Anthropic’s Filed Roadshow Materials Postdate Researcher’s Resignation

Anthropic’s publicly filed IPO roadshow materials are dated Nov. 10, two months after former researcher Jacob Coxon announced his resignation, but the date does not establish when the slide was first created.

In a Sept. 8 post, Coxon wrote: “I resigned from Anthropic today. I spent the last three years doing pretraining research at both OpenAI and Anthropic. Neither company is acting responsibly.” His post does not mention an IPO slide.

Anthropic’s roadshow materials describe a more than fourfold increase in “compute efficiency” from the first quarter of 2025 to the third quarter of 2026. The chart compares revenue with compute and infrastructure costs. Its revenue-to-compute ratio was 0.40x in Q1 2025, 0.57x in Q2, 0.68x in Q3 and 0.69x in Q4. It then rose to 1.40x in Q1 2026 and 2.08x in Q2 before ending at 1.72x in Q3.

The amended prospectus describes compute efficiency across training and inference, as well as Anthropic’s multi-chip compute approach. The chart does not describe its measure as pretraining efficiency.

Anthropic’s Nov. 10 preliminary prospectus proposes 825 million Class A shares at $70 to $78 each and an application to list on Nasdaq under ticker ANT.