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ProShares now offers one of the largest lineups of ETFs, with over $0 billion in assets. The company is a leader in strategies such as crypto, dividend growth, interest rate hedged bond and geared (leveraged and inverse) ETF investing. ProShares continues to innovate with products that provide strategic and tactical opportunities for investors to manage risk and enhance returns.
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The registration statements for ANTU and ANTY have been filed with the SEC but are not yet effective and may be changed. Shares may not be sold, nor may offers to buy be accepted, until each registration statement is effective.
These ProShares ETFs seek daily investment results that correspond, before fees and expenses, to two times (2x) the daily performance of a single stock for ANTU, or negative two times (-2x) for ANTY (each, the “Daily Target”). While each Fund has a daily investment objective, you may hold Fund shares for longer than one day if you believe it is consistent with your goals and risk tolerance. For any holding period other than a day, your return may be higher or lower than the Daily Target. These differences may be significant. Smaller index gains/losses and higher index volatility contribute to returns worse than the Daily Target. Larger index gains/losses and lower index volatility contribute to returns better than the Daily Target. The more extreme these factors are, the more they occur together, and the longer your holding period while these factors apply, the more your return will tend to deviate. Investors should consider periodically monitoring their geared fund investments in light of their goals and risk tolerance.
Anthropic’s financials are coming into clearer focus after Monday’s S-1 filing, giving investors a detailed look at the frontier artificial intelligence (AI) firm as it moves toward an IPO. The filing shows a company that has grown at extraordinary speed while committing extraordinary sums to the computing capacity needed to build and run its AI models.
Here’s a look at key numbers from Anthropic’s latest filing…
Anthropic reported $16.3 billion in revenue for the six months ended June 30, 2026, compared with $1.2 billion in the same period a year earlier.1 That is nearly 14 times the prior-year level and more than three times the approximately $4.6 billion of revenue generated for all of 2025.
New revenue figures reported in the S-1 replace earlier run-rate estimates. Investors can now evaluate actual reported growth, rather than an annualized snapshot that may not capture seasonality or changes in usage.
Anthropic's Quarterly Revenue Has Accelerated Sharply
Revenue from outside of Anthropic’s top five customers increased from approximately 64% in the first quarter to 79% in the third, meaning the top five customers’ share of revenue declined from roughly 36% to 21%. No single customer exceeded 10% of revenue over the nine months through September 2026, and more existing clients are moving into costlier tiers as they integrate Claude into their workflows.
That said, the firm’s reliance on a few large partners still bears watching. End users may broaden, but nearly 48% of first-half revenue came through cloud marketplaces operated by Google Cloud and Amazon Web Services, both of which operate their own AI business. End-customer diversification does not eliminate dependence on cloud partners for distribution, infrastructure and financing.1
Anthropic spent nearly $9 billion on infrastructure and computing capacity in the first half of 2026, compared with approximately $7.3 billion for all of 2025.1 But that spending has declined considerably as a percentage of revenue.
At the same time, operating margins have improved. In the second quarter, Anthropic reported a positive operating margin of 8%.1
Compute Burden Fell as Operating Margin Turned Positive
Anthropic intends to list its Class A common stock on the Nasdaq Global Select Market under the symbol ANT. The number of shares to be offered and the expected price range have not yet been determined.2 The company’s seven co-founders will collectively hold a single Class F share carrying 50.1% of total voting power.
Governance may also be a consideration for prospective investors. Anthropic's Public Benefit Corporation structure requires directors to balance shareholder interests with the company’s public-benefit mission, which is “the responsible development and maintenance of advanced AI for the long-term benefit of humanity.”
Anthropic’s IPO is just one of several possible high-profile AI-sector offerings that could come to market in the months to come. While OpenAI, Anthropic’s key rival, may delay an IPO until 2027,3 companies including SB Energy and Nscale could also move toward offerings by the end of the year.
Anthropic’s S-1 is a notable milestone on the road to a highly anticipated AI IPO and offers a more complete picture of the company and its finances. The filing shows exceptional revenue growth and a broadening customer base, but it also makes clear that frontier AI is an unusually capital-intensive business. Investors may ultimately judge the offering on three linked questions: whether reported growth continues, whether margins continue to improve, and whether Anthropic can earn attractive returns as it spends heavily on computing capacity.
Learn about ProShares’ planned Anthropic ETFs.
Important Information
This is not intended to be investment advice. Investing involves risk, including the possible loss of principal. Past performance does not guarantee future results.
Any forward-looking statements herein are based on expectations of ProShare Advisors LLC at this time. Whether or not actual results and developments will conform to ProShare Advisors LLC’s expectations and predictions, however, is subject to a number of risks and uncertainties, including general economic, market and business conditions; changes in laws or regulations or other actions made by governmental authorities or regulatory bodies; and other world economic and political developments. ProShare Advisors LLC undertakes no duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Registration statement notice: The registration statements for ANTU and ANTY have been filed with the SEC but are not yet effective. Shares may not be sold, nor may offers to buy be accepted, until effective. This page is not an offer to sell or a solicitation of an offer to buy these securities in any state or jurisdiction where such offer would be unlawful.
These leveraged and inverse single-stock ETFs’ performance depends almost entirely on the performance of their underlying single stock, which involves significant risk and eliminates the benefits of diversification. The underlying stock may experience significant price volatility at any time. Before investing, you should carefully consider that high volatility may have a significant negative impact on the Fund’s performance. It may also experience abnormal returns, which should not be expected to persist. The ETF’s performance should be measured from one NAV calculation time to the next and does not represent the returns you would receive if you traded shares at other times. Market volatility or disruptions in the trading of the underlying stock may impair the ETF’s ability to obtain or maintain its desired exposure and could result in losses or wider bid-ask spreads. IPO investments generally carry higher risks, including limited trading history, market risk, and liquidity concerns. The underlying stock may experience periods of low liquidity, making it difficult to buy or sell at desired prices. Large ETF positions may increase this risk and impact the underlying stock’s market price. During such times, the ETF may face losses, wider bid-ask spreads, and challenges in managing its exposure. Anthropic faces risks related to intense competition among frontier AI developers, substantial and ongoing compute and infrastructure costs, reliance on third-party cloud and hardware providers, evolving AI safety and regulatory obligations, cybersecurity threats, litigation, and reputational events that may affect its business and operations. You should refer to the prospectuses for a more complete description of issuer risks.
ProShares has derived all disclosures herein regarding the issuer from publicly available sources it deems to be reliable and makes no representation as to their accuracy or completeness. ProShares cannot give any assurance that all relevant events that would affect the trading price of the issuer have been publicly disclosed. Any future developments, whether disclosed or not, could affect the value of the issuer and, in turn, the value of the ETF. The ETF and ProShare Advisors LLC are not affiliated with the underlying stock issuer.
Investing involves risk, including the possible loss of principal. Leveraged and inverse ProShares ETFs are non-diversified and entail certain risks, including risk associated with the use of derivatives (swap agreements, futures contracts and similar instruments), imperfect benchmark correlation, leverage and market price variance, all of which can increase volatility and decrease performance. The ETF's investment exposure is concentrated in the industry in which the underlying stock operates. Narrowly focused investments typically exhibit higher volatility. Investors could potentially lose the full value of their investment within a single day. Please see the summary and full prospectuses at ProShares.com for a more complete description of risks. There is no guarantee any ProShares ETF will achieve its investment objective.
Shares of any ETF are generally bought and sold at market price (not NAV) and are not individually redeemed from the fund. Your brokerage commissions will reduce returns.
Carefully consider the investment objectives, risks, charges and expenses of ProShares before investing. This and other information can be found in their summary and full prospectuses. Read them carefully before investing.
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