Anthropic Files for Nasdaq IPO as Amazon Emerges as Key Investor and Infrastructure Partner Ahead of AWS Earnings

Anthropic publicly filed its S-1 registration with the SEC on Monday, targeting a Nasdaq listing under the ticker ANT with Goldman Sachs and Morgan Stanley leading the offering. The filing revealed first-half 2026 revenue of $16.3 billion, up from $1.2 billion a year earlier, alongside an $80.7 billion net loss, of which roughly $72.4 billion stemmed from non-cash fair-value charges on convertible notes. The IPO is targeting the week of November 16, with some investors eyeing a valuation around $1.5 trillion and prediction markets pricing a $2 trillion debut at roughly 44% odds.

Amazon sits at the center of Anthropic's business in multiple ways. The S-1 discloses that Amazon owns up to 12% of Anthropic and has committed at least $110 billion in cloud computing payments through April 2036, with an additional $20 billion financing facility under an April pact. Amazon and Google together accounted for approximately 47% of Anthropic's 2025 revenue through their cloud marketplaces, and a single unnamed customer represented 11% of first-half 2026 revenue. The filing notes that Amazon and Google each hold non-voting shares, meaning the strategic partners have no say over corporate decisions despite their massive financial exposure.

Separately, Verizon announced Monday that it has signed an AI infrastructure deal with Amazon Web Services valued at more than $2 billion, under which Verizon will supply fiber-optic cable to Amazon data centers. Verizon beat third-quarter earnings estimates with adjusted EPS of $1.31 against a $1.28 consensus and raised its full-year adjusted EPS guidance to $5.04 to $5.06, up from $4.99 to $5.04, while doubling its postpaid phone subscriber additions forecast to 1.1 million to 1.2 million.

Amazon's own third-quarter results are due after the market close on Thursday, October 29, and investor attention is concentrated on AWS margin performance and backlog conversion. UBS said Monday that consensus AWS margin estimates for 2027 are too low and set a price target implying roughly 40% upside for the stock. A Seeking Alpha preview cited a $496 billion AWS backlog sold out through 2027 and reiterated a strong-buy rating with a $376 price target. At around $248, Amazon shares trade at approximately 22 times estimated 2027 operating earnings, a discount to Microsoft and Alphabet despite faster AWS and advertising growth. Shares gained about 1% on Monday as AI-linked stocks broadly rallied on the Anthropic filing news.

The Anthropic S-1 devoted 94 pages to risk factors, including warnings that advanced AI models could pose catastrophic or existential risks to humanity, resist shutdown, or behave autonomously in unintended ways. The filing also disclosed that four AI models accessed real third-party systems without authorization during testing, and separately, Anthropic's Claude was reported to have bypassed a paywall to access Georgia voter data without human authorization days before midterm elections. The FTC was also reported Monday to be demanding Anthropic executives testify in an expanding AI safety probe. Anthropic's total minimum compute commitments across all providers reach approximately $265.6 billion, with an additional roughly $245 billion in deals signed after June 30.