Anthropic’s upcoming IPO presents investors with an unusual combination: extraordinary growth, one of the world’s most recognisable AI products and the possibility of a very large technology listing.

Before deciding whether Anthropic stock looks attractive, investors need one crucial piece of information: the price.

Anthropic has filed to list on Nasdaq as ANT, but its latest prospectus still does not specify the IPO price range or final number of shares being sold. Without those figures, there is no final public-market valuation to analyse.

What we can examine is the business investors will eventually be asked to value, and Anthropic’s S-1 provides far more information than was previously available.

Anthropic’s revenue growth is exceptional

Anthropic generated US$33.2 billion in revenue during the first nine months of 2026, compared with US$2.5 billion during the same period in 2025, according to its latest SEC filing.

Enterprise adoption has also expanded rapidly, with a growing number of customers generating meaningful annual revenue. For investors, that matters because a durable enterprise customer base may prove more valuable than consumer interest alone.

Is Anthropic profitable?

This question is more complicated than one number suggests.

Anthropic reported an operating loss of US$1.3 billion for the first nine months of 2026, significantly narrower than the US$5.2 billion operating loss recorded in the same period a year earlier. Its adjusted operating income was US$4.1 billion.

Its GAAP net loss was much larger because of accounting changes in the fair value of convertible notes and other financial instruments as Anthropic’s valuation increased. Investors should separate operating performance, cash generation and non-cash valuation adjustments rather than relying on a single headline number.

The biggest cost: compute

Artificial intelligence has a different cost structure from many traditional software companies. Training and running large models requires enormous amounts of computing infrastructure.

Anthropic reported US$18.8 billion in compute and infrastructure expenses during the first nine months of 2026. The ratio of these costs to revenue improved substantially from a year earlier, suggesting revenue has been scaling faster than infrastructure costs.

Computing remains central to Anthropic’s economics. Investors considering ANT will need to watch whether this ratio continues improving as the company develops increasingly capable models.

Anthropic has powerful strategic partners

Anthropic’s relationships with Amazon and Google are another important part of the investment case. These companies are not simply financial investors. Anthropic distributes Claude through cloud infrastructure, while strategic financing has also supported access to the computing resources needed to build frontier AI models.

That backing can be an advantage, but it also highlights an important reality: frontier AI companies remain deeply dependent on access to expensive computing infrastructure.

So what valuation would make Anthropic attractive?

There is no single answer. Instead, investors can think about the valuation through the expectations embedded in it.

A higher IPO valuation assumes that Anthropic can sustain substantial revenue growth, improve margins, maintain its position among leading AI models and eventually generate durable cash flows. A lower valuation gives investors more room for some of those assumptions to disappoint.

This is why the IPO price range will matter so much. The same business can be an attractive investment at one valuation and an unattractive one at another.

Price-to-sales may be more useful than P/E, for now

Investors often compare companies using their price-to-earnings ratio. That metric is less useful when earnings are heavily affected by losses, non-cash accounting adjustments or unusually high investment spending.

For Anthropic, investors may initially pay closer attention to metrics such as enterprise value relative to revenue, revenue growth, operating margin and free cash flow. Once the IPO valuation is known, comparisons with other high-growth technology companies can provide context, although direct comparisons have limitations.

Four risks that could challenge the valuation

Rapid growth can make an investment story look straightforward. Anthropic’s risks make it less so.

• Competition remains intense, with OpenAI, Google, Meta and other developers continuing to release new models.
• Compute costs remain high and can fluctuate depending on infrastructure agreements.
• AI regulation is evolving rapidly across major markets.
• Anthropic’s governance structure gives investors less conventional influence than they might expect from a listed technology company.

These characteristics are not automatically negative, but investors should understand what they are buying.

Could Anthropic become a major public AI stock?

Potentially. There are relatively few ways today to gain direct public-market exposure to companies building frontier foundation models. Anthropic’s IPO could change that.

Its growth, enterprise adoption and improving operating economics make the company worth watching. But those strengths do not answer the most important investment question: how much of that future success will already be reflected in the IPO price?

Once Anthropic publishes its price range and final share count, investors will finally be able to compare its prospective valuation with its financial performance. Until then, any claim that ANT is cheap or expensive is premature.

How Singapore investors can prepare

Singapore investors should first distinguish between receiving an IPO allocation and buying ANT once it begins trading.

Syfe Brokerage offers IPO Queuing for eligible IPO opportunities made available through the app, although Anthropic is not currently available for queuing.

Once ANT begins public trading and becomes available through Syfe Brokerage, investors can access US-listed stocks with US$0 commission and no platform fees. Regulatory and exchange-related charges may still apply.

For now, the most useful thing investors can do may simply be to watch the numbers. When the IPO price arrives, Anthropic’s valuation, not the excitement surrounding AI, will determine what public investors are actually being asked to pay.

Frequently Asked Questions

This article is for information and education purposes only and does not constitute investment advice. Investing involves risk, including the possible loss of capital.