Why does Anthropic urgently need this IPO?
- Core Viewpoint: Anthropic is being forced to IPO ahead of schedule because private financing can no longer support its commitment to hundred-billion-dollar-scale computing expenditure. It will use public market liquidity to fund the next phase of the AI arms race, and this listing will become a key test of the stability of the AI boom.
- Key Elements:
- Anthropic's future computing commitments may reach $750 billion; it already carries more than $600 billion in infrastructure costs, with another approximately $150 billion in deals under negotiation.
- Revenue in the first half of 2026 was $16.3 billion, compared with only $1.1 billion in the same period last year; net loss was $80.7 billion, mainly due to financing-related accounting charges.
- The cost of private funding is rising: Anthropic provided Blackstone with $9 billion in subordinated debt at a yield above 10%, higher than the previous 8.5%.
- OpenAI's previous funding round of more than $120 billion took months, and a scale of that size is difficult to replicate in the current market environment.
- AI infrastructure companies are encountering a cold reception when going public: Firmus abandoned its IPO, Elice fell 32% on its first day, and some CoreWeave bonds yield nearly 15%.
- The IPO is scheduled for the week of November 16, after being delayed earlier due to researcher departures and security incidents, while market demand remains strong.
The original article is from the U.S. political news website Axios, authored by Madison Mills
Compiled by Expressman@Odaily
Anthropic's upcoming IPO will test a jittery Wall Street, but investors say the reason they can't wait for the IPO comes down to a simple arithmetic problem: this AI giant has simply grown too large for private financing to sustain.
Why it matters: Leading AI companies like Anthropic and OpenAI are accumulating spending commitments in the hundreds of billions of dollars, pushing the financial system's capacity to its limits—the scale of this buildout is comparable to America's railway network or interstate highway system of yesteryear. Investors say that with private credit costs soaring, tapping the enormous liquidity of public markets is the best way to fund the next phase of this AI arms race.
Where things stand: According to a draft IPO prospectus seen by The Wall Street Journal, Anthropic's compute commitments over the coming years could reach $750 billion. The company already carries more than $600 billion in future infrastructure costs and is negotiating other deals that could add another $150 billion. In the first half of 2026, Anthropic generated $16.3 billion in revenue, up from $1.1 billion in the same period last year; its disclosed net loss for the period was $80.7 billion—though according to The Wall Street Journal, most of that is tied to financing-related accounting charges.
The focus: Investors told Axios that the math points to a numerical problem that only public markets can solve. OpenAI's most recent funding round, the largest in history, serves as a reference point: it took months to finalize more than $120 billion in capital, a feat that would be difficult to replicate in the current market environment. Demand for Anthropic shares is off the charts—just ask the person willing to trade his nearly $5 million house for shares—but deteriorating market conditions have made this listing carry far more weight. If the IPO goes smoothly, it could help recalibrate investors' anxiety about the stability of the AI boom. As Anthropic outgrows the traditional venture capital mold, public markets will offer a much deeper pool of capital.
Follow the money: Private-side capital is getting harder and harder to come by. According to the Financial Times, as part of a record $60 billion chip financing package, Anthropic provided Blackstone with $9 billion in subordinated debt yielding more than 10%. That is higher than the 8.5% on a previous financing, indicating that private investors are demanding greater compensation for taking on AI-related risk.
Between the lines: Private markets have shouldered the heavy lifting of AI investment long enough, and they are ready to let others share the burden. The market had widely expected Anthropic to list in September, but the departure of one of its researchers and a string of safety incidents brought AI safety issues into greater public view. Now the timing is set: Anthropic plans to hold its IPO during the week of November 16.
Zooming out: This IPO comes after widespread anxiety on Wall Street about AI trades, particularly among companies that specialize in renting out compute and building data centers, which are facing market skepticism. Firmus, an Australian data center company backed by Nvidia, abandoned its listing plans due to market volatility; South Korean AI cloud provider Elice saw its shares fall 32% on its first day of trading despite rapid revenue growth. Meanwhile, concerns about AI infrastructure-related debt have sharply driven up CoreWeave's borrowing costs, with some of its bonds yielding close to 15%.
Reality check: Anthropic is not an ordinary AI startup. One Anthropic investor told Axios that given the company's scale and maturity, going public is simply the natural next step. The investor also described Anthropic's latest financial performance as "stunning," rebutting concerns about slowing revenue growth.
The bottom line: Anthropic may have to go public under less-than-perfect conditions, but investors believe an IPO is the best way to hand this AI boom over to the market for the ultimate test.
Recommended Reading
A Quick Read of Anthropic's Prospectus: Five Cofounders Selling Shares, the Company Raising Nothing?
A Breakup That Changed the AI Landscape: The Hidden Feud Between OpenAI and Anthropic
