On 3 November, the Australian Financial Review (AFR) reported that Anthropic had disclosed several brokerage firms and investment platforms involved in its Australian retail offering arrangements. Meanwhile, on 2 November, the company filed an amended prospectus with the SEC, providing updated information on its third-quarter revenue performance and future infrastructure spending commitments.

As the Australian distribution channels become clearer, further details of how local investors may participate in the IPO are beginning to emerge.

■ Australian IPO Distribution Channels Announced

According to the AFR’s 3 November report, Anthropic has identified several brokerage firms and investment platforms involved in its Australian IPO distribution arrangements. The offering is expected to provide Australian investors with an opportunity to participate in the IPO.

However, subscription and allocation arrangements may differ depending on investor classification and distribution channel. Specific eligibility requirements, subscription limits and final allocations will remain subject to the official offering documents and announcements from participating institutions.

Anthropic has indicated that it intends to lodge a prospectus with the Australian Securities and Investments Commission (ASIC) for local retail investors. Further details, including the subscription opening date, allocation arrangements and investor eligibility requirements, are expected to be confirmed at that stage.

Anthropic has also established an official Australian IPO information page where investors can follow future announcements:

https://ipo.anthropic.com/au/

For investors interested in learning more about potential participation opportunities and upcoming offering arrangements, please contact us.

Reuters — Anthropic plans Australian share offer in IPO, CommSec says

■ Latest Financial Results: Third-Quarter Revenue Approaches US$17 Billion

In addition to developments surrounding the Australian offering, Anthropic’s amended Form S-1 filing on 2 November provided updated financial information for the period ended 30 September 2026.

According to the latest disclosures:

• Q3 2026 revenue: Approximately US$17 billion, up 47% from the previous quarter and approximately 12 times the level recorded a year earlier.
• Revenue for the first nine months of 2026: Approximately US$33.2 billion, representing year-on-year growth of 1,206%.

These figures highlight the significant expansion in Anthropic’s revenue across different reporting periods.

Reuters noted on 2 November that third-quarter revenue growth of 47% quarter-on-quarter was below the 144% growth recorded in the second quarter. Fortune similarly highlighted that while revenue continued to increase, the pace of sequential growth had moderated.

Importantly, both reports refer to a slowdown in the rate of revenue growth, rather than a decline in revenue itself.

Anthropic primarily generates revenue from customers using its Claude models and related services.

According to the SEC filing, the number of customers generating at least US$100,000 in revenue for the company over the preceding 12 months exceeded 11,900 as of the end of September, compared with more than 950 a year earlier. This provides another indication of the company’s expanding customer base.

However, Anthropic also cautioned in its prospectus that the rapid growth driven by early market adoption and customer expansion may not be sustainable at the same pace. Future revenue performance will continue to depend on customer demand and other factors.

■ US$895.4 Billion in Compute Commitments: What Does This Actually Mean?

Artificial intelligence requires substantial computing power. Whether Claude is answering questions, generating code or helping Anthropic train its next generation of AI models, these activities rely on advanced AI chips, servers and data centres.

As a result, Anthropic must secure computing capacity from cloud providers and data centre operators well in advance to support its future operations.

According to its amended SEC filing dated 2 November, Anthropic has entered into approximately US$895.4 billion in long-term contractual commitments, the vast majority of which relate to computing capacity and infrastructure.

While the figure is substantial, it is important to understand what it represents.

The US$895.4 billion is not money Anthropic has already spent, nor is it a debt obligation that must be repaid immediately.

Rather, it represents contracted purchase and lease commitments expected to be fulfilled over multiple years. Some agreements also include conditions or early termination rights.

The expected payment schedule is broadly as follows:

• Next 12 months: Approximately US$69.8 billion.
• By the end of 2030: Approximately US$447.5 billion in cumulative commitments.
• 2031–2045: Most of the remaining commitments are expected to be fulfilled during this period.

The US$69.8 billion expected within the next 12 months is already included in the US$447.5 billion cumulative figure and should not be added separately.

IG Australia — Anthropic IPO Share Trading Promotion

Why would Anthropic commit to such a substantial amount in advance?

The primary reason is straightforward: to secure future computing capacity.

Demand for high-performance AI chips and data centre infrastructure remains significant across the AI industry. Without sufficient access to computing resources, Anthropic may struggle to meet customer demand or support the development of more advanced AI models, even if its products continue to gain adoption.

These commitments also highlight an important consideration for the company’s future development: growth will depend not only on increasing revenue, but also on maintaining access to sufficient capital and computing resources.

During the first nine months of 2026, Anthropic recognised approximately US$18.8 billion in computing and infrastructure expenses, equivalent to around 57% of its revenue over the same period.

The US$895.4 billion figure is therefore better understood as a long-term commitment to securing the computing capacity required for future AI expansion, rather than expenditure that has already occurred.

■ When Is the Anthropic IPO Expected to Take Place?

According to reports published on 3 November, U.S. media had previously indicated that Anthropic could launch its IPO as early as mid-November, with the aim of completing its Nasdaq listing before the U.S. Thanksgiving holiday in late November.

As of 3 November, Anthropic had applied to list on the Nasdaq Global Select Market under the proposed ticker symbol ANT.

The company has also confirmed that it does not intend to seek a listing on the Australian Securities Exchange (ASX).

At this stage, several key details remain unconfirmed, including the IPO price range, number of shares to be offered, final capital raising amount and official listing date.

Further Updates and Enquiries

Candour Capital will continue to monitor announcements from the SEC, Anthropic and reputable media sources, providing updates on the IPO’s offering terms, listing progress and participation arrangements for Australian investors.

If you would like to receive further updates or enquire about relevant investment services and potential participation arrangements, please contact Candour Capital.

The availability of any investment service or participation opportunity remains subject to applicable regulatory requirements, official offering documents and announcements from relevant institutions.

Sources and References

1. Australian Financial Review (2026). CommSec starts rustling up Aussies for Anthropic float, 3 November.
   https://www.afr.com/technology/anthropic-reveals-more-australian-details-as-ipo-approaches-20261103-p61as6
2. U.S. Securities and Exchange Commission (2026). Anthropic, PBC, Form S-1/A, filed 2 November.
   https://www.sec.gov/Archives/edgar/data/2130357/000162828026068676/anthropicpbc-sx1ax1.htm
3. Anthropic (2026). Official Australian IPO Information Page.
   https://ipo.anthropic.com/au/
4. Reuters (2026). Anthropic revenue growth slows, compute financing risks mount ahead of IPO, 2 November.
   https://www.reuters.com/business/anthropics-quarterly-loss-shrinks-revenue-jumps-ahead-blockbuster-ipo-2026-11-02/
5. Fortune (2026). Anthropic’s growth slowed and costs jumped in the third quarter, updated IPO filing shows, 2 November.
   https://fortune.com/2026/11/02/anthropics-growth-slowed-and-costs-jumped-in-the-third-quarter-updated-ipo-filing-shows/

This article summarises and references publicly available regulatory filings, company disclosures and media reports for general information purposes only. It does not constitute investment advice, an offer of securities or an invitation to subscribe for securities. Information may change as the IPO process progresses. All offering details remain subject to the final effective offering documents and official announcements.

Disclaimer

This material is intended solely for Wholesale Clients as defined under section 761G of the Corporations Act 2001 (Cth) and is not intended for retail investors.

The information provided is general in nature and does not take into account the investment objectives, financial circumstances or particular needs of any individual.

Certain financial information, valuations and IPO-related details contained in this material are based on publicly available third-party reports and may be subject to change.

Any target returns, potential IPO valuations or estimated investment timeframes are indicative only and are not guaranteed.

Pre-IPO and unlisted equity investments involve significant risks and limited liquidity. An IPO may be delayed, postponed indefinitely or may not proceed at all. Investors may lose some or all of their invested capital.

Before making any investment decision, investors should carefully review the relevant official investment documents and seek independent legal, tax, financial and accounting advice appropriate to their individual circumstances.

On 26 October 2026 (US time), Anthropic publicly filed its Form S-1 registration statement with the US Securities and Exchange Commission (SEC), seeking to list on the Nasdaq under the proposed ticker symbol ANT. The company had previously submitted a confidential IPO filing in June 2026.

The public filing provides greater visibility into Anthropic’s business operations, financial performance and long-term expenditure commitments. Meanwhile, the Australian Financial Review (AFR) has reported on potential arrangements for Australian investors to participate in the offering.

However, the final offer price, number of shares to be issued and official listing date have yet to be confirmed.

■ What Is Anthropic?

Founded in 2021 by former OpenAI members, including Dario Amodei and Daniela Amodei, Anthropic is the developer of the Claude family of artificial intelligence models and assistants.

Its product portfolio includes Claude for individual users, Claude Code for software development, and Claude Cowork for enterprise workflows. Businesses and developers can also access Anthropic’s models through APIs and cloud computing platforms.

The company primarily generates revenue through usage-based fees and subscription services, including Claude Pro and Max.

Amazon and Google are among Anthropic’s major investors, as well as important cloud infrastructure and distribution partners. These relationships extend across computing capacity, product distribution and commercial competition, highlighting the interconnected nature of the AI industry.

■ Financial Performance: Revenue Growth, Enterprise Customers and Investment Commitments

According to public filing data reported by Reuters, Anthropic has recorded substantial revenue growth in recent years.

Revenue generated during the first six months of 2026 alone exceeded the company’s full-year revenue in 2025.

The filing also provides insights into Anthropic’s expanding enterprise customer base.

Over the 12 months to 30 September 2026:

• More than 11,900 customers each generated at least US$100,000 in revenue for Anthropic.
• Approximately 250 customers each contributed at least US$10 million in revenue.
• Anthropic’s customer base included more than half of the Fortune Global 500 companies and over 30% of the Forbes Global 2000 companies.

Despite its rapid revenue expansion, Anthropic continues to face substantial costs associated with AI infrastructure and model development.

For the first half of 2026, the company reported an operating loss of approximately US$693 million and a net loss of approximately US$80.7 billion.

Importantly, the reported net loss included approximately US$72.4 billion in accounting impacts associated with changes in the fair value of convertible notes and other financing instruments. This means the reported net loss should not be interpreted as an equivalent amount of cash expenditure during the period.

Reuters also reported that Anthropic has entered into contractual spending commitments with approximately eight partners totalling more than US$600 billion over the next decade, primarily related to computing capacity and infrastructure.

These commitments represent obligations spanning multiple years rather than expenditure already incurred or paid.

■ IPO Valuation and Expected Timeline

While Anthropic has publicly filed its registration statement, details surrounding the potential IPO valuation, offering size and listing timetable remain largely based on media reports.

According to The Wall Street Journal, citing people familiar with the matter, Anthropic could list as early as November 2026, with a potential valuation ranging from US$1.5 trillion to US$2 trillion.

The offering could potentially raise US$100 billion or more, although these figures remain speculative.

Separately, Reuters reported that some investors had discussed a valuation of approximately US$1.5 trillion.

Forbes Australia also noted that Anthropic had achieved a private-market valuation of approximately US$965 billion during a funding round in May 2026.

It is important to distinguish between valuations reported in connection with a potential IPO and those established during previous private funding rounds.

None of these figures represents a confirmed IPO valuation or final offering terms.

The ultimate offering size, indicative price range and listing timetable will remain subject to the company’s official disclosures and subsequent announcements.

■ Will Australian Investors Have an Opportunity to Participate?

According to an AFR report published on 27 October 2026, Macquarie Capital is among the underwriters involved in Anthropic’s proposed IPO and is expected to participate in arrangements relating to the Australian market.

The report also indicated that Anthropic intends to lodge a separate prospectus with Australian regulators in connection with the proposed Australian offering.

However, these arrangements have yet to be confirmed through formal offering documentation.

For Australian investors, several important details remain outstanding, including:

• Investor eligibility: Which categories of Australian investors may qualify to participate.
• Access channels: Which financial institutions or intermediaries may facilitate participation.
• Offering terms: The final pricing, allocation structure and subscription requirements.
• Share allocations: How shares may be allocated to eligible Australian investors.

Further clarification will depend on the publication of official offering documents and announcements from the relevant institutions.

Candour Capital will continue to monitor developments surrounding Anthropic’s proposed IPO, including the final offering terms and potential participation arrangements for the Australian market.

We aim to provide investors with timely updates based on publicly available information as further details emerge.

For updates on the IPO or enquiries regarding relevant investment services and potential participation arrangements, please contact Candour Capital.

Any services or participation opportunities will remain subject to applicable eligibility requirements and the terms of the official offering documents.

Sources and References

US Securities and Exchange Commission (SEC)

Anthropic Form S-1 Registration Statement

Reuters — Business and Financial Disclosures

SEC Filing Reference

Reuters — Technology Partnerships

Exclusive: Anthropic IPO Prospectus Reveals Dependence on Major Technology Partners

Reuters — Financial Performance

Anthropic Opens Its Books on AI Growth and Substantial Costs

The Wall Street Journal

Anthropic Unveils Paperwork for Blockbuster IPO

Reuters — IPO Valuation Expectations

Investors Temper Anthropic IPO Valuation Expectations

Forbes Australia

Anthropic Files for IPO: Here’s What We Learned

ABC News

Anthropic IPO Filing — 27 October 2026

Australian Financial Review (AFR)

Australian Brokers Seek Access to Anthropic IPO for Local Investors

Information Note

This article summarises and reports on regulatory filings, company disclosures and media coverage available as at 28 October 2026.

It does not constitute investment advice, an offer of securities or an invitation to subscribe for securities. Information concerning reported valuations, anticipated offering arrangements and future developments remains subject to official announcements and formal offering documents.

Disclaimer

This article is intended solely for Wholesale Clients as defined under section 761G of the Corporations Act 2001 (Cth) and is not intended for retail investors.

The information contained in this article is general in nature and does not take into account the investment objectives, financial circumstances or particular needs of any individual.

Certain financial information, valuations and IPO-related details presented in this article are sourced from publicly available third-party reports and may be subject to change.

Any target returns, potential IPO valuations or anticipated investment timeframes should not be regarded as guaranteed.

Pre-IPO investments and investments in unlisted equities involve significant risks and generally have limited liquidity. An IPO may be delayed, postponed indefinitely or may not proceed at all. Investors may lose some or all of their invested capital.

Before making any investment decision, investors should carefully review the relevant formal investment documentation and seek independent legal, taxation, financial and accounting advice appropriate to their individual circumstances.

Alphabet Inc., the parent company of Google, has completed its inaugural Australian dollar bond issuance, raising A$5.5 billion across six tranches and setting a new record for the largest Australian corporate bond issuance to date. The transaction attracted more than A$20 billion in orders, representing approximately 3.7 times the amount issued.

ANZ was the only Australian domestic bank appointed as a joint lead manager on the transaction. The bonds were priced on 19 August 2026 and received ratings of Aa2 from Moody’s and AA+ from S&P.

Alphabet’s A$5.5 billion senior unsecured bond issuance comprises six tranches:

• A$750 million 3-year fixed-rate bonds with a coupon of 5.20% p.a., maturing on 27 August 2029;
• A$750 million 3-year floating-rate bonds, priced at 3-month BBSW + 65 bps, maturing on 27 August 2029;
• A$750 million 5-year fixed-rate bonds with a coupon of 5.50% p.a., maturing on 27 August 2031;
• A$750 million 5-year floating-rate bonds, priced at 3-month BBSW + 90 bps, maturing on 27 August 2031;
• A$1.25 billion 10-year fixed-rate bonds with a coupon of 6.25% p.a., priced at 133 bps over the asset swap rate, maturing on 27 August 2036; and
• A$1.25 billion 20-year fixed-rate bonds with a coupon of 6.90% p.a., priced at 180 bps over the asset swap rate, maturing on 27 August 2046.

Meanwhile, ANZ completed a A$4.25 billion multi-tranche senior unsecured and Tier 2 capital issuance on 14 August 2026. The transaction comprised four tranches across senior unsecured and Tier 2 securities.

The order book exceeded A$9.82 billion, including approximately A$1.05 billion of joint lead manager interest, representing around 2.3 times the total amount issued.

The senior unsecured component comprised A$2.5 billion of 5-year floating-rate bonds, priced at 3-month BBSW + 66 bps, maturing on 21 August 2031.

The Tier 2 bonds were rated A3 by Moody’s, with indicative ratings of A− from both S&P and Fitch. ANZ’s issuer ratings were Aa2 / AA− / AA−.

The Tier 2 capital issuance was divided into three tranches:

• A$750 million 15-year floating-rate bonds, non-callable for 10 years, priced at 3-month BBSW + 157 bps. The first call date is 21 August 2036, with final maturity on 21 August 2041;
• A$2.5 billion 15-year fixed-to-floating-rate bonds, non-callable for 10 years, carrying an initial coupon of 6.451% p.a. and priced at 157 bps over the asset swap rate. Following the first call date, the bonds will convert to a floating rate of 3-month BBSW + 157 bps until maturity. The first call date is 21 August 2036, with final maturity on 21 August 2041; and
• A$750 million 20-year fixed-rate bonds, carrying a coupon of 6.749% p.a., priced at 165 bps over the asset swap rate, and maturing on 21 August 2046.

For further information on the subscription process or to obtain the full product disclosure materials, please contact Candour Capital.