Anthropic PBC set itself a challenge by opening its books to prospective IPO investors right after a punishing week for the artificial intelligence trade. When Wall Street took a close look, it generally liked what it saw.
Investors may not have been surprised by the company’s surging revenue, with $16.3 billion in the first half of this year alone — up more than 1,300% versus the same period in 2025. But they were impressed by the firm behind Claude’s broad and diversifying adoption among business customers, and tolerant of what may be slowing growth.
“To me, what’s more important is that their recurring revenue’s coming from both an increasing number of enterprise customers, and it’s not concentrated,” said Max Gokhman, head of AI and digital asset solutions at Franklin Templeton, in an interview with Bloomberg News.
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About 79% of Anthropic’s revenue in the first nine months of 2026 came from outside the company’s top five customers, according to the filing.
“That’s a pretty solid figure,” Gokhman said.
Another figure that jumped out to many was the $131.7 billion of cash and cash equivalents the company had at the end of June. To Yuri Khodjamirian, chief investment officer at Tema ETFs, that’s surprising for a firm that has only raised $141.1 billion to date.
“If you just take one number versus the other, that suggests that to date this company has spent $9 billion basically building this business,” Khodjamirian said. “They have a lot of future commitments to compute, there’s a lot of lease commitments, things like that that come in the future. But that’s quite remarkable.”
“One of the more bullish takeaways is actually this is a profitable business that has a lot of cash on the balance sheet, enough to kind of sustain its growth into the future,” Khodjamirian added. “Which is a very positive sign.”
The filing helped reinject investor enthusiasm in the artificial intelligence trade after it took a drubbing over the last two weeks amid concerns about the amount of debt fueling the infrastructure build-out and how much return the largest companies are seeing about the massive investment in the nascent technology. Monday’s trading offered a calmer backdrop going into a slew of hyperscaler earnings scheduled for this week after Meta Platforms Inc.’s huge capital expenditures last week sent investors out of risk assets.
The Nasdaq 100 index gained 1.1% Monday after two back-to-back weeks of declines. The S&P 500 Index rose 0.7% and the Philadelphia Semiconductor Index, which measures chipmaking stocks, gained 2.8%.
“Certainly the Anthropic S-1 has stoked greed a lot more than fear,” said Gokhman of Franklin Templeton. “There’s a lot in that S-1 that’s not super surprising to folks who’ve been paying close attention, but it kind of confirms the enterprise growth potential. And I think that is probably one of the biggest reasons we’re seeing the broader complex of AI-related stocks kind of pick up, since they were the ones that were really getting beaten down over the last couple of weeks, it makes sense that we’re seeing that rebound.”
Meta also said Monday that it had upsized a planned sale of common and preferred stock to nearly $98 billion, up from the $95 billion that it had announced ahead of Anthropic’s filing.
“They’re smart to say let’s get a bunch of capital while we can because it may feel somewhat expensive today, but if the AI debt fears come true, it’s going to be really expensive next year when they really, really need it,” said Alexander Morris, chief investment officer at FM Investments. “The concern is being left out, so when someone does something, we have to put our marker in too, just to remind people don’t spend all your money on this flashy new thing.”
Meta shares fell more than 1%, extending a decline from last week. Still, investors see more than enough demand in the market to digest the new issuance with Anthropic’s upcoming IPO.
“There’s going to be more of a differentiated case to make and we’ll be able to define who are the potential winners and losers,” Gokhman said. “But it’s also way too early to tell, so I think right now holding a diversified basket makes the most sense and then changing your allocations gradually as we see more clarity on who is becoming more dominant in each of the spaces.”
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