Anthropic officially files for IPO, eyes up to $1.75 trillion valuation

Anthropic, the developer of artificial intelligence (AI) chatbot Claude, has filed for an initial public offering (IPO) in the United States, bringing the company closer to a potential stock market debut as early as November.

The San Francisco-based company submitted its registration statement to the US Securities and Exchange Commission (SEC) on Monday, October 26. The filing follows its confidential submission of IPO paperwork in June and could pave the way for one of the largest public listings in history.

Anthropic plans to list its shares under the ticker symbol ANT, although the filing did not disclose the number of shares it intends to offer or the valuation it is seeking. According to Forbes, the company is considering a valuation of between $1.5 trillion and $1.75 trillion, with the offering potentially raising about $100 billion or more.

Credit: BBC

Meanwhile, the Wall Street Journal reported that the listing could take place during the week of November 16, ahead of the US Thanksgiving holiday. Goldman Sachs and Morgan Stanley are leading the IPO, with 20 other banks also listed in the filing.

Anthropic reports $81bn loss despite revenue growth

Anthropic reported revenue of approximately $16.3 billion for the first half of 2026, compared with $1.2 billion during the same period a year earlier. However, the company recorded a net loss of about $81 billion over the six-month period, according to its filing.

More than $72 billion of the loss was attributed to charges associated with changes in the valuation of convertible notes. The company also spent nearly $9 billion on computing capacity and cloud infrastructure during the first half of the year, compared with $2.3 billion a year earlier.

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The company had also informed investors that its third-quarter revenue rose to $16.8 billion, representing an increase of nearly 50 per cent from the previous quarter. The figure was reported ahead of the IPO filing.

Anthropic’s financial disclosures come as AI companies face growing scrutiny over the cost of developing and operating advanced models, including expenditure on computing infrastructure, data centres and cloud services.

Founders retain voting control under the proposed structure

The filing outlines a multi-class share structure comprising five categories of shares, with different voting rights. Under the proposed arrangement, Anthropic’s seven founders would retain 50.1% of the company’s total voting power through Class F shares. Its Long-Term Benefit Trust would hold Class T shares, giving it the authority to appoint a majority of the board of directors.

The filing also details plans for an Anthropic Public Benefit Fund. Subject to shareholder approval, the company intends to allocate at least five per cent of its shares to the fund after going public. The fund is intended to support donations to non-profit organisations and direct distributions to specific populations, excluding political donations and lobbying activities.

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Founded in 2021 by former OpenAI employees and researchers, including Chief Executive Officer Dario Amodei, Anthropic develops Claude, a family of AI models competing with products such as OpenAI’s ChatGPT and Google’s Gemini.

Amazon, Google and Nvidia are among the company’s major investors, having committed billions of dollars to support its development. Anthropic’s prospectus also acknowledges concerns that its technology could pose catastrophic or existential risks to humanity, alongside its potential to address major global challenges.