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Anthropic, the artificial intelligence company behind the Claude chatbot, publicly filed paperwork on Monday for an initial public offering that could raise up to $100 billion, potentially making it the largest stock market listing in history. The San Francisco-based company applied to list its shares on the Nasdaq Global Select Market under the ticker symbol ANT.
The filing, made public on October 26, 2026, follows a confidential submission in June. It revealed explosive revenue growth alongside steep losses, and it set up what investors and analysts describe as a critical test of appetite for the world’s leading AI developers. Reports put the potential valuation at $1.5 trillion to $2 trillion, up from $965 billion in a private funding round in May.
If the offering reaches the top of that range, it would surpass the $86 billion raised by SpaceX in its record-setting IPO in June, according to the New Indian Express. The final size, price and valuation have not yet been decided, and no official trading date has been announced, though reports suggest trading could begin in the week of November 16, with formal marketing starting as early as the week of November 9.
The Filing in Numbers
The prospectus gives the first full public look at Anthropic’s finances. Revenue in the first six months of 2026 reached $16.3 billion, up from about $1.16 billion in the same period a year earlier — a rise of roughly 1,300 per cent, according to BBRW. For comparison, the company reported revenue of $4.59 billion for the whole of 2025, up from $386 million in 2024.
Growth has continued into the second half of the year. Anthropic told investors that third-quarter revenue hit $16.8 billion, up 45 per cent from the second quarter, according to Dealroom — meaning a single quarter nearly matched the entire first half.
The customer base has grown with it. The filing details more than 11,900 customers spending at least $100,000 a year, including hundreds at the $1 million and $10 million levels, according to BBRW. About 20 per cent of revenue came from just two customers, the filing warns, a concentration the company flags as a risk.
“We believe AI is one of the most consequential technologies in human history,” the company says in its prospectus, according to The Guardian.
Revenue Growth Against Heavy Losses
Despite the revenue surge, Anthropic reported a net loss of $80.7 billion for the first half of 2026. The loss was driven largely by non-cash accounting adjustments linked to the rising value of convertible notes and other financial instruments as the company’s private valuation climbed, rather than by operating expenses alone.
On an operating basis, the picture is far smaller: the operating loss narrowed to $693 million for the half, according to BBRW. About $72 billion of the $80.7 billion net loss stems from non-cash charges tied to financial instruments Anthropic issued to raise money, Dealroom reported.
The pattern — very fast revenue growth matched by very fast spending — is the central tension in the filing. Anthropic spent nearly $9 billion on computing and infrastructure in the first half of 2026, more than the $7.3 billion it spent in all of 2025, according to a Wall Street Journal review of the document cited by Dealroom.
The $750 Billion Compute Bet
The filing’s largest numbers are not about the past but about the future. Anthropic says it could commit up to $750 billion to computing capacity in the coming years, including non-cancellable cloud deals with Google ($111 billion), Amazon Web Services ($110 billion) and Microsoft ($31 billion), according to the Wall Street Journal review. Much of that money is payable regardless of usage.
The proceeds of the IPO would help fund that expansion, including computing infrastructure, data centre capacity and the technology needed to develop and operate its AI models, the New Indian Express reported. The filing also identifies acquisitions of businesses and technology as possible uses of the funds.
The scale of the commitment reflects how the AI race is now fought: not only on models, but on access to the computing power, electricity and data centre capacity needed to train and run them. Anthropic says it struggles to secure enough computing capacity from AWS, Google and Microsoft because those hyperscalers increasingly treat it as a competitor rather than a customer, according to Dealroom.
Risks the Filing Flags
The prospectus is unusually frank about risk. Alongside the customer-concentration warning, it flags the possibility that a catastrophic AI incident could exceed the company’s insurance coverage, and it warns of AI-related risks including potential misuse, security threats and behaviour that could be interpreted as coercive or manipulative.
The filing also notes that the company’s co-founders will retain significant voting control through a structure designed to protect its safety mission, according to BBRW — a governance choice that gives public investors less say over the company’s direction than in a conventional listing.
For the wider market, the IPO is viewed as a test of investor appetite for leading AI developers at a moment of growing scrutiny over high valuations, debt-funded infrastructure spending and slowing growth rates. Anthropic’s numbers will be read closely: revenue growing at more than ten times its level of a year ago, losses dominated by accounting charges, and a bet on computing capacity larger than the market value of most public companies.
What Happens Next
With the public filing made, the next steps are the roadshow and the pricing of the shares. Formal IPO marketing could begin as early as the week of November 9, and trading is reportedly targeted for the week of November 16, though neither date is confirmed and the company has said the final terms have not been set.
If the listing goes ahead at the reported valuation, Anthropic would join the small group of companies valued above $1 trillion on public markets — and it would do so less than four years after Claude’s public debut. Whether investors are willing to pay that price for a company that lost $80.7 billion in six months, even on paper, is the question the next three weeks will answer.
Frequently Asked Questions
When did Anthropic file for its IPO?
Anthropic publicly filed its S-1 registration statement with the US Securities and Exchange Commission on October 26, 2026, after a confidential filing in June.
What ticker will Anthropic trade under?
The company intends to list on the Nasdaq Global Select Market under the ticker symbol ANT.
How much could the Anthropic IPO raise?
Reports put the potential raise at up to $100 billion at a valuation of $1.5 trillion to $2 trillion, which would make it the largest IPO in history.
Why did Anthropic lose $80.7 billion if revenue is growing so fast?
Most of the loss is a non-cash accounting charge linked to the rising value of convertible financial instruments, not operating costs. The operating loss for the first half of 2026 was $693 million.
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