Anthropic files for IPO, reveals soaring revenue, massive net losses

NEW YORK – US artificial intelligence company Anthropic publicly filed the paperwork for its initial public offering (IPO) on Monday. The company's stock market debut could become the largest in history.

The filing is a registration document called Form S-1, submitted to the US Securities and Exchange Commission. It does not yet say how many shares will be sold or set a price range. According to a statement on Anthropic's website, the company plans to list its Class A common shares on the Nasdaq Global Select Market under the stock symbol ANT.

Both Anthropic and its current shareholders will sell shares. Goldman Sachs and Morgan Stanley are listed first among 24 firms helping with the offering. Trading is expected to begin in mid-November. The company's backers hope it will be valued at as much as $2 trillion, although some investors think a value closer to $1.5 trillion is more likely, Reuters reported.

The filing gives the first detailed picture of the finances of the company that develops the Claude AI models. Anthropic earned $16.29 billion in revenue in the first half of 2026, compared with $1.16 billion in the same period a year earlier. Its annual revenue grew from $41 million in 2023 to $386 million in 2024 and $4.59 billion in 2025. Revenue reached $11.56 billion in the second quarter alone, and the company reported its first quarterly operating profit of $974 million.

The company's reported losses were much larger, but most came from accounting changes rather than actual cash spending. Anthropic reported a net loss of $80.7 billion in the first half of 2026. Of that amount, $72.4 billion came from changes in the estimated value of convertible notes and other financial instruments as the company's own valuation rose. Its operating loss for the period was $693 million, while cash from its normal business operations turned positive, reaching $3.93 billion. As of June 30, the company had $131.7 billion in cash and short-term investments.

The filing warns that this rapid growth may not continue. "We cannot assure you (revenue) will continue to grow at all," the company said in its prospectus. The document also says Anthropic is on track to report an adjusted operating profit for a second quarter in a row.

Computing power remains the company's biggest cost. Anthropic spent nearly $9 billion on computing resources and infrastructure in the first half of 2026. It has also committed to spending $518 billion on infrastructure in the future. The company has agreed to spend at least $110 billion with Amazon through April 2036 and at least $114.5 billion with Google through July 2033. Amazon holds $6.2 billion in notes that can be converted into shares without voting rights. Its ownership under this arrangement is limited to 12 percent of the company.

By Sept 30, more than 1,900 customers were each bringing in at least $1 million in revenue for Anthropic over the previous 12 months. More than 11,900 customers were each bringing in at least $100,000, up from 950 customers a year earlier. Existing customers are spending about nine times as much as they did a year ago. However, two customers whose names were not disclosed accounted for about 23 percent of Anthropic's revenue in the first half of 2026.

People who buy shares on the stock market will be able to invest in Anthropic, but they will have limited power over how the company is run. A single Class F share held by the seven co-founders controls 50.1 percent of all shareholder votes. A trust will choose most of the company's board members. A Public Benefit Fund will own 5 percent of the company through shares that do not carry voting rights. Each co-founder has also promised to donate 80 percent of their personal Anthropic shares to charitable causes.

The prospectus also explains the risks facing the company. These include warnings that advanced AI could create "catastrophic or existential risks to humanity." It also warns that the cost of legal claims resulting from extreme harm could be greater than any insurance company could cover.

Anthropic raised $65 billion in May, when it was valued at $965 billion. If its stock market debut values the company at more than $2 trillion, it would beat the current record set by SpaceX, which was valued at $1.77 trillion when it listed in June. Reuters has reported that Anthropic's revenue reached $16.8 billion in the third quarter. Forecasts for the future point to annual revenue of about $190 billion to $200 billion in 2028.