Anthropic is reportedly weighing a reservation of 15% to 20% of its upcoming IPO shares for retail investors. The AI company could reach a valuation near $2 trillion when it finally hits the public markets. However, US Senator Elizabeth Warren has already raised serious concerns about the plan.
Bloomberg reports that JPMorgan will lead the retail portion of the offering. Specifically, retail investors could get access to the shares through online brokerages. For comparison, SpaceX set aside about 20% for retail at its June listing. Furthermore, PitchBook analyst Harrison Rolfes noted that retail money is less sensitive to price. This lets banks push the deal higher.
Senator Warren sent CEO Dario Amodei a four-page letter on Tuesday. The letter asks tough questions about Anthropic’s filing. For example, she asked how the company plans to ensure its AI will not become an existential threat to humanity. In addition, she questioned Anthropic’s ties to Amazon and Broadcom. She also asked how the firm will justify a valuation that could approach $2 trillion.
Warren set a response deadline of November 3. Furthermore, she argued that these risks demand greater scrutiny before AI companies become intertwined with public capital markets.
Anthropic’s S-1 filing also includes stark risk disclosures. Specifically, the document says advanced AI could pose catastrophic or existential risks to humanity without proper safeguards. In addition, it notes that proposed US laws could nationalize or forcibly shut down frontier AI systems.
The company’s financials look strong. For the first half of 2026, Anthropic posted $16.3 billion in revenue with an 85% gross margin. However, cloud marketplace sales through Amazon, Google, and Microsoft now make up 48% of revenue. In addition, Anthropic does not expect revenue to keep growing at the same pace.
Compute spending is where things get wild. Specifically, Anthropic has signed minimum payment commitments of around $245 billion since June. These include $120.5 billion with SpaceXAI, $44.6 billion with Nscale, and $41.3 billion with Lambda. Furthermore, the Journal reported total compute spending could reach $750 billion.
Google holds an option to buy up to $10 billion of stock at the IPO price. In addition, Amazon’s convertible notes sit between $97.9 billion and $108.6 billion in value.
