Entropy goes public.
The company has formally filed a registration statement on Form S-1 with the SEC. This is the main document that describes the financial statements, the risks, the ownership and management structure and the terms of the share issuance. Basics:
- Revenues grew approximately 14 times during the year. In the whole of 2025, the revenues stood at 4.6 billion, and in the first six months of 2026 alone, they were already 16.3 billion. This is despite the fact that a year ago during the same six months it was about 1.2 billion. Anthropic investors were told that in the third quarter of 2026 revenues grew by another 45%.
- Meanwhile, losses for six months in 2026 amounted to... 80.7 billion. However, about 72 billion of this is a revaluation of debt instruments that will be converted into shares. In fact, the company spent about 17 billion in six months. Of these, about 9 billion are intended for computing and infrastructure, 3.2 billion for marketing, 3.2 billion for personnel and about 1.7 billion for other things.
- The operating loss for the six months amounted to 0.7 billion respectively. The company's main thesis is that computing costs outgrow revenues. According to the data of the second quarter, this is true (but it should also be taken into account that sales and marketing expenses amounted to 0.1 billion a year ago and are now more than 3 billion, so the growth was partly acquired). The main takeaway: Anthropic is almost breaking even and trying to convince everyone that they will be able to start making money soon (they claim that there is already a profit on paper in the third quarter). But that's half the picture. The company has about 132 billion in accounts, but there are computing contracts that amount to hundreds of billions and stretch until 2045. The whole structure is based on the fact that the revenues will continue to grow faster than the expenses. The valuation at which Anthropic will go public has also not yet been revealed. There will be something in the region of 1.5-2 trillion. And one more thing, by the way: stock buyers will get a share in the growth, not in the management. The seven founders, through one special share after the offering, will have 50.1% of the voting power, and all decisions will be made by those people.