Anthropic filed its IPO paperwork on Monday, setting the stage for a public listing under the ticker ANT on Nasdaq, likely in late November.
The S-1 prospectus omits specific figures for the capital raise or target valuation, though earlier reports suggested a potential $2 trillion valuation and over $100 billion in funds raised.
The filing frames the launch of machine intelligence as a historic moment. Anthropic asks prospective shareholders to view their investment not as a standard transaction, but as participation in a larger endeavour.
Financials and customer base
Revenue for the first half of 2026 exceeded $16 billion, a rise from approximately $4.5 billion in the same period last year. The company highlighted its enterprise segment, where more than 11,900 clients spent at least $100,000 over the previous twelve months. Roughly 1,900 of those customers spent $1 million or more, while about 250 spent $10 million or more.
Despite the growth, Anthropic remains unprofitable. It reported a net loss of $80.7 million for the first half of 2026, compared to a net loss of $13 billion in the same period last year.
Risk factors
The prospectus details a range of potential business difficulties, noting that the stock carries a high degree of risk. These concerns include securing enough computing power and facing intense competition from rival labs.
The document also warns that advanced AI systems could pose catastrophic or existential risks to humanity. It notes the possibility of sophisticated AI being abused by threat actors for cyberattacks or the creation of biological weapons, or by authoritarian regimes for citizen surveillance.
Anthropic flagged the risk of losing control over the models it develops. It also pointed to government volatility, specifically the Trump Administration’s decision to designate the company as a supply-chain risk.
“While we continue to work with government agencies, we cannot be certain that the resolution of these lawsuits will not adversely affect our ability to sell to government agencies and other customers that sell products and services to the U.S. government, and in turn adversely affect our business, financial condition, and results of operations,” the filing states.
Context and ambitions
In September, rival OpenAI announced it would not pursue an IPO this year, citing concerns over the risks AI poses to humanity. Anthropic was founded in 2021 by seven former OpenAI employees who reportedly doubted the lab’s ability to develop advanced models safely.
The company markets itself as highly safety-conscious. CEO Dario Amodei has repeatedly commented on the risk that AI could eliminate many jobs or act against human interests. The filings outline ambitions to develop models capable of accelerating scientific discovery, curing disease, and spurring economic growth.
“To build AI is to harness cognition itself, and anything so powerful can be used for ill as well as good,” the company wrote.
Anthropic did not immediately respond to a request for comment.
This is a developing story. Please check back for updates.
