The Zhitong Finance App learned that after AI trading just experienced a round of serious setbacks, Anthropic PBC chose to disclose accounts to potential investors in the IPO at this point, which is tantamount to testing itself. And when Wall Street took a closer look, it generally gave approval.
The company's revenue for the first half of this year alone reached $16.3 billion, an increase of more than 1,300% over the same period in 2025 — investors may not be surprised. What really impressed them was that the company behind Claude was widely and diversified among enterprise customers, while the market tolerated a possible slowdown in growth.
“More importantly to me, their recurring revenue comes from a growing number of enterprise customers and is not concentrated,” said Max Gokhman, head of AI and digital asset solutions at Franklin Templeton (Franklin Templeton), in an interview. According to the prospectus, in the first nine months of 2026, about 79% of Anthropic's revenue came from outside the top five customers. “That's a pretty solid number,” Gokhman said.
Another number that has caught many people's eyes is that as of the end of June, the company held $131.7 billion in cash and cash equivalents. For Yuri Khodjamirian, chief investment officer at Tema ETFs, this figure is surprising considering that the company has raised only $141.1 billion to date.
“If you just put the two numbers together, this means that the company has spent almost $9 billion to set up this business so far,” Khodjamirian said. “They have a lot of computing power promises, leasing promises, etc. to be fulfilled in the future. But it's pretty amazing.”
“One more bullish conclusion is actually: this is a profitable business, with enough cash on the balance sheet to support its future growth,” he added. “This is a very positive sign.”
The prospectus has re-injected investor enthusiasm into AI trading. In the previous two weeks, the deal was hit by market concerns about the scale of infrastructure that debt would drive and how much the biggest companies' huge investments in this emerging technology could bring in return. A group of hyperscale vendors will release earnings reports this week, and Monday's deal provides a calmer backdrop for this — last week's huge capital expenditure on Meta Platforms (META.US) drove investors out of risky assets.
The Nasdaq 100 surged 1.1% on Monday after falling for two consecutive weeks; the S&P 500 rose 0.7%; and the Philadelphia Semiconductor Index, which measures chip stocks, rose 2.8%.
“Anthropic's S-1 certainly aroused far more greed than fear,” Franklin Templeton's Gokhman said. “The content in the S-1 isn't too surprising to those who have been watching closely, but it somewhat confirms the potential for growth on the enterprise side. I think this is probably one of the biggest reasons for the overall recovery in AI-related stocks — they were hit the hardest in the past few weeks, and the current rebound makes sense.”
Meta also said on Monday that it has expanded the planned issuance of common shares and preferred shares from the $95 billion announced before Anthropic submitted its prospectus to nearly $98 billion.
“They're smart: bring in a large sum of money while they can get it now, because it might feel a bit expensive today, but if AI debt concerns come true, it will become very expensive by the time they really need the money next year,” said Alexander Morris, chief investment officer at FM Investments. “What I'm worried about is being dropped, so whatever others do, we have to put up our own flag just to remind people not to spend all their money on this fancy new thing.”
Meta shares fell more than 1.8% on Monday, continuing last week's decline. However, investors believe that market demand is sufficient to absorb this batch of new offerings and Anthropic's upcoming IPO.
“There will be more differentiated decisions to make in the future, and we will also be able to define who the potential winners and losers are,” Gokhman said. “But it's too early to draw a conclusion. I think it makes the most sense to have a decentralized basket right now, and then gradually adjust the configuration as it becomes clear who is more dominant in each field.”