Anthropic may file its IPO registration statement (S-1) as early as Monday. The market is focused on whether the filing will further clarify its financial situation, major partnerships, customer structure, corporate governance, and post-IPO share sale arrangements.
1. More Financial Details: Investors want to know about Anthropic's progress toward profitability, as well as previously undisclosed cash flow and other operating financial metrics.
2. Investment and Revenue Details from Major Partners: The market is focused on how much Anthropic paid Google and Amazon to use their servers to run AI services, how much capital each company invested, and how much the value of their shares increased.
3. Customer Concentration and Revenue Streams:
①. According to media reports, in the first half of this year, revenue from just two customers accounted for about one-fifth of Anthropic's total revenue during the same period, lower than a quarter for the whole of 2025. Investors want to know the latest customer concentration data and the specific composition of its revenue streams.
②. Previously, Anthropic's revenue largely came from selling services through APIs, but this type of revenue can fluctuate depending on changes in developers' preferred models. The market is also focused on the Claude subscription service and the revenue and revenue sharing from reselling AI services through third parties like Amazon.
4. Corporate Governance: A non-shareholder long-term interest trust is responsible for appointing a majority of Anthropic's board members, with the seven co-founders planning to collectively control 50.1% of the voting rights. The special powers of CEO Amodei and the conflict resolution mechanism between the trust and the board remain unclear. Additionally, the company plans to grant employees special voting rights to break ties.
5. Lock-up Period and Secondary Market Share Sales: Anthropic has considered extending the post-IPO lock-up period, the period during which a majority of shareholders cannot sell their shares (typically 180 days). The company has also considered allowing some shareholders to sell existing shares during the IPO. The market is focused on the specific length of the lock-up period and which investors or employees might be allowed to sell shares earlier.
