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Investment Review №357. A Change of Leadership

IPO Anthropic. The AI Event of the Year

Investment Review №357. A Change of Leadership

Erlan Abdikarimov

Erlan Abdikarimov

Director of Financial Analysis Department, Freedom Broker

IPO Anthropic. The AI Event of the Year

On October 26, Anthropic, the developer of the Claude AI assistant, filed for an IPO. The offering’s underwriters include Goldman Sachs, Morgan Stanley, J.P. Morgan and others.

IPO

Anthropic IPO. Issuer and exchange

Investment Potential

Company Profile. Founded in 2021, Anthropic PBC develops Claude, a family of advanced AI models focused on enterprise adoption, model safety and reliability. Its products are distributed through a developer platform and applications including Claude Code, Claude Cowork and Claude.ai. Revenue is primarily consumption-based, with the remainder generated through subscriptions. Anthropic claims Claude has achieved the fastest enterprise adoption of any technology in history. Businesses across multiple industries use the platform to boost productivity, automate complex workflows and embed AI capabilities into their own products. Its four model families, Mythos (including Fable), Opus, Sonnet and Haiku, offer different trade-offs between performance, speed and cost. The platform also provides tools to build, connect, manage and deploy AI agents across customer workflows. As of September 30, 2026, Anthropic had more than 11,900 customers with over $100k in trailing 12-month contract value, including every Fortune 10 company and more than half of the Fortune 500. Claude is available directly and through major cloud infrastructure providers, including Amazon Web Services, Google Cloud and Microsoft Azure. Looking ahead, Anthropic plans to further enhance Claude's capabilities and safety, expand computing infrastructure and international capacity, and extend its technology into scientific research, drug discovery and robotics.

Financial Performance. Revenue growth reached 841% in 2024 and accelerated to 1,088% in 2025, further strengthening to 1,206% YoY in 9M26. EBIT margin improved sharply from −1,344% in 2023 to 176% in 2025, before normalizing to −4% in 9M26. Notably, Anthropic had no outstanding debt on its balance sheet as of 3Q26-end.

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