Anthropic PBC filed for an IPO on 26 October, seeking to trade as ANT on Nasdaq in a move that could make the Claude developer the first company focused primarily on advanced AI models to go public, Bloomberg reported. The public benefit corporation submitted a Form S-1 registration statement to the US Securities and Exchange Commission and expects to list on the Nasdaq Global Select Market.
Key points
- A draft prospectus put first-half 2026 revenue at $16.3 billion, against $1.1 billion a year earlier.
- The draft reported an $80.7 billion net loss, including roughly $72 billion in noncash items.
- Bankers are aiming to raise as much as $100 billion at a valuation near $2 trillion.
- Anthropic could begin marketing the offering in the week of 9 November.
Anthropic’s $16.3 billion revenue and $80.7 billion loss
The draft prospectus listed revenue of $16.3 billion for January to June 2026, versus $1.1 billion for those months in 2025, Quartz reported. It put the first-half net loss at $80.7 billion, with roughly $72 billion attributable to noncash items associated with accounting and financing arrangements. Anthropic had submitted a preliminary version of the filing privately to the SEC on 1 June, according to Quartz.
The draft also put the share of Anthropic’s 2025 revenue routed through Amazon and Google cloud marketplaces at 47%, or $2.16 billion. Those marketplaces were a route to customers for nearly half the revenue recorded that year. The figure concerns 2025 sales, while the revenue and loss figures in the draft cover the first half of 2026.
Bankers aim for a valuation near $2 trillion
Investment bankers are aiming to raise as much as $100 billion at a valuation near $2 trillion, Quartz reported. Morgan Stanley and Goldman Sachs are the offering’s joint bookrunners. The proposed valuation follows Anthropic’s $65 billion Series H financing in May, which valued the company at $965 billion after the investment.
Jared Carmel, co-founder of Manhattan Venture Partners, an early Anthropic investor, discussed the proposed pricing before the public filing in an interview with Yahoo Finance. “If the S-1 shows margins after compute, moving in the right way, $2 trillion starts to look like the opening bid, not the ceiling,” he said. He also said the company needed an IPO price that would attract long-term shareholders.
Anthropic’s potential computing commitments form another part of the financing picture. AI Affairs previously reported that the company could spend $750 billion on computing capacity ahead of an IPO. The prospect of that expenditure sits alongside bankers’ fundraising target, though the target remains a plan for the offering rather than money raised.
Anthropic’s 5% fund and November timetable
The filing follows Anthropic’s plan to allocate 5% of its stock to a public benefit fund, subject to shareholder approval. The company said its board could add another 2% of the stock whenever its valuation rises a further 50% above a fixed starting point. AI Affairs reported the proposed share commitment before the public filing.
Anthropic could begin marketing the offering in the week of 9 November. The company could make its public-market debut before the end of November, Yahoo Finance reported.
