Anthropic IPO a test of market’s patience for AI growth stories: Firstrade

 Anthropic’s planned IPO will test how much patience investors have for AI growth stories, Stephen Callahan, trading behavior analyst at Firstrade, told Investing.com.

“Anthropic’s filing is a big moment for the whole AI sector – a listing of this size forces investors to decide where the next dollar goes,” Callahan said.

He noted that the S-1 shows nearly half of the company’s first-half revenue came through the AWS, Google Cloud and Azure marketplaces. As a result, investors will also be watching what the debut says about the hyperscalers.

Anthropic reported $16.3 billion in revenue in the first half of 2026, against an $80.7 billion net loss. 

Callahan said public scrutiny of the company’s books could change the conversation around AI spending intensity and profitability.

“Growth this fast will get rewarded, but I’d call it a test of how much patience the market has for AI growth stories, rather than a clear turning point,” he said.

Callahan also warned that mega IPOs create a strong fear of missing out among retail investors. He said these investors often chase the open, which is usually the most volatile point, and end up buying on emotion rather than following a plan.

“Day one has potential extra volatility here because insiders will be allowed to trade as soon as the first trading day, which could add to early price swings,” he added.