Jumping Revenue, Big Losses and Many Risks: Inside Anthropic’s IPO Filing

October 26, 2026

AI Summary

5 min read

Anthropic filed its S-1 today, setting the stage for what could be the largest initial public offering in history. The paperwork reveals a company with surging revenue and staggering losses, while also laying out an unusually detailed catalog of existential risks — including the possibility that its own AI models could develop self-preserving instincts that make them hard to shut down. Elsewhere, Meta announced a plan to raise up to $95 billion to fund its AI build-out, Brazilian markets crashed after President Lula’s unexpected re-election win, and Israelis abroad are flying home to vote in what many consider the country’s most consequential election since the October 7 attacks.

Anthropic’s IPO: Revenue Jumps, Losses Mount, Risks Are Unprecedented

Anthropic’s S-1 filing, which runs roughly 400 pages, offers the most detailed public look yet at the company’s finances. Revenue reached about $16 billion in the six months ending June 30 — a 1,300% jump from the same period a year earlier. But losses came to more than $80 billion, largely driven by an accounting adjustment tied to financing agreements. The company’s roadshow begins in about two weeks, where it will pitch investors on roughly $100 billion in shares. The Journal understands the expected valuation could reach as high as $2 trillion, which would make this the biggest IPO ever, surpassing SpaceX.

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What you'll learn

1 (00:33) **Top Stories Preview** - The host introduces the day's main topics: Anthropic’s IPO filing, the Brazilian market crash, and the upcoming Israeli election.
2 (01:16) **Anthropic Files for Record-Breaking IPO** - The company releases its S-1 filing, revealing massive revenue growth and significant losses, setting the stage for what could be the largest IPO in history.
3 (02:10) **The Risk Factors That Stood Out** - WSJ IPO reporter Corey Drebush highlights the extensive and unusual risks Anthropic disclosed in its S-1 filing.
4 (03:34) **Investor Appetite for a "Must-Own" Stock** - Despite market wariness and a slow year for IPOs, investors view Anthropic as an outlier they feel compelled to buy.
5 (04:25) **Meta’s $95 Billion Plan to Fund AI** - Meta announces a massive capital raise through stock offerings to fund its AI infrastructure, highlighting the immense cost of the AI race.
6 (06:12) **Market Movers: Tech Up, JetBlue Down** - The Nasdaq leads gains as tech stocks rise on the Anthropic news, while JetBlue shares sink due to creditor concerns.
7 (06:46) **Brazilian Markets Crash on Lula Re-Election** - Stocks and the currency tumble after President Lula da Silva’s unexpected win, as investors had bet on a Bolsonaro victory and pro-business reforms.

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Show Notes

P.M. Edition for Oct. 26. Anthropic’s IPO paperwork is out, and the 400-page document gives unprecedented insight into the company’s current business and its future ambitions. Corrie Driebusch, who covers IPOs for the Journal, discusses what stood out and what comes next. Plus, tomorrow is Israel’s election, and tens of thousands of Israelis living in the U.S. and other countries are flying back to vote. WSJ’s Anat Peled reports from Tel Aviv about why the election is a referendum on Benjamin Netanyahu and why some consider it the most consequential election in Israel’s history. And Brazilian markets crash after President Luiz Inácio Lula da Silva unexpectedly won re-election last night. Alex Ossola hosts.

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