Anthropic Files for IPO, Eyes $2 Trillion Valuation

Anthropic made its IPO filing public for the first time on Monday ahead of an expected stock debut that would rank among history's largest. The offering could value the Claude developer at more than $2 trillion. The offering is widely expected in mid-November. Anthropic plans to trade on Nasdaq under the ticker ANT. Goldman Sachs and Morgan Stanley are leading the offering.

The offering could exceed the record set by Elon Musk's SpaceX in June. SpaceX raised $75 billion in that IPO at a valuation of $2.1 trillion. Goldman Sachs and Morgan Stanley also led the SpaceX offering.

Anthropic's Monday filing with the Securities and Exchange Commission showed unprecedented spending on cloud services used to operate AI models, a pattern shared by other AI firms. The filing reported that revenue rose 1,368% from a year earlier during the three months ended June 30, 2026. Cloud-service costs for operating Anthropic's services increased 300% over the same period. Anthropic recorded a net loss of $80.7 billion during the first six months of 2026. Anthropic reported a net loss of $42 billion for all of 2025.

The offering is arriving slightly later than expected as recent market movements raise investor concerns about the AI boom's trajectory. Apollo Global Management chief economist Torsten Slok warned on Sunday that AI had produced no financial payoff for corporate America outside technology, despite enormous investment. Slok said profit margins were increasing for the Magnificent Seven but remained flat for the other 493 companies in the S&P 500. The Magnificent Seven comprise Meta, Microsoft, Alphabet, Apple, Amazon, Nvidia and Tesla. Slok also said AI had shown no signs of improving productivity growth. The Nasdaq 100, which tracks the largest publicly traded AI developers, has gained 15% this year. The broader S&P 500 has risen 11% so far this year.

Concerns about possible weaknesses in the AI boom have prompted several smaller IPOs to suspend their plans. Several small offerings were postponed or canceled earlier this month, with issuers citing market conditions. However, the biggest AI companies continue to obtain substantial funding for projects. Meta Platforms announced a stock offering of up to $95 billion on Monday. SpaceX said on Monday that SpaceX had secured $40 billion to purchase Nvidia graphics processing units. SpaceX described the funding as the largest of its kind.

Companies must describe business risks and uncertainties when offering shares. Anthropic identified safety and dependable computing infrastructure among the risks facing the business. Anthropic also identified the ability to manage changing, uncertain and sometimes divergent global regulation as a risk. Some potential risks have recently materialized as AI firms face intense scrutiny over incidents involving models and agents hacking government and private websites and services. Companies including Anthropic say the companies are strengthening security.

Anthropic founder Dario Amodei wrote in September that companies should moderate the pace of frontier AI development because models were advancing faster than humans could understand model capabilities. Some industry participants agreed conditionally with Amodei, but Washington strongly rejected the proposal. Amodei and President Donald Trump met privately and later at a White House industry meeting. Trump subsequently said the industry's progress should face no restrictions. Trump and leaders of Google, Anthropic, Meta, OpenAI, Nvidia and SpaceX signed an AI safety agreement that Trump described as "morally binding". Trump told Time Magazine that seeking regulation could allow regulators to force companies out of business. Trump said the United States was far ahead of other countries and that Trump wanted that advantage to continue.