be Enough to Impress Investors Before the Company's Massive IPO
• livemint.com: Anthropic eyes second $45 billion Nscale deal as 460MW AI data centre plans advance ahead of potential IPO | Company Business News

This article was drafted with AI assistance and checked against the sources above. Company claims are reported as claims. Cover image is AI-generated.