[Anthropic IPO Prospectus to be Released as Early as Monday] According to Beating AI, Anthropic is expected to release its IPO prospectus as early as October 26th (US time), with a planned listing in mid-November. The company secretly filed documents with the US SEC as early as June this year. Previously, the market discussed a valuation of $2 trillion, but with pressure on AI-related stocks, some investors have recently lowered their expectations to approximately $1.5 trillion. Although the prospectus has not yet been officially released, Reuters and the Wall Street Journal have obtained drafts. In the first half of this year, Anthropic's revenue reached $16.3 billion, compared to only $1.1 billion in the same period last year. The net loss during the same period was a staggering $80.7 billion, although approximately $72 billion of this came from valuation adjustments for financing instruments such as convertible bonds, not actual cash burned. Growth has also begun to slow. Anthropic's third-quarter revenue reached $16.8 billion, a sequential increase of approximately 45%, while the previous quarter's increase exceeded 140%. The company stated that it achieved profitability in the third quarter on an adjusted basis. However, its future infrastructure commitments, including cloud computing, chips, and data centers, already exceed $600 billion, with these expenditures to be incurred over the next few years. Another issue is its reliance on tech giants. In 2025, 47% of Anthropic's revenue will be sold through Amazon and Google's cloud platforms. These two companies are also its investors and computing power providers. Control is also unique. Anthropic plans to have its seven co-founders collectively control 50.1% of the voting rights through a special shareholding structure. A long-term charitable trust composed of non-shareholders will still be able to appoint and remove a majority of board members. The upcoming formal prospectus will need to further clarify the actual revenue contribution from its two major customers, the specific costs of computing power contracts, and whether existing shareholders can sell their shares at the time of the IPO. [Original Link]