Seemingly, everyone is digging into Anthropic’s (ANTH.PVT) IPO prospectus this week, even other C-suite execs like Robinhood (HOOD) CFO Shiv Verma.
“I have gone through it. The growth rates are pretty incredible, … up 1,300% year over year, I can’t recall seeing another company doing that well,” Verma said on Yahoo Finance about what caught his attention from the prospectus.
“The other thing I thought was interesting is they were showing what percentage of their customers are in different buckets,” Verma added. “And so if you spend more than $10 million a year, you’re a top 250 customer. I thought that was a pretty interesting stat, as I thought it’d be a little bit larger, but it just goes to show you how big their future TAM [total addressable market] is.”
Verma has no choice but to read every single page of the S-1 for at least two reasons.
For one, Verma runs point on Robinhood Ventures.
It’s a concentrated investment portfolio heavily anchored in premier AI and data infrastructure giants, including OpenAI (OPAI.PVT), Databricks (DATB.PVT), the AI-hiring platform Mercor, and the coding assistant Cognition. So how Anthropic is received by investors could greatly impact the valuations of the companies in the portfolio and, by extension, the overall value of Robinhood.
Secondly, there will likely be a lot of interest from Robinhood’s retail investor base, enthralled with all things AI, in trading Anthropic shares and also to use the hotly anticipated debut to scale in and out of other AI names.
As it stands, the S-1 has been generally well received by markets.
Anthropic’s first-half 2026 revenue surged to $16.3 billion from $1.1 billion a year earlier, the prospectus showed. The filing also discloses an $80.7 billion first-half net loss, a strong signal of aggressive AI spending in the years ahead.
On an adjusted basis, Anthropic posted $1.62 billion in operating income through the first six months of 2026 compared to a loss of $1.85 billion last year.
The company is winning praise for its strong top-line growth rates and more than $131 billion in cash on hand.
Investment bankers are reportedly aiming for an astronomical listing valuation of roughly $1.5 trillion to $2 trillion.
Anthropic could debut on public markets before the end of November. It plans to list on the Nasdaq under the ticker symbol ANT.
Brian Sozzi is Yahoo Finance’s Executive Editor, host of the Sozzi Unleashed morning show, the ‘Power Players With Brian Sozzi’ podcast and a member of Yahoo Finance’s editorial leadership team.
