New terms Anthropic says you must understand before investing in the company

Anthropic’s newly filed IPO prospectus is filled with AI-specific terms investors will need to understand before trading the company. The filing shows first-half 2026 revenue jumping to $16.3 billion from $1.1 billion a year earlier, but it also discloses an $80.7 billion net loss over the same period, signaling heavy spending ahead. Market advisers are reportedly targeting a valuation around $1.5 trillion to $2 trillion at listing. Anthropic could begin trading before the end of November, and the prospectus includes 39 defined terms. Examples highlighted include “agent loop,” “Applied AI,” “compute multipliers,” and “Constitutional AI.”