{"id":29630,"date":"2026-10-28T04:36:34","date_gmt":"2026-10-27T20:36:34","guid":{"rendered":"https:\/\/monsterblockhk.com\/?p=29630"},"modified":"2026-10-28T05:01:19","modified_gmt":"2026-10-27T21:01:19","slug":"anthropic-ipo-ant-stock-analysis","status":"publish","type":"post","link":"https:\/\/monsterblockhk.com\/en\/anthropic-ipo-ant-stock-analysis\/","title":{"rendered":"Anthropic (ANT) Pre-IPO Must-Read: Understanding Revenue, Losses, and a Trillion-Yuan Valuation Through the S-1 Filing"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"29630\" class=\"elementor elementor-29630\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-52de825 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"52de825\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5c127d8\" data-id=\"5c127d8\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8e1f607 elementor-widget elementor-widget-image\" data-id=\"8e1f607\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1600\" height=\"900\" src=\"https:\/\/monsterblockhk.com\/wp-content\/uploads\/2026\/10\/anthropic-ipo-ant-stock-analysis-cover.jpg\" class=\"attachment-full size-full wp-image-29623\" alt=\"Anthropic (ANT) IPO Analysis Cover: Anthropic\u2019s Official Logo and Illustration from the S-1 Prospectus\" srcset=\"https:\/\/monsterblockhk.com\/wp-content\/uploads\/2026\/10\/anthropic-ipo-ant-stock-analysis-cover.jpg 1600w, https:\/\/monsterblockhk.com\/wp-content\/uploads\/2026\/10\/anthropic-ipo-ant-stock-analysis-cover-300x169.jpg 300w, https:\/\/monsterblockhk.com\/wp-content\/uploads\/2026\/10\/anthropic-ipo-ant-stock-analysis-cover-1024x576.jpg 1024w, https:\/\/monsterblockhk.com\/wp-content\/uploads\/2026\/10\/anthropic-ipo-ant-stock-analysis-cover-768x432.jpg 768w, https:\/\/monsterblockhk.com\/wp-content\/uploads\/2026\/10\/anthropic-ipo-ant-stock-analysis-cover-1536x864.jpg 1536w, https:\/\/monsterblockhk.com\/wp-content\/uploads\/2026\/10\/anthropic-ipo-ant-stock-analysis-cover-18x10.jpg 18w, https:\/\/monsterblockhk.com\/wp-content\/uploads\/2026\/10\/anthropic-ipo-ant-stock-analysis-cover-800x450.jpg 800w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" title=\"Anthropic IPO Analysis Cover Page\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e7af443 elementor-widget elementor-widget-text-editor\" data-id=\"e7af443\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Anthropic, the developer of Claude, publicly filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) on October 26, 2026, and plans to list on the Nasdaq under the ticker symbol \u201cANT.\u201d For people who use Claude every day, the first question is often: \u201cWith the company growing so fast, is its stock worth keeping an eye on?\u201d<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bd62879 elementor-widget elementor-widget-text-editor\" data-id=\"bd62879\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>However, this S-1 filing contains a crucial omission: neither the offering price range nor the number of shares to be offered has been specified. The company has laid its books open, but has not yet told the market at what price it intends to sell the shares. Therefore, this article breaks the issue down into two parts: first, examining Anthropic\u2019s own performance based on the figures in the S-1; second, analyzing what the media-reported valuation of $1.5 trillion to $2 trillion would require the company to achieve in the future.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-35b6577 elementor-widget elementor-widget-text-editor\" data-id=\"35b6577\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>Key Points in 30 Seconds<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a5f50bc elementor-widget elementor-widget-text-editor\" data-id=\"a5f50bc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li><strong>Growth<\/strong>: Revenue for the first half of 2026 was $16.29 billion, approximately 14 times that of the same period last year; however, media reports indicate that the quarter-over-quarter growth rate for the third quarter has slowed to approximately 45%.<\/li><li><strong>Profit<\/strong>: A net loss of $80.75 billion on the books, almost entirely attributable to changes in the valuation of financial instruments, not cash outflows; the core business returned to an operating profit of $970 million in the second quarter of 2026, the only quarter with a positive operating profit among the six quarters disclosed in the S-1 filing.<\/li><li><strong>Risks<\/strong>: The top five customers account for approximately 25% of revenue, and nearly half of the revenue is collected through the cloud marketplace; the value of named computing power contracts amounts to hundreds of billions of dollars, and for the most part, payments are required regardless of usage.<\/li><li><strong>Governance<\/strong>: The founder holds 50.1% of the voting rights through one class of preferred stock; ordinary shareholders cannot control the board of directors.<\/li><li><strong>Valuation<\/strong>: The figures of $1.5 trillion to $2 trillion are merely media reports, not the offering price. Buying at this price would be equivalent to betting that the company will continue to experience rapid growth through 2028.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a526dcb elementor-widget elementor-widget-text-editor\" data-id=\"a526dcb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>After its listing, ANT will trade on the Nasdaq. If you want to view quotes and place orders immediately after the offering price is announced and the stock officially lists, you can set up a brokerage account that allows you to trade U.S. stocks in advance:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-64a1059 elementor-align-center elementor-button-danger elementor-widget elementor-widget-button\" data-id=\"64a1059\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/futunn.onelink.me\/fzPs\/ozxxzbk0\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Open an Account with Futu to Buy U.S. Stocks (Invitation Code: MBHKFT)<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-20c656f elementor-widget elementor-widget-heading\" data-id=\"20c656f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-large\">I. Anthropic\u2019s IPO Progress: What\u2019s Confirmed, and What Remains Unclear<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f0062d9 elementor-widget elementor-widget-text-editor\" data-id=\"f0062d9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<table style=\"border-collapse:collapse;width:100%\"><tr><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Project<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Current Status<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Pursuant to<\/th><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Submit Documents<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">October 26, 2026: Form S-1 filed publicly; a confidential draft had already been submitted for review starting in June<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">SEC EDGAR<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Exchange \/ Ticker Symbol<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Nasdaq Global Select Market \/ ANT<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">S-1 Cover, Anthropic Official Announcement<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Is the registration in effect?<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Not yet effective; shares may not be sold until it becomes effective.<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Official Announcement from Anthropic<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Price Range, Number of Shares, Amount Raised<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">S-1: The cover is completely blank<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">S-1 Cover<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Underwriting Syndicate<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Goldman Sachs and Morgan Stanley served as lead underwriters, with a total of 22 underwriters<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">S-1 Cover, Page 317<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Valuation<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Not disclosed; media reports estimate approximately $1.5 trillion to $2 trillion<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Reports from AP and Reuters<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Fundraising Amount<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Not disclosed; media reports indicate a maximum of approximately $100 billion<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">AP Report<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Listing Date<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Not announced; media reports suggest sometime after the U.S. midterm elections in November, around the week of Thanksgiving<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Reports from Reuters and Fortune<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Previous Private Placement Round<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">In May 2026, the company raised $65 billion in a Series H funding round, bringing its post-funding valuation to $965 billion.<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Announcement from Orrick, the Lead Law Firm<\/td><\/tr><\/table>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-75e48cd elementor-widget elementor-widget-text-editor\" data-id=\"75e48cd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The most common mistake beginners make is treating the media\u2019s valuation as the offering price. The current S-1 is only a \u201cpreliminary prospectus\u201d; companies typically file an amended S-1\/A to include a price range before the roadshow (when they pitch the stock to institutional investors). As of October 27, this amended filing had not yet been filed on EDGAR.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bf13488 elementor-widget elementor-widget-text-editor\" data-id=\"bf13488\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<figure style=\"margin:8px 0 20px;text-align:center\"><img decoding=\"async\" src=\"https:\/\/monsterblockhk.com\/wp-content\/uploads\/2026\/10\/anthropic-ipo-official-s1-announcement-2026-10.jpg\" alt=\"Official Announcement from Anthropic: Filed Form S-1 with the SEC on October 26, 2026, to list on the Nasdaq Global Select Market under the ticker symbol ANT; the number of shares and price range have not yet been determined.\" loading=\"lazy\" style=\"width:100%;max-width:100%;height:auto;border-radius:6px\" \/><figcaption style=\"font-size:13px;line-height:1.6;margin-top:6px;text-align:center\">An official announcement from Anthropic states that the company plans to list on the Nasdaq under the ticker symbol \u201cANT\u201d; the number of shares to be issued and the price range have not yet been determined | Image source:<a href=\"https:\/\/www.anthropic.com\/news\/s1-sec\" target=\"_blank\" rel=\"noopener nofollow\">anthropic.com<\/a><\/figcaption><\/figure>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-58a2a7c elementor-widget elementor-widget-text-editor\" data-id=\"58a2a7c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>It is also important to note that, in addition to the company issuing new shares, this offering also includes the sale of shares by existing shareholders (referred to as \u201cselling shareholders\u201d in the S-1). The proceeds from the latter sale go to the shareholders and do not enter the company\u2019s accounts (S-1 cover page, page 125).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6ec17d9 elementor-widget elementor-widget-text-editor\" data-id=\"6ec17d9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>As for whether the stock will \u201csoar on its first day of trading,\u201d the S-1 form cannot provide an answer. The first-day price depends on the final pricing, who receives the shares, and the market\u2019s liquidity and sentiment on that day; before the offering price is announced, any prediction about the first day lacks a basis for calculation. \u201cShould you chase the stock if you didn\u2019t get allocated shares?\u201d is essentially the same question: what truly determines the risk is the price you pay.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fd66a33 elementor-widget elementor-widget-text-editor\" data-id=\"fd66a33\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Instead of speculating on whether the stock will rise or fall on the first day, it\u2019s better to get your account and funds ready first, and then use the methods outlined in this article to make your own judgment once the offering price is announced:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-618d2b4 elementor-align-center elementor-button-danger elementor-widget elementor-widget-button\" data-id=\"618d2b4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/futunn.onelink.me\/fzPs\/ozxxzbk0\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Open an Account with Futu to Buy U.S. Stocks (Invitation Code: MBHKFT)<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c096ea4 elementor-widget elementor-widget-heading\" data-id=\"c096ea4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-large\">II. How Does Anthropic Make Money? 80 Percent of Its Revenue Comes from a \u201cPay-As-You-Go\u201d Model<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3a70a07 elementor-widget elementor-widget-text-editor\" data-id=\"3a70a07\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>There is no standalone \u201cClaude stock\u201d on the market: Claude is a product of Anthropic. If you want to invest in the company behind Claude, the corresponding stock is ANT, which is set to go public. Anthropic generates revenue from the Claude model through three main channels: the Claude Platform (API), which allows developers and enterprises to directly access the model; Claude Code, a tool for building applications; and Claude Cowork and the Claude app, which are designed for knowledge workers.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-23b9721 elementor-widget elementor-widget-text-editor\" data-id=\"23b9721\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>By payment method, in the first half of 2026, there were <strong>80% ($13.1 billion) is billed based on usage<\/strong>(consumption-based, charged based on token usage),<strong>20% ($3.2 billion) is a subscription-based service<\/strong>(S-1, p. 139). The S-1 does not disclose the proportion of revenue attributable to corporate customers versus general consumers.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a938826 elementor-widget elementor-widget-text-editor\" data-id=\"a938826\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>What does this mean?<\/strong> Revenue from usage-based billing grows very quickly when customers increase their usage, but it also declines rapidly when customers reduce their usage\u2014unlike the stability of long-term subscriptions.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9468786 elementor-widget elementor-widget-text-editor\" data-id=\"9468786\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Another key figure is distribution channels:<strong>Revenue of approximately 48% in the first half of 2026 was collected from customers through cloud service provider (CSP) marketplaces.<\/strong>(S-1, p. 57). Claude is available on AWS, Google Cloud, and Microsoft Azure (S-1, p. 10); these platforms collect payments on Anthropic\u2019s behalf, deduct their fees, and then transfer the remaining amount to Anthropic. In other words, Amazon, Google, and Microsoft are not only investors in or suppliers to Anthropic, but also its key sales channels\u2014and, at the same time, competitors in the AI product space.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2417124 elementor-widget elementor-widget-text-editor\" data-id=\"2417124\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<figure style=\"margin:8px 0 20px;text-align:center\"><img decoding=\"async\" src=\"https:\/\/monsterblockhk.com\/wp-content\/uploads\/2026\/10\/anthropic-ipo-s1-growth-loops.jpg\" alt=\"Anthropic S-1 Chart: The Claude-centered improvement cycle (better models, more use cases, more feedback) and investment cycle (higher growth, more investment, greater capabilities)\" loading=\"lazy\" style=\"width:100%;max-width:100%;height:auto;border-radius:6px\" \/><figcaption style=\"font-size:13px;line-height:1.6;margin-top:6px;text-align:center\">S-1: Anthropic\u2019s Two Cycles as Described in Its Filing: Model Advancements Lead to More Applications and Feedback, and Revenue Growth in Turn Supports Further Investment (Company Perspective) | Image Source:<a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/2130357\/000162828026067168\/anthropicpbc-sx1.htm\" target=\"_blank\" rel=\"noopener nofollow\">sec.gov<\/a><\/figcaption><\/figure>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c7f4a5f elementor-widget elementor-widget-heading\" data-id=\"c7f4a5f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-large\">III. How Fast Is Growth? A 14-fold increase in one year, but it depends on how the quarterly growth rate trends<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8124c7e elementor-widget elementor-widget-text-editor\" data-id=\"8124c7e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>First, let\u2019s look at the quarterly revenue figures disclosed in the S-1 filing. In the table, \u201cquarter-over-quarter growth rate\u201d (QoQ) refers to the change compared to the previous quarter, while \u201cyear-over-year growth rate\u201d (YoY) refers to the change compared to the same quarter of the previous year.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7ef841 elementor-widget elementor-widget-text-editor\" data-id=\"b7ef841\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<table style=\"border-collapse:collapse;width:100%\"><tr><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Quarter<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Revenue (in hundreds of millions of U.S. dollars)<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Quarter-over-quarter growth rate<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Year-over-year growth rate<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Source<\/th><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Q1 2025<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">3.8<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u2014<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u2014<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">S-1, Page 158<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Q2 2025<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">7.9<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">+109%<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u2014<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">S-1, Page 158<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Q3 2025<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">13.8<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">+76%<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u2014<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">S-1, Page 158<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Q4 2025<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">20.4<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">+48%<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u2014<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">S-1, Page 158<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Q1 2026<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">47.3<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">+132%<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">+1,158%<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">S-1, Page 158<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Q2 2026<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">115.6<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">+144%<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">+1,368%<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">S-1, Page 158<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Q3 2026<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Approx. 168<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Approx. +45%<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Approx. +1,116%<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Reuters, citing an attendee at an investor briefing,<strong>Non-S-1 Data<\/strong><\/td><\/tr><\/table>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3b0b7ec elementor-widget elementor-widget-text-editor\" data-id=\"3b0b7ec\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><em>The quarter-over-quarter and year-over-year growth rates in this article are calculated based on the revenue figures listed in the table. Revenue for Q3 2026 is still blank in the S-1 filing.<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5519230 elementor-widget elementor-widget-text-editor\" data-id=\"5519230\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Looking at the first half of the year as a whole, revenue for the first half of 2026 was $16.29 billion, approximately 14 times the $1.16 billion recorded in the same period of 2025 (a year-over-year increase of approximately 1,300%), and is already 3.5 times the full-year 2025 revenue of $4.59 billion (S-1, page 23).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fca8a96 elementor-widget elementor-widget-heading\" data-id=\"fca8a96\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\">Is growth slowing down?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3086213 elementor-widget elementor-widget-text-editor\" data-id=\"3086213\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Based on media data, the answer is \u201cyes\u201d: The quarter-over-quarter growth rate fell from 1,44% in the second quarter to approximately 45% in the third quarter, and new revenue for the quarter also declined from approximately $6.8 billion to approximately $5.2 billion. However, there are three points to keep in mind when interpreting these figures:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-763bd94 elementor-widget elementor-widget-text-editor\" data-id=\"763bd94\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ol><li><strong>There is only one data point, and it comes from the media.<\/strong>. Reuters' third-quarter figures come from a single anonymous investor; official figures will not be available until the S-1\/A filing or the post-IPO financial reports.<\/li><li><strong>Growth has always been a mix of fast and slow periods.<\/strong>. In the fourth quarter of 2025, the quarter-over-quarter growth rate fell to 48%, but rebounded to 132% following the launch of Opus 4.5 (S-1, page 196). The S-1 also notes that in the third quarter, more than 80 percent of revenue came from models launched in the previous six months (page 144), and the pace of new model releases will significantly impact quarterly growth.<\/li><li><strong>The company expects its growth rate to decline<\/strong>. Form S-1 states that as the revenue base expands and the market matures, the revenue growth rate is expected to decline over time, and this decline may occur more rapidly and more significantly than the company anticipates (page 139).<\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f250f41 elementor-widget elementor-widget-text-editor\" data-id=\"f250f41\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>It is important to distinguish between:<strong>Slower growth does not necessarily mean a decline in revenue<\/strong>. Revenue growing from 16.8 billion to 19.0 billion still represents growth, albeit at a slower pace. However, when it comes to stock prices, the valuation multiples the market is willing to assign typically follow the growth rate; when the growth rate declines, the multiples may be revised downward as well\u2014this is called \u201cmultiple compression.\u201d Therefore, even if revenue continues to hit new highs, the stock price may still decline.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-26312db elementor-widget elementor-widget-heading\" data-id=\"26312db\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\">What does \"NRR approx. 900%\" mean?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4098de9 elementor-widget elementor-widget-text-editor\" data-id=\"4098de9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>NRR (Net Revenue Retention) measures whether \u201cexisting customers are spending more or less than they did last year.\u201d As defined in the S-1 filing, it is calculated by dividing the revenue from the same group of customers over the most recent three-month period by their revenue from the same three-month period one year ago, excluding subscribers with fixed monthly fees such as Pro and Max (pages 3\u20134).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-33c949d elementor-widget elementor-widget-text-editor\" data-id=\"33c949d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Anthropic\u2019s NRR as of September 30, 2026, was approximately 9,00% (page 11), meaning that the current spending of the same group of customers is about nine times what it was a year ago. At the same time, the number of customers paying $100,000 or more annually has increased from more than 950 a year ago to more than 11,900; there are more than 1,900 customers paying $1 million or more annually, and approximately 250 paying $10 million or more annually (page 9).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9e82b5a elementor-widget elementor-widget-text-editor\" data-id=\"9e82b5a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<figure style=\"margin:8px 0 20px;text-align:center\"><img decoding=\"async\" src=\"https:\/\/monsterblockhk.com\/wp-content\/uploads\/2026\/10\/anthropic-ipo-s1-100k-customers.jpg\" alt=\"Anthropic S-1 Chart: The number of customers paying over $100,000 annually increased from approximately 20 at the end of 2023 to approximately 200 at the end of 2024 and approximately 1,500 at the end of 2025, rising to over 11,900 by the end of September 2026\" loading=\"lazy\" style=\"width:100%;max-width:100%;height:auto;border-radius:6px\" \/><figcaption style=\"font-size:13px;line-height:1.6;margin-top:6px;text-align:center\">The number of customers paying more than $100,000 annually rose from about 20 to over 11,900 in less than three years | Image source:<a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/2130357\/000162828026067168\/anthropicpbc-sx1.htm\" target=\"_blank\" rel=\"noopener nofollow\">sec.gov<\/a><\/figcaption><\/figure>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7555437 elementor-widget elementor-widget-text-editor\" data-id=\"7555437\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>What does this mean?<\/strong> Growth stems from both \u201csignificant increases in spending by existing customers\u201d and \u201cthe addition of new major customers.\u201d However, this kind of explosive early-stage expansion cannot be sustained over the long term; customer spending will eventually reach its budgetary limits. Therefore, 900% should not be viewed as the new normal.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b1b8f15 elementor-widget elementor-widget-heading\" data-id=\"b1b8f15\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\">Quality of Growth: Customer and Revenue Concentration<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-80bff26 elementor-widget elementor-widget-text-editor\" data-id=\"80bff26\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li><strong>The top five customers accounted for approximately 25% of revenue for the first nine months of 2026.<\/strong>, with no single customer exceeding 10% (S-1, page 57). Revenue from customers outside the top five accounted for approximately 79% in the third quarter, up from approximately 64% in the first quarter, indicating that concentration is improving (page 144).<\/li><li>Many major clients<strong>Did not sign a long-term contract<\/strong>, or if a contract is about to expire, you can reduce expenses at any time (page 57).<\/li><li>The company estimates that in the first nine months of 2026, there will be approximately <strong>Revenue from 5% to 7%<\/strong>, from customers who were later found to have violated the usage policy (page 146). This portion of revenue may not continue in the future.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1a62dad elementor-widget elementor-widget-text-editor\" data-id=\"1a62dad\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Next, we\u2019ll break down Anthropic\u2019s earnings and cash flow. If you want to track its quarterly financial reports and stock price on your own after it goes public, you can start by opening a U.S. stock trading account:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e494c7c elementor-align-center elementor-button-danger elementor-widget elementor-widget-button\" data-id=\"e494c7c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/futunn.onelink.me\/fzPs\/ozxxzbk0\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Open an Account with Futu to Buy U.S. Stocks (Invitation Code: MBHKFT)<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-350e73e elementor-widget elementor-widget-heading\" data-id=\"350e73e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-large\">IV. Is Anthropic Profitable? A Breakdown of the $80.7 Billion Loss<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5dadddd elementor-widget elementor-widget-text-editor\" data-id=\"5dadddd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>First, let\u2019s use a table to clarify five terms that are often confused:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2f6becb elementor-widget elementor-widget-text-editor\" data-id=\"2f6becb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<table style=\"border-collapse:collapse;width:100%\"><tr><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Noun<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Explanation in Plain Language<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Anthropic, First Half of 2026<\/th><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Revenue<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Money received from selling services, before any costs have been deducted<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">$16.29 billion<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Operating Income<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">After deducting operating expenses such as computing power, personnel, and marketing from revenue, how much profit or loss does the core business generate?<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u2212$690 million<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Net Income\/Loss<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">The final result, after taking into account interest, the valuation of investments and financial instruments, and taxes<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u2212$80.75 billion<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Operating Cash Flow<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Actual Cash Receipts and Disbursements from Operating Activities<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">+$3.93 billion<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Free Cash Flow<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Operating cash flow minus capital expenditures (money spent on equipment)<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Approximately $3.45 billion (simplified calculation)<\/td><\/tr><\/table>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c25784d elementor-widget elementor-widget-text-editor\" data-id=\"c25784d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Next, let's look at the figures for each period:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3a7a6d6 elementor-widget elementor-widget-text-editor\" data-id=\"3a7a6d6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<table style=\"border-collapse:collapse;width:100%\"><tr><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Project (in billions of U.S. dollars)<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Throughout 2025<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">First half of 2025<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">First half of 2026<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Q2 2026<\/th><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Revenue<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">45.9<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">11.6<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">162.9<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">115.6<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Computing Power and Infrastructure Costs<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">73.3<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">23.3<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">89.5<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">55.6<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Percentage of Revenue Attributable to Computing Power Fees<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">160%<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">201%<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">55%<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">48%<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Operating Income (GAAP)<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u221280.6<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u221221.4<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u22126.9<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">+9.7<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Operating Profit Margin (GAAP)<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u2212176%<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u2212184%<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u22124%<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">+8%<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Adjusted Operating Margin (Non-GAAP)<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u2212106%<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u2212159%<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">+10%<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">+19%<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Net Loss<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u2212419.7<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u2212129.7<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u2212807.5<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u2212663.1<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Operating Cash Flow<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u221226.4<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u221215.1<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">+39.3<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Not disclosed on a quarterly basis<\/td><\/tr><\/table>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-25804d1 elementor-widget elementor-widget-text-editor\" data-id=\"25804d1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><em>Source: S-1, pp. 23, 25, 158, 161, 169. The full-year 2025 operating loss includes $1.5 billion in copyright litigation settlement costs (the Bartz settlement). Adjusted operating margin excludes stock-based compensation, non-cash donations, and settlement costs and is a non-GAAP measure as defined by the Company.<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0537b15 elementor-widget elementor-widget-text-editor\" data-id=\"0537b15\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<figure style=\"margin:8px 0 20px;text-align:center\"><img decoding=\"async\" src=\"https:\/\/monsterblockhk.com\/wp-content\/uploads\/2026\/10\/anthropic-ipo-s1-adjusted-operating-margin.jpg\" alt=\"Anthropic S-1 Chart: Adjusted operating margin improves from -221% in the first quarter of 2025 to +19% in the second quarter of 2026\" loading=\"lazy\" style=\"width:100%;max-width:100%;height:auto;border-radius:6px\" \/><figcaption style=\"font-size:13px;line-height:1.6;margin-top:6px;text-align:center\">Adjusted operating margin rose from \u2212221% in the first quarter of 2025 to +19% in the second quarter of 2026 (non-GAAP metric) | Image source:<a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/2130357\/000162828026067168\/anthropicpbc-sx1.htm\" target=\"_blank\" rel=\"noopener nofollow\">sec.gov<\/a><\/figcaption><\/figure>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4cc4f50 elementor-widget elementor-widget-text-editor\" data-id=\"4cc4f50\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>The most important information in this table<\/strong>: The proportion of revenue attributable to computing power costs fell from 1,60% in 2025 to 48% in the second quarter of 2026, indicating a significant increase in revenue generated per dollar of computing power; this was the primary driver of the improvement in operating margin. The second quarter of 2026 was the only quarter among the six covered in the S-1 filing in which operating income was positive; the first half of the year still resulted in a slight net loss.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f1dba0f elementor-widget elementor-widget-text-editor\" data-id=\"f1dba0f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<figure style=\"margin:8px 0 20px;text-align:center\"><img decoding=\"async\" src=\"https:\/\/monsterblockhk.com\/wp-content\/uploads\/2026\/10\/anthropic-ipo-s1-revenue-per-compute.jpg\" alt=\"Anthropic S-1 Chart: Revenue generated per dollar of computing power and infrastructure costs rose from 0.40x in the first quarter of 2025 to 2.08x in the second quarter of 2026\" loading=\"lazy\" style=\"width:100%;max-width:100%;height:auto;border-radius:6px\" \/><figcaption style=\"font-size:13px;line-height:1.6;margin-top:6px;text-align:center\">Revenue per dollar of computing power rose from 0.40x to 2.08x, while the corresponding ratio of computing power costs to revenue fell from approximately 2,51% to 48% | Image source:<a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/2130357\/000162828026067168\/anthropicpbc-sx1.htm\" target=\"_blank\" rel=\"noopener nofollow\">sec.gov<\/a><\/figcaption><\/figure>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-119debc elementor-widget elementor-widget-heading\" data-id=\"119debc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\">Why is there an $80.7 billion book loss, yet cash is flowing in?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-83092b0 elementor-widget elementor-widget-text-editor\" data-id=\"83092b0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The key lies in the convertible notes held by Amazon. Convertible notes are essentially loans, but they come with an agreement that they can be converted into stock at a fixed, low price in the future. As of June 30, 2026, the principal amount of these notes was only $6.20 billion, but they can be converted into up to approximately 1.84 billion shares at $2.09 or $5.05 per share (or the IPO price, whichever is lower) (S-1, p. 165).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d6cc331 elementor-widget elementor-widget-text-editor\" data-id=\"d6cc331\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The higher the company\u2019s valuation, the more valuable these \u201ccheap stock options\u201d become. For accounting purposes, the company records the notes at fair value (market value); by the end of June, their book value had reached $108.57 billion (page F-6), with the increase recognized as a loss. In the first half of 2026, valuation losses of this type totaled $72.39 billion, with an additional $8.76 billion in other non-operating losses, primarily resulting from the valuation of financial instruments related to financing agreements (page 151). The combined total of these two items even exceeded the overall net loss, while the operating loss from core business operations was only $690 million.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b856230 elementor-widget elementor-widget-text-editor\" data-id=\"b856230\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>What does this mean?<\/strong> This loss did not result in cash leaving the company, and it is treated as a non-cash item and added back on the cash flow statement (page F-13). However, this is not a figure that can be \u201cignored\u201d: it reflects the fact that early investors will acquire a large number of shares at a very low price, and the cost of this will ultimately be borne by all shareholders\u2014that is, through equity dilution, which will be discussed later.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4de2c50 elementor-widget elementor-widget-heading\" data-id=\"4de2c50\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\">Can gross profit margin be calculated? Why can't it be directly compared to software stocks?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0ed8928 elementor-widget elementor-widget-text-editor\" data-id=\"0ed8928\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Gross margin is \u201cthe percentage of revenue remaining after deducting direct costs.\u201d Anthropic\u2019s income statement is organized by expense category (computing power, personnel, marketing) and does not directly list gross profit. However, the notes include expenses classified by function (page F-40): \u201cCost of Revenue\u201d for the first half of 2026 was $2.38 billion, from which we can estimate a gross margin of approximately 85% (approximately 40% for the full year of 2025).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3c78698 elementor-widget elementor-widget-text-editor\" data-id=\"3c78698\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>However, this 85% figure should be viewed with caution. According to the footnote, the cost of revenue consists almost entirely of computing power used to serve customer workloads (along with a small amount of personnel and allocated expenses); computing power used for training and research is classified under R&amp;D expenses (US$9.74 billion in the first half of 2026), while computing power used to provide free-tier services is classified under marketing expenses. Therefore, when assessing the cost structure of an AI company, the \u201ctotal computing power expenses as a percentage of revenue\u201d (55% for the first half of 2026) is a more useful metric than estimating the gross margin. The company also notes that profit margins may be squeezed when large amounts of new computing power come online or when short-term computing power usage increases (pp. 134\u2013135).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-68f26e1 elementor-widget elementor-widget-heading\" data-id=\"68f26e1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\">We have a lot of cash, but most of it comes from fundraising.<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e262c52 elementor-widget elementor-widget-text-editor\" data-id=\"e262c52\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>As of June 30, 2026, Anthropic had $131.65 billion in cash and short-term investments (page 25), indicating ample short-term liquidity. However, during the same period, the company raised $110.43 billion through the issuance of preferred stock (page F-13), with cash primarily derived from fundraising rather than accumulated profits.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8745bdc elementor-widget elementor-widget-text-editor\" data-id=\"8745bdc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Using a simplified formula, free cash flow for the first half of 2026 is approximately 39.3 \u2212 4.8 \u2248 $3.45 billion. However, since most of Anthropic\u2019s computing power is obtained through leases and cloud contracts\u2014which do not appear in the \u201ccapital expenditures\u201d column\u2014this figure underestimates the true cost of infrastructure. Operating cash flow for the full year 2025 remains at \u2212$2.64 billion, turning positive in the first half of 2026, partly due to changes in working capital, such as increases in accounts payable and advance receipts.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0394711 elementor-widget elementor-widget-heading\" data-id=\"0394711\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-large\">V. Computing Power Commitment: The Fuel for Growth\u2014and the Largest Fixed Cost<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-923b654 elementor-widget elementor-widget-text-editor\" data-id=\"923b654\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Training and deploying AI models require significant computing power, which Anthropic primarily obtains through \u201cleasing\u201d and long-term procurement rather than building its own data centers. The major contracts disclosed in the S-1 filing are as follows (pages 171\u2013172):<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1dbdd88 elementor-widget elementor-widget-text-editor\" data-id=\"1dbdd88\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<table style=\"border-collapse:collapse;width:100%\"><tr><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Partners<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Amount (in hundreds of millions of U.S. dollars)<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Nature of the Amount<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">During that time<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Can this be canceled?<\/th><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Broadcom (TPU Equipment Rental)<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Approximately 1,612 (excluding interest)<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Five-Year Finance Lease<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Rolling out starting in 2026<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Cancellations are not permitted during the lease term (except in cases of breach of contract).<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">SpaceXAI (NVIDIA GPU Computing Power)<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">High of approximately 1,205<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Spending Cap<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Extended through 2029<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">After the initial term (through January and March 2027), the agreement may be terminated with 90 days' advance notice.<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Google (Cloud Computing)<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">At least approximately 1,145<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Minimum Expenditure<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">April 2026 through July 2033<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Non-cancellable (except in the event of a material breach by the other party)<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Amazon (Cloud Computing)<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">At least 1,100<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Minimum Expenditure<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">May 2026 through April 2036<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Non-cancellable (except in the event of a material breach by the other party)<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Microsoft (Cloud Computing)<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">At least 449<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Minimum Expenditure<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">November 2026 through May 2033<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Non-cancellable (except for undelivered batches)<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Nscale (GPU Computing Power)<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">High of approximately 446<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Billing occurs after delivery<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Extended through 2033<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Subject to Financing and Delivery Conditions<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Lambda (GPU Computing Power)<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Approx. 413<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Billing occurs after delivery<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Extended through 2034<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Of this amount, approximately 34.9 billion may be terminated if the other party fails to obtain a lease for the server room.<\/td><\/tr><\/table>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-229ad28 elementor-widget elementor-widget-text-editor\" data-id=\"229ad28\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Adding these seven items together yields a total of $637 billion, but this total mixes \"at least\" and \"up to\" amounts and also includes contracts that can be terminated early,<strong>Should not be treated as the company's total liabilities<\/strong>. The summary of contractual obligations in Form S-1 remains blank; A footnote further discloses that as of June 30, fixed or minimum purchase commitments totaled approximately $265.6 billion, leases not yet in effect totaled approximately $321.4 billion, and minimum payments under contracts signed after June 30 totaled approximately $245.0 billion; and an estimated $125 billion to $150 billion in TPU computing power to be delivered between 2028 and 2031 is not included (pages F-36, F-59, F-66, and 171). These figures are based on different classification criteria and should not be added together directly, but the order of magnitude is clear:<strong>Far exceeding the company's $131.65 billion in cash<\/strong>\u3002<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-adc4675 elementor-widget elementor-widget-text-editor\" data-id=\"adc4675\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>What does this mean?<\/strong> This is similar to signing a ten-year fixed-term lease when opening a restaurant. When business is good, you\u2019ve secured the best location and lower costs early on; when business is slow, you still have to pay the rent, and your losses will grow faster than those of your competitors. In financial terms, this is known as \u201coperating leverage\u201d: the higher the fixed costs, the greater the volatility in both profits and losses. The S-1 filing also states explicitly that computing power commitments \u201cmust generally be fulfilled regardless of revenue or utilization rates\u201d (page 142).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e12f627 elementor-widget elementor-widget-text-editor\" data-id=\"e12f627\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The company\u2019s financial cushion comes from three sources: existing cash, funds raised through the IPO, and a total of $77 billion in undrawn credit lines provided by Google, Amazon, and Broadcom (page 166). However, many of these lines of credit were provided in the form of convertible notes or stock issuances, and drawing on them could result in further dilution of equity.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c160388 elementor-widget elementor-widget-text-editor\" data-id=\"c160388\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Once you understand the cost structure, the next step is to test the valuation against actual prices. Start by opening a U.S. stock trading account so you can track ANT\u2019s stock price yourself once the pricing is announced:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-21a940c elementor-align-center elementor-button-danger elementor-widget elementor-widget-button\" data-id=\"21a940c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/futunn.onelink.me\/fzPs\/ozxxzbk0\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Open an Account with Futu to Buy U.S. Stocks (Invitation Code: MBHKFT)<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-da3d190 elementor-widget elementor-widget-heading\" data-id=\"da3d190\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-large\">VI. What is expected of Anthropic with a valuation of $1.5 trillion to $2 trillion?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1d7423a elementor-widget elementor-widget-text-editor\" data-id=\"1d7423a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>First, let\u2019s reiterate: The figures of $1.5 trillion to $2 trillion are based on media reports, not the company\u2019s officially announced valuation; the most recent officially recorded valuation was $965 billion from a private placement round in May 2026. Rather than asking, \u201cIs this reasonable?\u201d a more practical question to ask is:<strong>If we buy at this price, what will the company need to achieve in the future?<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f8aec6a elementor-widget elementor-widget-heading\" data-id=\"f8aec6a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\">What is P\/S? Change the denominator by one, and the ratio changes by a factor of three.<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0dcad50 elementor-widget elementor-widget-text-editor\" data-id=\"0dcad50\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>P\/S (Price-to-Sales Ratio) = Market Capitalization \u00f7 Annual Revenue, which means \u201chow many dollars the market values the company for every 1 dollar of annual revenue.\u201d . Since Anthropic is still operating at a net loss, it cannot be valued using the price-to-earnings (P\/E) ratio; therefore, the market primarily uses the P\/S ratio.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-982a04c elementor-widget elementor-widget-text-editor\" data-id=\"982a04c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The issue lies in how \u201cannual revenue\u201d is calculated. For the same valuation, using different denominators can result in vastly different multiples:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-12afda0 elementor-widget elementor-widget-text-editor\" data-id=\"12afda0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<table style=\"border-collapse:collapse;width:100%\"><tr><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Denominator<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Amount (in hundreds of millions of U.S. dollars)<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Nature<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">1.5 trillion dollars<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">2 trillion dollars<\/th><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Revenue for the Past Four Quarters (Q3 2025\u2013Q2 2026)<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">197.1<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">S-1 Official, Implemented<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">About 76 times<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Approximately 101 times<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Q2 2026 Revenue \u00d7 4<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">462.2<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">S-1: Simple Annualized Official Quarterly Revenue<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">About 32 times<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">About 43 times<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Q3 2026 Revenue \u00d7 4<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">672<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Simple annualized quarterly revenue as reported by the media<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">About 22 times<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">About 30 times<\/td><\/tr><\/table>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d249e28 elementor-widget elementor-widget-text-editor\" data-id=\"d249e28\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><em>This article includes calculations. The S-1 also includes the company\u2019s proprietary \"run-rate revenue,\" calculated as the revenue from usage over the last 28 days multiplied by 13, plus monthly subscription revenue multiplied by 12 (page 5); however, the specific figures remain blank in the S-1 and should not be used interchangeably with any column in the table above.<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c162ede elementor-widget elementor-widget-text-editor\" data-id=\"c162ede\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>What does this mean?<\/strong> Revenue at high-growth companies fluctuates significantly from quarter to quarter; depending on whether you use \u201chistorical\u201d or \u201clatest quarter annualized\u201d as the denominator, the valuation multiple can vary by more than three times. So the next time you see a statement like \u201cAnthropic is valued at XX times,\u201d you should first ask: Which figure is being used as the denominator?<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-287434f elementor-widget elementor-widget-heading\" data-id=\"287434f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\">P.S. It's not \"how many years to break even\"<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6119a18 elementor-widget elementor-widget-text-editor\" data-id=\"6119a18\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>A common misconception is: \u201cA P\/S ratio of 22 means it takes 22 years to recoup the investment.\u201d This is incorrect because revenue is not profit. The relationship is as follows:<strong>Price-to-Sales Ratio = P\/S \u00f7 Net Profit Margin<\/strong>\u3002<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcfb831 elementor-widget elementor-widget-text-editor\" data-id=\"bcfb831\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Taking a P\/S ratio of 22 as an example, even if the net profit margin reached 30% (which is already very high for a large company), the P\/E ratio would still be approximately 74; To bring the P\/E ratio down to 30 times, the net profit margin would need to reach approximately 74%\u2014a figure virtually no large company can achieve. In other words, at this price point, investors are not betting on Anthropic\u2019s current revenue, but rather on the fact that its future revenue and profits must be significantly higher than they are now.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-239e270 elementor-widget elementor-widget-heading\" data-id=\"239e270\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\">Compared to peers: The multiples are high, but the growth rates are also completely different.<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-16a1f94 elementor-widget elementor-widget-text-editor\" data-id=\"16a1f94\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<table style=\"border-collapse:collapse;width:100%\"><tr><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Company<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Market Capitalization (U.S. dollars)<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Revenue for the Past Four Quarters (in hundreds of millions of U.S. dollars)<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">P.S.<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Year-over-year revenue growth rate for the most recent quarter<\/th><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Microsoft<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">3.96 tera<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">3,318<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">11.9 times<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">+17.7%<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Alphabet<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">3.87 tera<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">4,459<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">8.7 times<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">+24.2%<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Amazon<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">2.69 terabytes<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">7,757<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">3.5 times<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">+19.6%<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">ServiceNow<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">163.5 billion<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">147<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">11.1 times<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">+24.0%<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Snowflake<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">118.2 billion<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">54<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">21.7 times<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">+35.1%<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Palantir<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">477.8 billion<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">62<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">77.6 times<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">+92.8%<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Anthropic (based on estimated valuation from rumors)<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">1.5 terabytes to 2 terabytes<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">197<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">76 to 101 times<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">+1,368% (Q2 2026)<\/td><\/tr><\/table>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3fcec3f elementor-widget elementor-widget-text-editor\" data-id=\"3fcec3f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><em>Market capitalization is based on the closing price as of October 26, 2026; revenue is based on the most recent four quarters of financial reports available as of that date (Snowflake\u2019s quarter ended July 31, 2026; the others ended June 30); Data sources: Longbridge market data and financial reports; P\/S ratios calculated in this article.<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-04c1aec elementor-widget elementor-widget-text-editor\" data-id=\"04c1aec\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Based on revenue from the past four quarters, Anthropic\u2019s valuation multiples under the rumored valuation are similar to those of Palantir, but its growth rate is more than ten times higher; if we use third-quarter annualized revenue instead, the multiples range from 22 to 30 times. Between the growth rate and the multiples\u2014<strong>There is no fixed conversion formula.<\/strong>The \u201cmultiple \u00f7 growth rate\u201d for the six companies in the table ranges from 0.18 to 0.84. Their business models also differ: while most of their peers are already generating stable profits, Anthropic is still operating at a loss; furthermore, Microsoft, Alphabet, and Amazon are themselves shareholders, suppliers, or sales channels for Anthropic. Therefore, this table should only be used as a reference point and cannot be directly applied to determine a reasonable price.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-beaefde elementor-widget elementor-widget-heading\" data-id=\"beaefde\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\">Reverse calculation: To maintain 1.5 trillion or 2 trillion, what will revenue need to be in 2028?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d7075c3 elementor-widget elementor-widget-text-editor\" data-id=\"d7075c3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Here, we\u2019ll use a simplified model. Assuming revenue starts at approximately $16.8 billion in the third quarter of 2026, revenue grows at a fixed rate of g each quarter for 8 consecutive quarters. We then sum the revenue for the four quarters of 2028 to obtain the annual revenue, and multiply that by the \u201cexit multiple\u201d (assumed to be the P\/S ratio the market is willing to pay in 2028). The result represents <strong>The 2028 market capitalization scenario is neither a forecast nor a reasonable price today.<\/strong>\u3002<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1cd878b elementor-widget elementor-widget-text-editor\" data-id=\"1cd878b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<table style=\"border-collapse:collapse;width:100%\"><tr><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Quarterly growth g<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Equivalent to per year<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Revenue in 2028 (in hundreds of millions of U.S. dollars)<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u00d7 10 times<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u00d7 15 times<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u00d7 20 times<\/th><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">0% (Stable at third-quarter levels)<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">0%<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">672<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">0.67 tera<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">1.01 tera<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">1.34 tera<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">5%<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">+21.6%<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">970<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">0.97 meg<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">1.46 tera<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">1.94 tera<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">8%<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">+36.0%<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">1,201<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">1.20 tera<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">1.80 tera<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">2.40 tera<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">10%<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">+46.4%<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">1,381<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">1.38 tera<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">2.07 tera<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">2.76 tera<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">15%<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">+74.9%<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">1,940<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">1.94 tera<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">2.91 tera<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">3.88 terabytes<\/td><\/tr><\/table>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6475d85 elementor-widget elementor-widget-text-editor\" data-id=\"6475d85\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><em>The figure of $16.8 billion cited by Reuters is the starting point; if the official figures differ, the entire table must be adjusted proportionally.<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b35e1b8 elementor-widget elementor-widget-text-editor\" data-id=\"b35e1b8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Let's flip the question and ask, \"How much revenue is needed?\" Taking a 15x exit multiple as an example:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7eab7e5 elementor-widget elementor-widget-text-editor\" data-id=\"7eab7e5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<table style=\"border-collapse:collapse;width:100%\"><tr><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Threshold (15x exit multiplier)<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">1.5 trillion dollars<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">2 trillion dollars<\/th><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Market capitalization in 2028 will \u201csimply return to\u201d the buy-in valuation<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Revenue of 100 billion (approximately +5.41 TP3T per quarter)<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Revenue: 133.3 billion (approximately +9.51 TP3T per quarter)<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Plus the annual time cost of 10%<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Revenue: 121 billion (approx. +8.11 TP3T per quarter)<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Revenue: 161.3 billion (approximately +12.31 TP3T per quarter)<\/td><\/tr><\/table>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-03e4f80 elementor-widget elementor-widget-text-editor\" data-id=\"03e4f80\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><em>10% is a hypothetical figure used to illustrate \u201cdiscounting\u201d; it represents the basic return that funds should yield over two years and is not a return forecast. If the exit multiple is only 10x, the required revenue must be 50% higher.<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-54b6e66 elementor-widget elementor-widget-text-editor\" data-id=\"54b6e66\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>What does this mean?<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-52440dd elementor-widget elementor-widget-text-editor\" data-id=\"52440dd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li>Assuming a purchase price of $2 trillion, if the market values the company at only 15 times earnings two years later, Anthropic would need to maintain a quarterly growth rate of approximately 9.5% for eight consecutive quarters just to return to its original market capitalization; to achieve a basic return, the quarterly growth rate would need to remain around 12%.<\/li><li>You can also assess whether \u201cthere\u2019s a chance for revenue to double within a year or two\u201d this way: doubling from 2 trillion to 4 trillion, at a 15x multiple, revenue would need to reach approximately $266.7 billion by 2028\u2014equivalent to a quarterly growth rate of about +19.91% for 8 consecutive quarters, which exceeds the most optimistic scenario in the table above.<\/li><li>To determine \u201chow much you can earn from a $10,000 investment,\u201d you\u2019ll have to wait for the offering price to be announced: The rate of return is roughly equal to \u201cselling price per share \u00f7 purchase price per share \u2212 1,\u201d and the price per share must also account for the impact of equity dilution. Without the offering price and the number of shares, this is simply a formula without input values.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f558426 elementor-widget elementor-widget-heading\" data-id=\"f558426\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\">Market Capitalization, Enterprise Value, and Equity Dilution: Three Concepts That Are Often Confused<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-132ce10 elementor-widget elementor-widget-text-editor\" data-id=\"132ce10\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>Market Capitalization Is Different from Enterprise Value (EV)<\/strong>. Enterprise Value = Market Capitalization + Interest-Bearing Debt \u2013 Cash, representing \u201cthe actual cost of acquiring the entire company, assuming its debt, and taking the cash.\u201d Although Anthropic\u2019s convertible notes are recorded on the books as $108.57 billion in liabilities, they will be converted into stock at the time of the IPO within the limits of Amazon\u2019s 12% shareholding cap (which Amazon may choose to waive). Any portion not converted will be replaced with new notes, which will then be converted sequentially each quarter; therefore, they are more appropriately viewed as \u201cfuture shares\u201d rather than debt that must be repaid. Based on a market capitalization of $2 trillion and cash of $131.65 billion as of the end of June, the enterprise value is roughly $1.87 trillion. with an EV\/Revenue ratio (annualized for the third quarter) of approximately 27.8x, which is slightly lower than the P\/S ratio of 29.8x, but does not alter the conclusion. The \u201cmarket capitalization\u201d calculated in the scenario table above does not require the cash to be added again.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e393e6e elementor-widget elementor-widget-text-editor\" data-id=\"e393e6e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>Dilution is what causes the \"value per share\" to shrink<\/strong>. Share dilution refers to a situation where a company issues additional shares, resulting in a decrease in the value of the company attributable to each share. Potential sources of dilution for Anthropic include: the conversion of Amazon notes (up to approximately 1.84 billion shares), employee stock awards, and a charitable issuance mechanism approved by the board of directors: The company has allocated approximately 847 million shares (5% of the fully diluted share count as of the end of June) to its public benefit fund, and subsequently, for every 50% increase in the stock price relative to the previous milestone, up to an additional 2% may be issued (S-1, page 13). If the aforementioned $77 billion financing facility is settled in stock, it will also increase the number of shares outstanding.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4cf1974 elementor-widget elementor-widget-text-editor\" data-id=\"4cf1974\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>Not all \"conversions\" result in dilution.<\/strong>. When Class N shares are sold to an unrelated third party, they are converted to Class A shares. This is merely a change in share class; the total number of shares remains unchanged, so it does not constitute economic dilution. It affects the number of shares tradable on the market and the distribution of voting rights.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ecb4811 elementor-widget elementor-widget-heading\" data-id=\"ecb4811\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-large\">VII. Corporate Governance and Shareholdings: What Influence Do Ordinary Shareholders Have? Who Might Sell Their Shares After the IPO?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d74e684 elementor-widget elementor-widget-text-editor\" data-id=\"d74e684\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Anthropic is a public benefit corporation (PBC) with a rather unique equity structure (S-1 cover page):<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-736ed82 elementor-widget elementor-widget-text-editor\" data-id=\"736ed82\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<table style=\"border-collapse:collapse;width:100%\"><tr><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Class of Shares<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Holder<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Voting Rights<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Economic Interests<\/th><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Class A<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Public market investors, etc.<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">One vote per share, with a total cap of 49.9%<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u6709<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Class N<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Primarily strategic partners<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">In principle, these shares do not carry voting rights; they are converted to Class A shares upon sale to an unrelated third party.<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u6709<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Class F<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Founder LLC, consisting of 7 co-founders (with only 1 share)<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Fixed at 50.11 TP3T<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u7121<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Class T<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Long-Term Benefit Trust (LTBT)<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Elect Class T directors, who together constitute a majority of the Board of Directors<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u7121<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Class E<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Employees (excluding co-founders)<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Limited to specific matters<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u7121<\/td><\/tr><\/table>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8418b40 elementor-widget elementor-widget-text-editor\" data-id=\"8418b40\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>What does this mean?<\/strong> General investors purchase Class A shares, which entitle them to economic benefits such as dividends and capital appreciation, but do not grant them the right to vote to change the board of directors or influence major decisions. Because the Long-Term Interest Trust has the right to elect a majority of the board of directors, Anthropic is classified as a \u201ccontrolled company\u201d under Nasdaq rules and is exempt from certain corporate governance requirements; The company stated that it currently intends to utilize the exemption only with respect to the requirement that \u201cthe Nominating and Corporate Governance Committee need not consist entirely of independent directors\u201d (page 15 of Form S-1).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-08a341e elementor-widget elementor-widget-text-editor\" data-id=\"08a341e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>Lock-up Period<\/strong>This is the period during which insiders are temporarily prohibited from selling shares following the initial public offering (S-1, page 118):<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8d48c1f elementor-widget elementor-widget-text-editor\" data-id=\"8d48c1f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li>Co-founders and shareholders holding more than 0.5% of shares: The second full trading day following the release of the third-quarter 2027 financial results, or 365 days after the date of the prospectus, whichever comes first.<\/li><li>Other Shareholders: The second full trading day following the release of the first-quarter 2027 financial results, or 180 days after the date of the prospectus, whichever comes first.<\/li><li>The underwriter may lift the restrictions early.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9ef89aa elementor-widget elementor-widget-text-editor\" data-id=\"9ef89aa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The end of the lock-up period means there will be more shares available for sale, but it does not necessarily mean the stock price will plummet that day; the actual selling pressure depends on the willingness of shareholders to sell and the current stock price.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-10478c0 elementor-widget elementor-widget-text-editor\" data-id=\"10478c0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Lock-up periods and the timing of share releases can affect changes in the number of shares available on the market after a company goes public. If you want to stay on top of ANT\u2019s stock price movements as soon as possible, you can set up a U.S. stock trading account in advance:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1c474c4 elementor-align-center elementor-button-danger elementor-widget elementor-widget-button\" data-id=\"1c474c4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/futunn.onelink.me\/fzPs\/ozxxzbk0\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Open an Account with Futu to Buy U.S. Stocks (Invitation Code: MBHKFT)<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4392011 elementor-widget elementor-widget-heading\" data-id=\"4392011\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-large\">VIII. How Does It Compare to OpenAI and Google? Product Competitors Are Not Necessarily the Right Benchmark for Valuation<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-69ac17d elementor-widget elementor-widget-text-editor\" data-id=\"69ac17d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<table style=\"border-collapse:collapse;width:100%\"><tr><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Subject<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Is there competition regarding the product?<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Is it possible to perform a valuation comparison?<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Description<\/th><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">OpenAI<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u662f<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u5426<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Not yet publicly traded; there are no comparable public market prices.<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Google (Gemini)<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u662f<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u662f<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">An investor in Anthropic, as well as a computing power provider and sales channel<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Microsoft (Copilot)<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u662f<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u662f<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Both a computing power provider and a sales channel<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Open-Source Models<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u662f<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u5426<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">The primary strategy is to keep the model's price low, which constitutes price competition.<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">ServiceNow, Snowflake, Palantir<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u5426<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u662f<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Since businesses vary, these figures can only serve as a reference point for multiples and growth rates.<\/td><\/tr><\/table>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b3e749c elementor-widget elementor-widget-text-editor\" data-id=\"b3e749c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Technological leadership does not equate to shareholder returns. Whether Anthropic can maintain its profit margins over the long term depends on whether the \u201crate of decline in cost per unit of computing power\u201d exceeds the \u201crate of decline in model price per unit.\u201d The S-1 filing notes that Claude Opus 5.5 reduces the cost per task for customers by approximately 40% compared to Opus 5 (page 11): The company passes on efficiency gains to customers to drive adoption, while profit margins depend on computing efficiency keeping pace.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-551f99c elementor-widget elementor-widget-text-editor\" data-id=\"551f99c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>A positive sign is increased customer retention: In the third quarter of 2026, more than 50% of customers paying $100,000 or more annually were using both the Claude Platform and at least one of the company\u2019s own applications, compared to approximately 30% in the fourth quarter of 2025 (p. 135). The more products a customer uses, the higher the cost of switching to other models.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-add6ad7 elementor-widget elementor-widget-heading\" data-id=\"add6ad7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-large\">IX. Comparison of Upside Potential and Risks<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-329c04d elementor-widget elementor-widget-text-editor\" data-id=\"329c04d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<table style=\"border-collapse:collapse;width:100%\"><tr><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Evidence Supporting Growth Potential<\/th><th style=\"border:1px solid #ddd;padding:8px;text-align:left\">Risks That Could Reduce Shareholder Returns<\/th><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Revenue for the first half of the year was $16.29 billion, approximately 14 times that of the same period last year.<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">The quarter-over-quarter growth rate for the third quarter fell to approximately 45% (media data), and the company also expects the growth rate to decline.<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">There are over 11,900 customers with annual payments of $100,000 or more, and the NRR is approximately 900%.<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">The top five customers account for approximately 25% of revenue, and many major customers do not have long-term contracts.<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">The percentage of revenue accounted for by computing power fees decreased from 160% to 55%<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">When new computing power comes online or when short-term computing power is used, the company expects its profit margins to narrow<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Operating income turned positive in the second quarter, and operating cash flow was positive in the first half of the year<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Most of the commitments for hundreds of billions of dollars in computing power require payment regardless of usage<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Cash and short-term investments of $131.65 billion, with an additional $77 billion in unused credit facilities<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Both the financing amount and the public offering mechanism could dilute the value per share.<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">The launch of new models often drives growth in usage.<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">In the third quarter, more than 80 percent of revenue came from models launched in the past six months; we must continue to stay ahead of the competition.<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Claude is available on all three cloud platforms<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">Nearly half of the revenue is collected through cloud marketplaces, and the distribution partners are also competitors.<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u2014<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">The total voting rights of ordinary shareholders are capped at 49.9%, which is insufficient to control the board of directors.<\/td><\/tr><tr><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">\u2014<\/td><td style=\"border:1px solid #ddd;padding:8px;text-align:left\">AI Security Incident: S-1 Reveals That, Due to Errors in Third-Party Testing Environment Configuration, Four Models Once Gained Unauthorized Access to a Live Third-Party System (Page 48)<\/td><\/tr><\/table>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4556472 elementor-widget elementor-widget-text-editor\" data-id=\"4556472\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>With both the upside and the risks now on the table, if you decide to invest after ANT goes public, the first step is to set up a brokerage account that allows you to trade U.S. stocks:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a1a7af3 elementor-align-center elementor-button-danger elementor-widget elementor-widget-button\" data-id=\"a1a7af3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/futunn.onelink.me\/fzPs\/ozxxzbk0\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Open an Account with Futu to Buy U.S. Stocks (Invitation Code: MBHKFT)<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-83de8bc elementor-widget elementor-widget-heading\" data-id=\"83de8bc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-large\">X. Conclusion: What We Can Confirm at This Point, and What Is Still Unknown<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-43e1254 elementor-widget elementor-widget-text-editor\" data-id=\"43e1254\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>What We Already Know for Sure<\/strong>: Anthropic has publicly filed its S-1; revenue is growing rapidly, and the core business is expected to turn a profit in the second quarter of 2026; the $80.7 billion net loss is almost entirely composed of non-cash valuation losses; The company has ample cash on hand but is burdened by long-term computing power commitments far exceeding its cash reserves; common shareholders have no controlling say in corporate governance.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-eb44f2e elementor-widget elementor-widget-text-editor\" data-id=\"eb44f2e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>Key information that is currently missing<\/strong>: The offering price range, the number of shares to be offered, the ratio of new shares to existing shares, the official third-quarter financial figures, the company\u2019s specific annualized revenue figures, and a summary of contractual obligations. These details will be disclosed in the S-1\/A filing or in financial reports following the IPO.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4edc04a elementor-widget elementor-widget-text-editor\" data-id=\"4edc04a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>Four-Step Checklist You Can Do Yourself After the Pricing Is Announced<\/strong>\uff1a<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e0c39b2 elementor-widget elementor-widget-text-editor\" data-id=\"e0c39b2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ol><li>Calculating market capitalization: Offering price \u00d7 Total number of shares on a fully diluted basis (do not use only the number of shares offered in the public offering).<\/li><li>Calculate the multiples: Use each of the three denominators in this article to calculate P\/S once and see which range the result falls into.<\/li><li>Benchmark Threshold: Use the reverse-calculation table in this article to determine the quarterly growth rate implied by this price.<\/li><li>Tracking and Verification: For each quarterly report released after the IPO, focus on the quarter-over-quarter growth rate, the percentage of revenue accounted for by computing power fees, and the share of revenue from the top five customers.<\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-786d78d elementor-widget elementor-widget-text-editor\" data-id=\"786d78d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>This is a company with astonishing growth and ample cash reserves, but one that is burdened by massive long-term computing power commitments and where ordinary shareholders have little influence over governance. Its investment value ultimately hinges on two unknown variables: how much its growth will eventually slow down, and the price you pay. As for whether to sell on the first day or hold for the long term, that depends on your investment objectives, holding period, and risk tolerance\u2014financial reports cannot answer that for you. If you decide to invest, start by writing down your reasons for holding and your exit criteria, then use subsequent financial reports to review your strategy quarter by quarter.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f8a3780 elementor-widget elementor-widget-heading\" data-id=\"f8a3780\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-large\">Frequently Asked Questions<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-efa7679 elementor-widget elementor-widget-heading\" data-id=\"efa7679\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\">Can investors in Taiwan participate in Anthropic\u2019s IPO? How can they buy shares after the company goes public?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c6b0609 elementor-widget elementor-widget-text-editor\" data-id=\"c6b0609\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Form S-1 expressly states that the shares offered in this offering have not been and will not be registered with the Financial Supervisory Commission of Taiwan, may not be publicly offered in Taiwan, and no person in Taiwan has been authorized to sell them or provide advice regarding them (Form S-1, page 333). The S-1 lists the United States, Australia, Canada, certain countries in the European Economic Area, Japan, Switzerland, and the United Kingdom as the territories where the public offering will take place (Page 1). Once the shares are listed on Nasdaq, Taiwanese investors can generally buy and sell them on the secondary market through domestic brokerage firms\u2019 sub-accounts or overseas brokerage firms; whether any brokerage firm has obtained an IPO allocation and the size of such allocation will be subject to the official announcements of each brokerage firm.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b069759 elementor-widget elementor-widget-heading\" data-id=\"b069759\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\">Will Anthropic pay dividends after its IPO?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-78cbea8 elementor-widget elementor-widget-text-editor\" data-id=\"78cbea8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Not in the near term. Form S-1 states that the company has never paid cash dividends and intends to retain all funds and future earnings for operations and expansion; it does not expect to pay dividends in the foreseeable future; The credit facility agreement also imposes restrictions on dividend payments (page 126 of the S-1). The potential return on an investment in ANT stems primarily from changes in the stock price, rather than from dividend payments.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d9032ad elementor-widget elementor-widget-heading\" data-id=\"d9032ad\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\">Where will the funds raised from Anthropic's IPO be used?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ac53ee9 elementor-widget elementor-widget-text-editor\" data-id=\"ac53ee9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The uses listed in Form S-1 are for general corporate purposes, including working capital, operating expenses, capital expenditures (including investments in computing power and infrastructure), and recruiting and retaining talent. The proceeds may also be used for acquisitions or investments, although there are currently no material merger or acquisition agreements; A portion will also be used to pay withholding taxes related to the settlement of employee restricted stock units (RSUs) (page 125 of Form S-1). The specific amount to be raised remains undisclosed at this time.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a214a6a elementor-widget elementor-widget-heading\" data-id=\"a214a6a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\">What is a \u201cPublic Benefit Corporation\u201d (PBC)? Will it be detrimental to shareholders?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a6fe34f elementor-widget elementor-widget-text-editor\" data-id=\"a6fe34f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>A Public Benefit Corporation is a corporate structure permitted under the laws of several U.S. states; Anthropic was incorporated under the laws of the State of Delaware. According to the S-1 filing, Anthropic must balance the financial interests of its shareholders, the interests of those significantly affected by the company\u2019s actions, and the public benefit purpose set forth in its articles of incorporation (the responsible development and maintenance of advanced AI for the long-term benefit of humanity) (S-1 cover). This does not mean the company does not pursue profits, but it does imply that, under certain circumstances, the board of directors may make decisions that do not prioritize short-term shareholder returns. For example, as disclosed in the S-1, the company once delayed the pre-training of a new cutting-edge model by more than a month to strengthen security measures against the leakage of model weights (page 52).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5b68034 elementor-widget elementor-widget-heading\" data-id=\"5b68034\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\">Why does Anthropic\u2019s prospectus specifically mention Taiwan?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-330e5be elementor-widget elementor-widget-text-editor\" data-id=\"330e5be\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Among the risk factors, Form S-1 notes that most of the world\u2019s most advanced chip manufacturing capacity is concentrated in Taiwan, primarily at TSMC; events such as earthquakes, typhoons, cross-strait geopolitical tensions, disruptions to power or water supplies, and trade restrictions could all severely impact the supply of advanced chips, while alternative production capacity in the United States and elsewhere remains in its early stages (S-1, p. 34). The company also noted that in the past, it was unable to obtain sufficient chips in a timely manner because TSMC\u2019s production capacity could not fully meet market demand.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7e8a356 elementor-widget elementor-widget-heading\" data-id=\"7e8a356\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\">Are the Anthropic \u201cpre-IPO contracts\u201d or tokenized shares available on the market equivalent to holding ANT?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-527c586 elementor-widget elementor-widget-text-editor\" data-id=\"527c586\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>This is not the same. The S-1 registration pertains to the offering of Anthropic\u2019s Class A common stock, which will be sold by the underwriting syndicate and traded on Nasdaq following the initial public offering. Pre-IPO contracts, tokenized products, or other derivatives offered by third-party platforms are not shares issued by Anthropic; holders will not acquire shareholder status as a result, and prices may differ significantly from the final offering price or the post-listing share price. Such products also involve counterparty risk associated with the platform itself and local regulatory issues; you should review the product terms and local regulatory requirements before participating.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8ecf84f elementor-widget elementor-widget-text-editor\" data-id=\"8ecf84f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<figure style=\"margin:8px 0 20px;text-align:center\"><img decoding=\"async\" src=\"https:\/\/monsterblockhk.com\/wp-content\/uploads\/2026\/10\/anthropic-ipo-s1-class-a-stock-certificate.jpg\" alt=\"Anthropic S-1 Exhibit: Sample Certificate of Common Stock of Anthropic, PBC Class A\" loading=\"lazy\" style=\"width:100%;max-width:100%;height:auto;border-radius:6px\" \/><figcaption style=\"font-size:13px;line-height:1.6;margin-top:6px;text-align:center\">Sample Class A Common Stock Certificate from Exhibit S-1: This is the ANT stock being registered for issuance | Image source:<a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/2130357\/000162828026067168\/exhibit41-sx1.htm\" target=\"_blank\" rel=\"noopener nofollow\">sec.gov<\/a><\/figcaption><\/figure>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e963902 elementor-widget elementor-widget-heading\" data-id=\"e963902\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\">What is the relationship between Amazon, Google, and Anthropic?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-daee7f9 elementor-widget elementor-widget-text-editor\" data-id=\"daee7f9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Both companies play multiple roles simultaneously. Amazon holds $6.20 billion in principal amount of convertible notes, which may be converted into Class N shares upon listing, subject to the 12% ownership cap (page 165 of Form S-1); it is also the provider of at least $110 billion in cloud computing capacity contracts and offers a $15 billion undrawn credit facility. Google invested $10 billion in the Series H round in May 2026, along with a $20 billion credit facility, and has the option to purchase up to an additional $10 billion in Class N shares at the offering price at the time of the IPO (pages 166, F-40 to F-41); It is also the recipient of cloud computing contracts totaling at least approximately $114.5 billion. Both companies\u2019 cloud platforms serve as sales channels for Claude, while their own AI products, such as Gemini, compete directly with Claude.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0481bee elementor-widget elementor-widget-heading\" data-id=\"0481bee\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-large\">Source of information<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4369ead elementor-widget elementor-widget-text-editor\" data-id=\"4369ead\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ol><li>Anthropic, PBC, Form S-1 Registration Statement (filed on October 26, 2026, File No. 333-299633):<a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/2130357\/000162828026067168\/anthropicpbc-sx1.htm\" target=\"_blank\" rel=\"noopener\">SEC EDGAR Main Text<\/a>\u3001<a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/2130357\/000162828026067168\/0001628280-26-067168-index.htm\" target=\"_blank\" rel=\"noopener\">Document Index<\/a>. The page numbers cited in this article refer to the S-1 text page numbers.<\/li><li>SEC EDGAR, Anthropic, PBC Filing Records (CIK 0002130357, retrieved on October 27, 2026; no S-1\/A filed yet):<a href=\"https:\/\/www.sec.gov\/cgi-bin\/browse-edgar?action=getcompany&amp;CIK=0002130357&amp;type=&amp;dateb=&amp;owner=include&amp;count=40\" target=\"_blank\" rel=\"noopener\">EDGAR Company Page<\/a><\/li><li>Anthropic Official Announcement: S-1 Filing Statement (October 26, 2026):<a href=\"https:\/\/www.anthropic.com\/news\/s1-sec\" target=\"_blank\" rel=\"noopener\">anthropic.com<\/a><\/li><li>Reuters (Milana Vinn), Anthropic Q3 Revenue Report (October 15, 2026), reprinted by Business Day:<a href=\"https:\/\/www.businessday.co.za\/world\/international-companies\/2026-10-15-anthropic-revenue-jumps-45-to-168bn\/\" target=\"_blank\" rel=\"noopener\">businessday.co.za<\/a><\/li><li>The Associated Press (Barbara Ortutay, Bernard Condon), Report on Anthropic\u2019s Filing of IPO Documents (October 26, 2026), republished by BNN Bloomberg:<a href=\"https:\/\/www.bnnbloomberg.ca\/business\/artificial-intelligence\/2026\/10\/26\/artificial-intelligence-giant-anthropic-files-papers-to-sell-shares-to-the-public-for-the-first-time\/\" target=\"_blank\" rel=\"noopener\">bnnbloomberg.ca<\/a><\/li><li>Fortune (Beatrice Nolan), Anthropic S-1 Report (October 26, 2026):<a href=\"https:\/\/fortune.com\/2026\/10\/26\/anthropics-s-1\/\" target=\"_blank\" rel=\"noopener\">fortune.com<\/a><\/li><li>Orrick, \u201cAnthropic Raises $65B in Series H Round at a Post-Money Valuation of $965B\u201d (May 29, 2026):<a href=\"https:\/\/www.orrick.com\/en\/News\/2026\/05\/Anthropic-Raises-65B-Series-H-at-965B-Post-Money-Valuation\" target=\"_blank\" rel=\"noopener\">orrick.com<\/a><\/li><li>Industry Market Capitalization and Financial Reports: Longbridge stock price and financial data as of the close of U.S. markets on October 26, 2026; P\/S ratio and growth rate were calculated for this article.<\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b375067 elementor-widget elementor-widget-text-editor\" data-id=\"b375067\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The reference date for this article is October 26, 2026, and the data was verified through October 27, 2026. All valuation scenarios presented in this article are hypothetical simulations and do not constitute forecasts of stock prices or returns.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fc121b1 elementor-widget elementor-widget-heading\" data-id=\"fc121b1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-large\">Next Step<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fb5aa62 elementor-widget elementor-widget-text-editor\" data-id=\"fb5aa62\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>If you don't have a U.S. stock account yet, you can start by reading <u><a href=\"https:\/\/monsterblockhk.com\/en\/futu-securities-2026\/\">Futuhui Account Opening Guide<\/a><\/u>, learn about the account opening process; once your account is set up, wait for the S-1\/A to announce the offering price, and then use the four-step checklist in this article to decide for yourself whether to participate:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6e03e4e elementor-align-center elementor-button-danger elementor-widget elementor-widget-button\" data-id=\"6e03e4e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/futunn.onelink.me\/fzPs\/ozxxzbk0\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Open an Account with Futu to Buy U.S. Stocks (Invitation Code: MBHKFT)<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6b7ef6e elementor-widget elementor-widget-heading\" data-id=\"6b7ef6e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-large\">Disclaimer<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-668c1c8 elementor-widget elementor-widget-text-editor\" data-id=\"668c1c8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The content of this article is for reference only, investors should exercise independent judgment, invest with caution and at their own risk, this article does not provide or attempt to persuade viewers to trade or invest on the basis of the content of this article is for sharing purposes only, and should not be regarded as investment advice, and does not represent the Monsterblockhk viewpoints and positions, all information and views of the specific date of the judgment of the time-limited nature. In addition, if any content in this website involves virtual asset trading platforms that have not yet obtained a license to operate virtual asset trading platforms in Hong Kong, including but not limited to text introductions, pictures, promotions, events, etc., they are only available to users outside of the Hong Kong Special Administrative Region.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-81c31cf elementor-widget elementor-widget-text-editor\" data-id=\"81c31cf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>According to the Hong Kong Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022, after June 1, 2023, all centralized virtual asset trading platforms operating in Hong Kong or actively promoting their services to Hong Kong investors will be licensed and regulated by the SFC, and any related unlicensed activities will be a criminal offence. For more information and details of the legislation, users may refer to the SFC website.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-25be0ba elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"25be0ba\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-39c961f\" data-id=\"39c961f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>Claude \u7684\u958b\u767c\u5546 Anthropic \u5728 2026 \u5e74 10 \u6708 26 \u65e5\u5411\u7f8e\u570b\u8b49\u5238\u4ea4\u6613\u59d4\u54e1\u6703\uff08SEC\uff09 [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":29623,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"ocean_front_end_style_editor":"no","ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"0","ocean_second_sidebar":"0","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"0","ocean_custom_header_template":"0","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"0","ocean_menu_typo_font_family":"0","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"0","mbe_event_ids":"","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"off","ocean_gallery_id":[],"footnotes":""},"categories":[59,32],"tags":[],"mb_series":[],"class_list":["post-29630","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","category-new-articles","entry","has-media"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 5.0.2 - aioseo.com -->\n\t<meta name=\"description\" content=\"Anthropic\uff08ANT\uff09\u5df2\u905e\u4ea4 S-1 \u7533\u8acb\u4e0a\u5e02\uff0c\u4f46\u767c\u884c\u50f9\u4ecd\u662f\u7a7a\u767d\u3002\u672c\u6587\u7528\u767d\u8a71\u62c6\u89e3\u71df\u6536\u6210\u9577\u3001807 \u5104\u7f8e\u5143\u5e33\u9762\u8667\u640d\u3001\u7b97\u529b\u627f\u8afe\u8207\u6cbb\u7406\uff0c\u4e26\u53cd\u63a8\u5146\u5143\u4f30\u503c\u9700\u8981\u7684\u6210\u9577\u9580\u6abb\u3002\" \/>\n\t<meta name=\"robots\" content=\"max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n\t<meta name=\"author\" content=\"monsterblockhk\"\/>\n\t<meta name=\"google-site-verification\" content=\"Wz9e_ejdc5ieA1Kn-14OVszf3NU7D_QHk-i53LM_hbA\" \/>\n\t<link rel=\"canonical\" href=\"https:\/\/monsterblockhk.com\/en\/anthropic-ipo-ant-stock-analysis\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO Pro (AIOSEO) 5.0.2\" \/>\n\t\t<meta property=\"og:locale\" content=\"en_US\" \/>\n\t\t<meta 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