Anthropic's IPO plans: 900% revenue retention, but $80 billion in first-half losses

JUST IN: Anthropic files for IPO, reporting 900% net revenue retention but $80 billion in first-half losses, according to its SEC prospectus. It plans to list on the Nasdaq under ticker 'ANT.'

Anthropic lost eighty billion dollars in six months. And it's going public anyway.

The Claude maker filed its prospectus with the SEC today, heading for the Nasdaq under the ticker ANT, which is adorable for a company this size. Dario Amodei built this thing in 2021 after walking out of OpenAI with a handful of researchers, and five years later he's taking it to the public market.

Now, the number that makes investors drool. Net revenue retention of nine hundred percent. Existing customers are spending nine times more than they did a year ago, mostly because Claude Code ate the corporate world. The median cloud software company sits at 108. This is a different species.

But the timing is brutal. SpaceX raised eighty five billion in June and now trades below its open, and the neoclouds lost a third of their value this month alone. Anthropic is asking Wall Street to fund the most expensive growth story ever told, at the exact moment Wall Street started asking for receipts.

This is Sara White, reporting for HIT.