Anthropic’s Big Reveal

The tech industry equivalent of the Super Bowl may finally be upon us. Anthropic could make public the paperwork for its initial public offering as early as Monday. Details about Anthropic’s finances from either drafts of the IPO filing or recent investor meetings have been dribbling out for weeks. As a result, some of the S-1’s revelations will not be, well, all that revelatory.

But there are still many, many mysteries about Anthropic the filing could clear up, or at least make a little less fuzzy. I asked my colleagues Jason Dean and Laura Mandaro for their shortlist of items they hope the S-1 will illuminate:

• More financial details. More clarity on Anthropic’s trajectory toward profitability, along with cash flow numbers and other operational financial metrics that haven’t yet leaked out.

• Ownership, investment and revenue details from big partners. Hopefully, the filing will confirm just how much money Anthropic is paying Google and Amazon to run its AI on their servers, along with details about how much those companies invested in Anthropic and how much those stakes have appreciated.

• Who pays Anthropic’s bills. Anthropic has said around a fifth of its revenue this quarter of its revenue in the first half of this year came from just two customers, compared to a quarter for all of 2025, according to published reports. Investors will look for more recent concentration data and additional details on the sources of its revenue. Historically, most of its revenue has come from sales of its AI via an application programming interface, but these can rise and fall depending on what model is hot among developers. We’re looking for details on revenue from its Claude subscriptions as well as through other companies like Amazon that resell Anthropic AI in exchange for a cut of those sales.

• More on governance. Many idiosyncrasies of Anthropic’s mission-minded corporate structure are public. For instance, a group of non-shareholders called the Long-Term Benefit Trust appoints the majority of its board. As we’ve reported, in the run-up to the IPO, Anthropic developed a plan to grant its seven co-founders, including CEO Dario Amodei, a combined 50.1% of voting power even if they reduce some of their stakes. What we don’t know is whether Amodei has any particular power over the six other founders and how exactly Anthropic will resolve conflicts between the trust and board members appointed by the founders. (Anthropic has planned to give employees a special class of stock for tiebreaker votes—complicated!)

• Lockups and secondary sales. We’ve written that Anthropic has mulled extending the lockups—the period when most shareholders are barred from selling their stock—beyond the typical 180-day period. But the company has considered making an exception for some shareholders at the time of the IPO, allowing what’s known as a secondary sale at the listing. Such sales would contrast with other tech IPOs this year that didn’t allow secondary sales during their listings, such as SpaceX and Cerebras. We’re looking for how long most investors have to sit on their shares and which groups of investors—or employees—can bail more quickly.

More Ahead

The Anthropic filing fireworks aren’t the only big events in tech we’ll be watching next week. There’s also:

• Earnings reports from the three major hyperscalers. Google and Microsoft are scheduled to report on Wednesday, while Amazon will report on Thursday. Any changes the companies announce to their data center spending plans or forecasts about AI demand are likely to move the already jittery markets. Amazon CEO Andy Jassy isn’t waiting until earnings to strike a bullish note on the performance of AWS, his cloud unit. In an Andreessen Horowitz podcast published Friday, Jassy said AWS is “largely sold out” of computing capacity through the end of next year. He also said the company’s decade-old acquisition of Annapurna Labs, a semiconductor startup behind AWS’ custom AI chip and other processors, may end up being Amazon’s best deal ever.

• Instacart’s next move. On Friday, we broke the news that Instacart is exploring a possible sale of the company and has held preliminary conversations with DoorDash and Uber. Our story said that talks with Uber appear to have fizzled. But it will be interesting to see if a deal with someone else comes together. Instacart and DoorDash are due to report earnings on Nov. 5 and 4, respectively. Expect analysts to grill the companies about the prospects for a deal, if one isn’t announced by then.

• New Apple devices. Apple is having an event on Wednesday where it’s expected to announce its first touchscreen MacBook, as we mentioned earlier in the week. Get ready for some greasy MacBook screens.

• AI has delivered no financial payoff to U.S. companies other than tech companies, Torsten Slock, chief economist at private equity firm Apollo Global Management argued in an essay.
  
• China’s Moonshot AI on Friday announced a new model, Kimi K3.1 Pro, that rivals the performance of leading U.S. frontier models on some benchmarks.
• Instacart shares closed up 9% on Friday after The Information reported that the grocery delivery company is exploring options to sell itself.

Today on The Information’s TITV

Check out today's episode of TITV, in which Akash Pasricha speaks with managing editor Laura Mandaro about how the neocloud rout is affecting private markets, and vice versa.