Anthropic IPO filing reveals $16.3 bn revenue and plans for a Nasdaq listing valued at $2 tn

Anthropic, the artificial intelligence company that makes Claude, publicly filed paperwork for a US stock market listing on October 26, 2026. The filing showed that the company’s revenue is growing quickly, but it also reported large financial losses. Anthropic hopes to go public at a value that could reach $2 trillion.

The company, based in San Francisco, sent its Form S-1 registration statement to the US Securities and Exchange Commission (SEC). It plans to list its Class A common shares on the Nasdaq Global Select Market under the stock symbol ANT.

• Anthropic filed its IPO registration statement with the SEC on October 26, 2026. It hopes to list on Nasdaq under the symbol ANT, with a possible company value of $1.5 trillion to $2 trillion.
• Revenue for the first six months of 2026 reached $16.3 billion, up from about $1.2 billion in the same period a year earlier. The company reported a net loss of $80.7 billion, much of it caused by a noncash accounting charge.
• Investors are looking at Anthropic’s computing costs, its path to making a profit and its long-term growth prospects. The company behind Claude may go public in November, in an offering that could be larger than SpaceX’s record-breaking IPO.

The filing gives investors a closer look at Anthropic’s finances, business plans and risks. It comes as more people question whether spending so much money on AI infrastructure can continue over the long term.

Anthropic has not said how many shares it plans to sell or what price it will ask for them. Investment bankers are reportedly considering a company value between $1.5 trillion and $2 trillion. The final value will depend on investor demand and market conditions.

The company could begin trading before the end of November. If it does, its IPO could challenge the record set by SpaceX’s June 2026 offering.

Anthropic revenue reaches $16.3 bn as losses exceed $80 bn

Anthropic reported $16.3 billion in revenue for the first six months of 2026. This was about 14 times the amount it earned during the same period a year earlier.

Revenue during the first half of 2025 was about $1.2 billion. The increase shows how quickly businesses have started using Anthropic’s AI models and software, including Claude.

But the company’s rapid growth has also meant spending heavily on computing equipment and developing AI models.

Anthropic reported a net loss of $80.7 billion in the first half of 2026, compared with about $13 billion in the same period of 2025.

A large part of the reported loss came from a one-time accounting adjustment, rather than from the money the company spent running its business.

The filing showed a charge of about $72.4 billion linked to changes in the value of convertible notes and related financial instruments. Convertible notes are loans that can later be turned into company shares. Changes in the estimated value of a company can affect how these loans are valued in its accounts.

As Anthropic’s estimated value increased, the accounting charge linked to these financial instruments also grew sharply.

This difference matters to investors trying to understand how the company is really performing. The reported net loss does not mean Anthropic spent the same amount of cash running its business. However, it still faces major costs for developing AI and operating the computing systems it needs.

Anthropic’s prospectus also describes large future commitments to computing resources. The cost of running increasingly advanced AI systems will therefore be an important issue for people thinking about buying its shares.

Could Anthropic reach a $2 tn IPO valuation?

The main question for potential investors is whether Anthropic’s fast revenue growth can support a company value close to $2 trillion.

Jared Carmel, co-founder of Manhattan Venture Partners, said investors should separate two questions: how much the company might eventually be worth and how much it should be worth when it first enters the stock market.

Where do I think it should be valued or where should it be valued at the IPO? I think those are two separate questions in my mind. I don’t think $2 trillion is crazy

Jared Carmel, co-founder of Manhattan Venture Partners

Carmel’s firm invested in both Anthropic and SpaceX at an early stage. He argued that Anthropic’s revenue growth could support a value much higher than the usual benchmarks used for software companies.

Carmel noted that Anthropic had grown from earning several billion dollars a year earlier to generating revenue measured in tens of billions.

Part of his argument for a high company value is that Anthropic could become an essential provider of AI tools for business software and everyday business operations.

However, growing revenue is not the same as making a profit after paying for computing resources. This is especially important for companies that build advanced AI models, because serving more users can require more investment in computing infrastructure.

Investors weigh IPO pricing against long-term shareholder returns

Although Carmel believes a $2 trillion valuation is possible, he warned that Anthropic should not set its IPO price so high that new shareholders have little chance of making money. He said companies going public need to set prices that attract lasting interest from large institutions and individual investors, rather than simply trying to achieve the highest possible value on the first day of trading.

Carmel pointed to recent problems in the IPO market. He suggested that when company values do not match what investors expect, confidence can fall after shares start trading.

He also recognised that companies want to receive a fair price for their shares, while new investors need a reasonable chance for their investment to grow in value.

“But the reality is you need to have shareholders for the long term,” Carmel said.

Some current and potential Anthropic investors have reportedly discussed a company value closer to $1.5 trillion, below earlier expectations of about $2 trillion.

These discussions come as investors look more closely at AI companies’ financial results and the large amounts of money needed to develop and use their technology.

Several companies linked to AI have also faced difficulties moving ahead with planned stock market listings. This has added uncertainty to the wider IPO market.

Anthropic must therefore balance strong demand from people who want to invest in fast-growing AI companies against concerns about costs, the ability to earn steady profits and the returns investors may receive in the future.

Anthropic IPO could surpass SpaceX’s public offering

Anthropic’s planned stock market listing could become the largest IPO in history, potentially beating the record set by SpaceX in June 2026.

Manhattan Venture Partners invested in both companies before they entered the public markets. This gives Carmel direct experience with two businesses that have attracted unusually high valuations while privately owned.

Market expectations suggest Anthropic could be valued at between $1.5 trillion and $2 trillion when its shares begin trading. However, the company has not officially confirmed either figure.

The final value will also depend on the number of shares offered, the price investors are willing to pay and conditions in the financial markets at the time.

Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are the main investment banks working on the planned offering.

Anthropic has filed its registration statement with the SEC, but the filing has not yet taken effect. The company cannot sell shares or accept offers to buy them until the registration becomes effective.

The company has not set a final date for its IPO. However, it is still considering a stock market debut before the end of November.

If the offering succeeds, investors will be able to buy shares directly in one of the leading developers of advanced AI models. This would happen at a time when public markets are examining how much money the technology can make compared with what it costs to develop.

Anthropic outlines AI growth ambitions and business risks

Along with its financial details, Anthropic’s prospectus explains its long-term hopes for artificial intelligence and the ways it could affect the economy.

Chief executive Dario Amodei and the company’s six other founders described AI as “one of the most consequential technologies in human history”.

The founders described possible uses of AI, including scientific discoveries, new treatments for diseases and major improvements in how much work people can do.

They also recognised the risks of developing AI systems that can do more and more, as well as the responsibility companies have when bringing this technology into use.

Anthropic said its goal is to deliver the possible benefits of AI while managing the risks that come with rapid technological progress.

The company’s goals are closely tied to its financial future. More businesses using its products could help revenue grow further, but building and running advanced AI models requires large amounts of computing power.

The IPO comes as investors take another look at the costs and potential earnings of AI development. One key question is whether growing demand will continue to support the industry’s huge spending needs.

Anthropic’s financial disclosures show that many customers are adopting its products. But its losses and future spending commitments also show how much investment is needed to remain competitive.

Anthropic’s November IPO remains dependent on investor demand

The public filing brings Anthropic closer to a possible November IPO, but several important details of the offering have not yet been decided.

The company has not yet decided how many shares it will sell, the price range for its IPO or its confirmed valuation. These details will determine how much money it raises and how much new investors will pay for shares.

People considering buying shares will want to know whether Anthropic can keep growing its revenue, how its computing costs will change and whether it can improve its profit margins as the business expands.

Carmel’s comments show the difference between believing in Anthropic’s long-term potential and carefully choosing the price of its IPO shares.

If the company is valued at close to $2 trillion, investors will be paying for the expectation that Anthropic can grow far beyond its current chatbot and AI software businesses.

A lower IPO valuation could give new investors more room to benefit if the share price rises later. However, it would also affect how much money the company raises and the value placed on shares held by existing investors.

Anthropic’s next IPO disclosures, including the number of shares it will offer and the proposed price range, should give a clearer picture of how investment banks and potential shareholders value its growth prospects.

For now, the S-1 filing shows the scale of Anthropic’s business growth and the financial commitments behind it: $16.3 billion in revenue during the first half of 2026, a reported net loss of $80.7 billion and a possible stock market valuation of up to $2 trillion.