DOMINANT ANGLE
Beijing is breaking down the figures from Anthropic's prospectus: a meteoric rise in revenue, a loss deemed largely accounting-related, and computing commitments totaling several hundred billion.
Dominant angle identified — does not reflect unanimity of this country’s media
KEY POINTS
- 01
Revenue of $16.29 billion in the first half of 2026, compared to $1.16 billion a year earlier (CGTN).
- 02
Several hundred billion dollars in minimum payment obligations for computing and data centers, according to Jiemian.
- 03
Founders hold 50.1% of voting rights through a Class F share (Jiemian).
ANALYSIS
Beijing, October 27, 2026. Chinese media is reporting on Anthropic's prospectus filing, focusing on the numbers. According to CGTN, the company publicly filed its S-1 form with the SEC on Monday, October 26, with the aim of listing on the Nasdaq under the symbol ANT. The document does not specify the number of shares or the price range. Goldman Sachs and Morgan Stanley are leading the 24-bank syndicate, and the first transactions are expected to take place in mid-November. CGTN cites Reuters: the company's supporters hope for a valuation of up to $2,000 billion, while some investors are considering $1,500 billion.
In terms of results, CGTN notes a revenue of $16.29 billion in the first half of 2026, compared to $1.16 billion a year earlier, after $41 million in 2023, then $386 million in 2024 and $4.59 billion in 2025. The second quarter alone reached $11.56 billion, with a first quarterly operating profit of $974 million. Jiemian details a semi-annual net loss of $80.75 billion, while specifying that it is mainly due to the change in fair value of financial instruments such as convertible bonds, and that it does not equate to an operating loss, which is $693 million.
Jiemian also focuses on infrastructure: $112.4 billion in cash as of June 30, 2026, and several hundred billion dollars in minimum payment obligations under agreements for calculation, data centers, and cloud services, to which are added $125 to $150 billion in agreements whose terms are not set. More than 6,000 customers spend at least $100,000 per year, compared to around 400 at the end of March 2025.
The economic media finally relays the governance and risks: a Class F share held by the founders through Founder LLC gives 50.1% of the voting rights, and the prospectus lists among the risk factors "catastrophic" or even existential dangers related to AI, which current security tests may not detect. The South China Morning Post, from Hong Kong, puts the operation into the context of the AI value rally driven by the spending of tech giants, citing concerns about valuations and debt.
