Dario Amodei, co-founder and chief executive officer of Anthropic, during an interview on "The Circuit with Emily Chang" at Anthropic's headquarters in San Francisco, California, US, on Thursday, April 30, 2026.

Jason Henry | Bloomberg | Getty Images

Anthropic's IPO prospectus is chock-full of details for investors to celebrate — and worry about.

The company's bulls are cheering its 1,300% annual sales growth, 900% net revenue retention and 85% implied gross margin. But its bears are pointing to roughly $80 billion in half-year net losses, hundreds of billions of dollars' worth of compute commitments and more than 90 pages of risk factors .

From either camp, the numbers are staggering, and they put Anthropic in position to pursue what could be the largest initial stock offering in history .…