Key Points
- Anthropic has publicly filed paperwork for an initial public offering that could raise $100 billion or more and value the artificial intelligence company at between $1.5 trillion and $2 trillion.
- The company is targeting a Nasdaq debut as early as the week of November 16 under the ticker symbol ANT. Goldman Sachs and Morgan Stanley are leading the offering.
- Anthropic reported $16.3 billion in revenue during the first six months of 2026, compared to $1.2 billion a year earlier. It recorded an $80.7 billion net loss, largely reflecting accounting adjustments related to financing agreements.
Artificial intelligence company Anthropic has publicly filed paperwork for an initial public offering that could raise $100 billion or more and value the developer of the Claude AI platform at between $1.5 trillion and $2 trillion, potentially making it the largest stock market debut in history.
The company is targeting a public listing as early as the week of November 16, according to the Wall Street Journal. The timing could change as that date gets closer, the Journal said.
Anthropic has selected the Nasdaq stock exchange and plans to trade under the ticker symbol ANT. Goldman Sachs and Morgan Stanley are leading the offering, with another 20 financial institutions serving as underwriters.
The company has not disclosed how many shares it intends to sell or its anticipated offering price. Those details are expected in an amended registration statement after Anthropic begins gauging investor interest. A $100 billion offering would surpass the $75 billion raised by SpaceX in June, currently the largest IPO on record.
Anthropic’s S-1 registration statement provides the first detailed public accounting of its financial performance, revealing substantial revenue growth alongside significant losses and infrastructure commitments.
The company generated approximately $16.3 billion in revenue during the six months ended June 30, 2026, compared to $1.2 billion during the same period last year. Anthropic also reported an $80.7 billion net loss for the first half of 2026, largely attributable to an accounting adjustment involving financing agreements. The company disclosed more than $475 billion in computing capacity commitments extending over the next seven to 10 years, much of which cannot be canceled. Including chip leasing arrangements, its potential infrastructure obligations exceed $750 billion.
Google and Amazon are each expected to receive approximately $110 billion under computing agreements, according to the filing.
Anthropic also disclosed that its five largest customers accounted for approximately 25 percent of revenue during the nine months ended September 30. No individual customer represented more than 10 percent. The company warned that many major customers lack long-term contracts, potentially exposing future revenue to significant fluctuations.
Anthropic’s founders are among its largest individual shareholders. Chief Executive Officer Dario Amodei owns or controls approximately 245 million shares, while six other co-founders each hold more than 200 million Class A shares.
The filing also outlines an unusual governance structure intended to balance shareholder interests with Anthropic’s public benefit mission. Its seven founders select three directors, while an independent Long Term Benefit Trust selects four. Nearly one-quarter of the registration statement — a total of 94 pages — addresses potential risks, including regulatory disputes, competition and the possibility of catastrophic incidents involving AI systems.
Anthropic warned that potential damages from certain AI-related incidents could exceed available insurance coverage. The company also disclosed ongoing litigation involving the U.S. Defense Department over restrictions on military applications of its technology. Despite those concerns, Anthropic identified substantial commercial opportunities for artificial intelligence, estimating that work performed by knowledge workers represented more than $40 trillion in global economic value in 2025.
Its founders also pledged to keep Claude free of advertising and cautioned that safety considerations could occasionally require the company to advance more slowly than competitors, even at the expense of potential profits.
