Anthropic Files for $100 Billion IPO Amid Record Revenue and Losses

Anthropic, the company behind the AI platform Claude, filed for an initial public offering on Monday, advancing toward a public market debut. Anthropic's S-1 filing with the Securities and Exchange Commission presents AI as a technology that could reshape the global economy. Anthropic says AI's spread offers one of history's greatest opportunities to improve people's lives and work, with that transformation only beginning.

Anthropic generated $16.3 billion in revenue during the first half of 2026, compared with $1.2 billion during the corresponding period last year. Anthropic remains unprofitable. Anthropic reported a first-half net loss of $80.7 billion, more than six times the nearly $13 billion loss during the first two quarters of 2025. Anthropic's prospectus shows spending of $8.9 billion on chips and other operating infrastructure during the first half of the year, compared with $2.3 billion a year earlier.

Market analysts expect the IPO as early as November. Reports suggest the offering could raise up to $100 billion, potentially placing Anthropic immediately among the largest publicly traded companies worldwide. An offering of that size would exceed the record $86 billion that Elon Musk-owned SpaceX raised through a June public listing. Anthropic received a valuation of $965 billion in May. Anthropic's valuation could reach $1.5 trillion or possibly $2 trillion, although the final valuation remains undetermined. Anthropic's filing says the shares will list on the Nasdaq Composite Index. Anthropic will use the trading symbol ANT.

The offering will test investor demand for Anthropic and for data center builders, chipmakers and other suppliers of AI infrastructure. Investment advisory firm Lightshed's analysts said before the filing that Anthropic could become the world's most valuable company or go bankrupt. Capital entering the AI sector has helped lift stock markets to record levels. However, investors show signs of concern about whether and when AI investments will produce the expected returns. Lightshed said Anthropic needs capital while competitors seek funding from the same investors. Lightshed said investors consequently have little time to understand the investment being offered.

Anthropic's filing identifies risks that could constrain growth or weaken the company's position against competitors. Anthropic says future growth depends heavily on obtaining sufficient capital, including debt financing. More companies are borrowing to fund AI infrastructure development. Anthropic says maintaining competitiveness will require existing AI models to help design and train successor platforms through a process called recursive self-improvement, or RSI. Anthropic warns that insufficient computing and research resources for AI-assisted development could leave the company progressively behind competitors. Anthropic also warns of falling behind if competitors use AI more effectively to accelerate innovation. AI experts warn that using AI to create increasingly powerful frontier models could cause people to lose control of the technology. AI experts say possible consequences include deadly pandemics and cyberattacks that interrupt internet, electricity or water services.

Anthropic submitted a confidential IPO filing to the Securities and Exchange Commission in June. Rival OpenAI filed slightly more than a week afterward. Both companies are proceeding toward public listings despite concerns about AI's potential dangers to humanity. Increasing reports of AI agents acting outside human direction have intensified concerns about loss of control and cyberattacks. Anthropic CEO Dario Amodei called for slower AI development in September after a former Anthropic researcher estimated a 10% chance that AI could eliminate humanity within the next decade. Amodei said in an interview that the speed of technological progress should be treated as a warning. Amodei also argued for continued AI development.