Anthropic’s IPO filing highlights revenue gap with Chinese AI rivals

The S-1 shows $16.3 billion in first-half revenue, and listed Chinese labs Z.AI and MiniMax are looking at it from a long way back Anthropic has filed its S-1 with the SEC. The numbers inside are making investors in Hong Kong do some uncomfortable math. The Claude maker reported $16.3 billion in revenue for the first half of 2026. That is up more than 1,300% year over year, according to the filing. It also gives Chinese AI labs both a reason for hope and a sense of how far behind they are. What the S-1 actually says Anthropic submitted its prospectus on October 26, 2026. It plans to list on Nasdaq under the ticker ANT. The offering is expected in mid-November and could set a record. The pricing talk is enormous. The IPO could value Anthropic at somewhere between $1.5 trillion and $2 trillion. Most of the momentum came late in the half. Second-quarter revenue alone hit $11.6 billion. That quarter also produced the company’s first quarterly operating profit, at $974 million. The full first half was messier. Anthropic posted an operating loss of $693 million for the six months. On an adjusted basis, operating income came in at $1.62 billion. The figure that will grab headlines is the ...