The big questions remaining after Anthropic’s blockbuster IPO prospectus

This report is from this week's The Tech Download newsletter. Like what you see? You can subscribe here.Anthropic's over 300 page S-1 filing earlier this week contained a lot of information. It was the most comprehensive public statement to date about how a pure-play AI lab makes its money.After the prospectus went live on Monday, my U.S.-based colleagues and I went through it with a fine-tooth comb, detailing everything from revenue and risks to competitors and computing costs.The filing also revealed that CEO Dario Amodei and his six co-founders each own over 200 million shares, which could be worth billions if Anthropic hits the over $1 trillion valuation it's expected to.But despite all the nuggets, a few big questions remain.Anthropic's logo is displayed on a smartphone, with a page from the company's website about its IPO filing in the background, in Creteil, France, on October 27, 2026. Samuel Boivin | Nurphoto | Getty ImagesRevenueAnthropic reported its cost of revenue as $2.38 billion in the first half of 2026, booking $16.29 billion in revenue during the same period and implying a gross margin of 85%.Violeta Todorova, senior research analyst at Leverage Shares, told CNBC ...