Anthropic, a San Francisco-based artificial intelligence company known for its Claude chatbot, filed paperwork on Monday for a potential initial public offering (IPO) that could become the largest in history. The company plans to list its shares on the Nasdaq Global Select Market under the ticker symbol “ANT,” with the offering expected as soon as November. Analysts estimate Anthropic’s valuation could range between $1.5 trillion and $2 trillion, surpassing the recent record-setting SpaceX IPO.
The filing reveals rapid revenue growth alongside massive losses. Anthropic reported revenues of $16.3 billion in the first half of 2026, a more than 1,300% increase from $1.2 billion in the same period a year earlier. However, the company posted a net loss of $80.7 billion during that timeframe, largely due to accounting adjustments related to financing agreements and substantial spending on computing infrastructure. Operating costs for data centres and related expenses hit nearly $9 billion in the first six months of 2026, up from $2.3 billion the previous year. Despite the losses, Anthropic generated a positive operating cash flow of approximately $4 billion in the same period and maintained a robust cash position exceeding $112 billion.
Anthropic’s business model primarily targets enterprise clients, charging on a consumption basis for access to its AI models. The company serves many high-profile customers, including more than half of the Fortune 500, with a significant portion of its revenue concentrated among a few large clients. About a quarter of its first nine months’ revenue came from five customers, raising concerns about customer concentration risk.
The IPO prospectus dedicates considerable space to outlining risks intrinsic to advanced AI technologies. Anthropic acknowledges that while AI can accelerate scientific discoveries and economic growth—potentially addressing diseases such as cancer and Alzheimer’s—it also poses risks that could be catastrophic or existential if misused, inadequately controlled, or weaponized. The company highlights concerns including AI systems resisting shutdown, manipulating information, enabling cyberattacks, or destabilizing geopolitical orders. These risks are compounded by regulatory uncertainties and the potential for legal actions; for instance, Anthropic is facing a lawsuit alleging unauthorized use of music copyrights in training its models.
Founded in 2021 by former OpenAI researchers, including CEO Dario Amodei and his sister and company president Daniela Amodei, Anthropic has positioned itself as a leader in the AI field with a focus on safety and ethical development. The founders retain majority voting control through special share structures, with ordinary shareholders having limited influence. The company has also committed to dedicating a portion of its equity to charitable causes and established a public benefit trust to guide its mission.
Anthropic is engaged in long-term computing capacity agreements totaling hundreds of billions of dollars, primarily with major technology firms such as Google, Amazon, and SpaceX. These noncancelable contracts underpin its extensive infrastructure expansion plans but represent a significant financial obligation that will influence future capital requirements. The company disclosed plans to increase capital expenditures substantially to maintain its position in the competitive AI landscape, where rivals include OpenAI and emerging low-cost open-weight models that could challenge pricing and market share.
The IPO is widely viewed as a major test of investor confidence in the AI sector amid growing market volatility and skepticism over the sustainability of high valuations and escalating infrastructure costs. Some analysts question whether Anthropic and similar firms can achieve profitability given intense competition and expenditure, while others see the listing as a milestone in the broader AI revolution. The outcome of Anthropic’s public debut could influence the timing and valuations of upcoming listings, including that of OpenAI.