The big questions remaining after Anthropic’s blockbuster IPO prospectus

Summary

Anthropic's roughly 300-page S-1 filing discloses first-half 2026 revenue of $16.29 billion against $2.38 billion in cost of revenue, implying an 85% gross margin. Analysts question whether growth can hold after revenue growth slowed from about 144% in the second quarter to about 47% in the third. The filing also reveals a Class F share giving seven co-founders 50.1% of voting power, and the IPO valuation remains undisclosed.

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