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Anthropic just gave Wall Street a look under the hood of the artificial intelligence revolution. And the numbers are almost hard to believe.
On Monday morning, the company behind Claude filed paperwork to go public on the Nasdaq under the proposed ticker ANT. Some estimates put its potential valuation as high as $2 trillion, making this one of the most anticipated stock offerings in history.
But the valuation wasn’t what caught my attention.
It was what Anthropic revealed about the speed of AI adoption… and where hundreds of billions of dollars could flow next.
In the first six months of 2026, Anthropic generated $16.29 billion in revenue. A year earlier, it brought in just $1.16 billion.
That’s roughly 1,300% growth in 12 months.
And the business is accelerating. Second-quarter revenue reached $11.6 billion, up from $4.7 billion in the first quarter. In other words, Anthropic generated more than twice as much revenue in the spring as it did during the winter.
I’ve followed innovation companies for more than 25 years, and growth at this scale is extraordinary. We’re not talking about a tiny startup doubling sales from $5 million to $10 million. We’re talking about a company adding billions of dollars in quarterly revenue as businesses race to put AI to work.
This is why I keep saying we’re closer to 1995 than 1999. The AI revolution isn’t running out of steam. Its commercial engine is just beginning to roar.
Of course, the bears immediately found a number they loved: Anthropic reported an $80.75 billion net loss for the first half of 2026.
That sounds disastrous. But it doesn’t mean Anthropic burned through $80 billion operating Claude.
According to its filing, approximately $72.39 billion of that loss came from changes in the accounting value of financing instruments as the company’s valuation increased. Those charges are very different from paying $72 billion in cash to keep the lights on.
Look deeper and you’ll find something remarkable. Anthropic posted a $974 million operating profit in the second quarter and generated $3.93 billion in positive operating cash flow during the first half.
Now, don’t misunderstand me. This is still an expensive, capital-intensive business. Cash flow can fluctuate, and financing-related accounting charges shouldn’t simply be ignored. But the headline loss alone doesn’t tell investors how quickly the underlying economics are changing.
Here’s the number I find most exciting.
Anthropic disclosed commitments to spend at least $114.5 billion with Google (GOOG) and another $44.9 billion with Microsoft (MSFT) over the coming years.
Combined, that’s roughly $159 billion in computing commitments.
Think about what it takes to deliver that much AI capacity. Advanced chips. High-speed networking. Data centers. Cooling systems. Electrical equipment. And enormous amounts of reliable power.
Every AI model that gets smarter needs an industrial backbone to support it.
That’s why I’ve spent so much time talking about the picks and shovels of the AI boom. The companies building the infrastructure can benefit as AI usage expands, regardless of which chatbot ultimately wins the popularity contest.
And this isn’t theoretical spending. These are disclosed contractual commitments, although the timing, fulfillment, and ultimate economics still carry risks.
Will Anthropic be a great stock when it begins trading? Maybe. But without an offering price, nobody can responsibly answer that question yet.
At a rumored trillion-dollar-plus valuation, even a phenomenal business could turn into a disappointing investment if buyers pay too much.
Fortunately, you don’t have to chase a blockbuster IPO to participate in a breakthrough.
Some of the most exciting opportunities I’ve found come from companies that went public years ago, then discovered an entirely new growth engine. They already have customers, infrastructure, and market listings. What changes is the size of the opportunity in front of them.
P.S. Anthropic is reportedly targeting the week of November 16 to start trading. But my colleague Nate Bear thinks one of the biggest market moves of the fall could come 12 days earlier, on November 4, the day after the midterms. He’s going live tomorrow, October 28 at 2 p.m. ET, to show you the trade he’s targeting. It’s free to attend. Click here to save your seat.
