Anthropic submitted a Form S-1 registration statement to the U.S. Securities and Exchange Commission on Monday for an initial public offering of its Class A common stock, starting the process for a Nasdaq listing that could rank among the largest share sales on record.

The Anthropic IPO filing sets up a Wall Street debut that reports have said could raise as much as $100 billion and value the company behind the Claude chatbot at between $1.5 trillion and $2 trillion. That would test investor appetite for artificial intelligence businesses at a time when markets are questioning whether the sector's spending can be justified.

Anthropic IPO filing details

The company plans to list its Class A shares on the Nasdaq Global Select Market, trading under the symbol ANT. The company has not yet determined the number of shares to be offered or the price range, leaving the final size and valuation of the Anthropic IPO open.

The San Francisco-based company filed the paperwork on Monday, and the listing could come as early as mid-November, according to reports. A syndicate of Wall Street underwriters is being led by Goldman Sachs and Morgan Stanley, Fox Business reported.

Anthropic confidentially filed for the offering in June, Fox Business reported. The company announced the public filing in a post on its website.

Revenue surges while losses mount

The 335-page prospectus showed revenue growing at a pace few companies have reached. Anthropic posted $16.3 billion in revenue in the first six months of 2026, up from just over $1.1 billion in the same period a year earlier, according to the filing.

Annual revenue rose from $386 million in 2024 to $4.59 billion in 2025, The New Indian Express reported. Adjusted operating income, a measure of potential profitability, reached $1.6 billion in the first half of 2026 against a loss of $1.8 billion a year earlier, according to NPR.

The company has yet to turn an annual profit. Anthropic reported a net loss of about $80.7 billion in the first half of 2026, up from $13 billion in the same period last year, though losses excluding certain items were a small fraction of that figure, according to the filing.

Raj Joshi, senior vice president in the corporate finance group at Moody's, described the company's move in adjusted operating income from a loss to a profit as "a strong positive for the AI ecosystem" in a statement emailed to NPR.

The company's cash and cash equivalents stood at more than $112 billion at the end of June, with short-term investments of about $19 billion, bloomingbit reported.

Infrastructure spending and use of proceeds

Spending commitments with infrastructure partners, including Amazon, Google and Microsoft, exceed $500 billion over the coming years, according to Anthropic's IPO disclosures. Proceeds from the offering would help fund computing infrastructure, expanded data center capacity and the systems required to build and run its AI models.

The company's infrastructure-related expenses rose from $433 million in 2023 to more than $2.5 billion in 2024, before surging above $7.3 billion in 2025, Fox Business reported. Amazon and Google were among Anthropic's early strategic partners, investing billions of dollars and providing cloud infrastructure to train and deploy its Claude models.

The prospectus struck an expansive tone on the technology's potential. "We believe this abundance of AI will rapidly transform every sector of the global economy in ways greater than the impact of industrialization, electricity, semiconductors and the internet," Anthropic said in the document.

The filing also acknowledged risks, including concerns about existential threats from AI, such as models that could improve themselves autonomously outside human control or become misaligned. Anthropic warned that if it stops producing frontier-level AI models, the business suffers.

Valuation, market reaction and rivals

Anthropic was valued at $965 billion in a private fundraising round in May, and reports have said the Anthropic IPO could value the company at $1.5 trillion to $2 trillion, though no final figure has been set. At $1.5 trillion, the company would rank among the world's most valuable public companies, alongside Tesla, the Boston Herald reported.

Crypto Briefing reported that private market estimates put the current valuation near $1.5 trillion, down from an earlier $2 trillion figure, and that market activity suggests a consensus the IPO valuation may not exceed $1.25 trillion at present.

U.S. stock indexes rose on Monday after the announcement. The Nasdaq Composite gained 0.82%, the S&P 500 added 0.71% and the Dow Jones rose 0.28%, with chipmakers and data center hardware names moving higher, ChartMill reported.

The offering could surpass the record set by SpaceX, which raised $86 billion in its June IPO at a valuation of about $1.75 trillion to $1.8 trillion. An Anthropic listing would also put the company ahead of rival OpenAI in going public; OpenAI confidentially filed in June but does not expect to list until early 2027, after CEO Sam Altman called a 2026 debut ill-advised amid AI safety concerns.

Founders, safety stance and Pentagon dispute

Anthropic was founded in 2021 by former OpenAI researchers and executives, including CEO Dario Amodei and his sister Daniela Amodei, the company's president. The seven founders collectively own nearly 500 million shares, though it is unclear how much of the company that will represent after the IPO, the Boston Herald reported.

Dario Amodei, 43, and Daniela Amodei, 39, are each worth $15.5 billion, placing them 176th and 177th on the Forbes ranking of the world's richest people. Anthropic has also appointed independent members of a Long-Term Benefit Trust with power to appoint directors, a structure designed to keep the company from putting financial interests ahead of public safety.

The company has been at odds with the Pentagon this year over the permitted military uses of its models. Amodei has refused to allow Anthropic's AI to be used for autonomous weapons or mass surveillance of Americans, and the Pentagon designated the company a supply chain risk, a label previously applied only to entities tied to U.S. adversaries, NPR reported.

Anthropic sued the Pentagon in March over the designation, calling it an unlawful campaign of retaliation, and has filed cases in two federal district courts. A California judge ruled in Anthropic's favor in the first case, the Boston Herald reported.

Conclusion

Anthropic's S-1 filing starts the clock on what could be the largest IPO in history, with a Nasdaq listing under the ticker ANT possible as early as mid-November. The company has not set a share count or price range, and reports place its potential valuation anywhere from $1.25 trillion to $2 trillion.

The next concrete steps are updates to the filing disclosing the price range and share count, which Crypto Briefing said could shift market expectations, along with any regulatory developments that could affect the IPO timeline before the registration statement becomes effective.

Frequently Asked Questions

What ticker will Anthropic trade under on the Nasdaq?

According to its SEC filing, Anthropic plans to offer Class A common stock on the Nasdaq Global Select Market, trading as ANT. The company has not yet set the number of shares or the price range for the offering.

How much could the Anthropic IPO raise and at what valuation?

Reports have said the offering could raise up to $100 billion, potentially surpassing the $86 billion record set by SpaceX in June. Estimates of Anthropic's valuation range from about $1.25 trillion to $2 trillion, though no final figure has been established.

What were Anthropic's revenue and losses in the first half of 2026?

Anthropic reported revenue of $16.3 billion in the first six months of 2026, up from about $1.1 billion a year earlier. It posted a net loss of roughly $80.7 billion for the period, compared with $13 billion in the same span of 2025, while adjusted operating income turned positive at $1.6 billion.

When could Anthropic stock begin trading?

Reports indicate the listing could come as early as mid-November, with the offering expected to move toward a launch in November. The registration statement filed with the SEC has not yet become effective, and the securities cannot be sold until it does.

Why is Anthropic in a dispute with the Pentagon?

CEO Dario Amodei refused to allow Anthropic's AI to be used for autonomous weapons or mass surveillance of Americans. The Pentagon designated the company a supply chain risk, and Anthropic sued in March, calling the move retaliation. A California judge ruled in Anthropic's favor in the first case.