Anthropic IPO filing reveals $16.3 bn revenue and plans for a Nasdaq listing valued at $2 tn

Anthropic, the artificial intelligence company behind Claude, publicly filed for a US initial public offering on October 26, 2026, disclosing rapid revenue growth, substantial financial losses and ambitions for a stock market debut that could value the business at as much as $2 tn.

The San Francisco-based company submitted its Form S-1 registration statement to the US Securities and Exchange Commission (SEC), seeking to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol ANT.

• Anthropic filed its IPO registration statement with the SEC on October 26, 2026, seeking a Nasdaq listing under the ticker ANT at a potential valuation of $1.5 tn to $2 tn.
• First-half revenue reached $16.3 bn, compared with approximately $1.2 bn a year earlier, while the company recorded an $80.7 bn net loss, largely driven by a noncash accounting charge.
• Investors are assessing Anthropic’s computing costs, profitability and long-term growth prospects as the Claude developer prepares for a possible November listing that could surpass SpaceX’s IPO record.

The filing offers investors a detailed look at Anthropic’s financial performance, business strategy and risks as questions intensify about the sustainability of spending on artificial intelligence infrastructure.

Anthropic has not disclosed the number of shares it intends to offer or the proposed price range. Investment bankers are reportedly considering a valuation between $1.5 tn and $2 tn, although the final figure will depend on investor demand and market conditions.

The company could begin trading before the end of November, potentially challenging the record established by SpaceX’s June 2026 offering.

Anthropic revenue reaches $16.3 bn as losses exceed $80 bn

Anthropic reported revenue of $16.3 bn for the first six months of 2026, representing approximately 14-fold growth from the same period a year earlier.

Revenue for the comparable period in 2025 was approximately $1.2 bn, reflecting the speed at which businesses have adopted Anthropic’s AI models and software products, including Claude.

The company’s expansion has been accompanied by substantial spending on computing infrastructure and model development.

Anthropic recorded a net loss of $80.7 bn in the first half of 2026, compared with approximately $13 bn during the corresponding period in 2025.

A significant portion of the reported loss resulted from a one-time accounting adjustment rather than operating expenditure.

The filing included a charge of approximately $72.4 bn related to the changing value of convertible notes and associated financial instruments. Convertible notes are debt instruments that can subsequently convert into equity, with their accounting value affected by changes in the company’s valuation.

As Anthropic’s estimated value increased, the accounting charge associated with those instruments rose substantially.

The distinction is significant for investors evaluating the company’s underlying performance. The reported net loss does not represent an equivalent amount of cash consumed by operating activities, although the company continues to face considerable costs associated with AI development and infrastructure.

Anthropic’s prospectus also outlines substantial future computing commitments, making the cost of running increasingly sophisticated AI systems an important consideration for prospective shareholders.

Could Anthropic reach a $2 tn IPO valuation?

The central question for prospective investors is whether Anthropic’s rapid revenue growth can justify a valuation approaching $2 tn.

Jared Carmel, co-founder of Manhattan Venture Partners, said investors should distinguish between what the company may ultimately be worth and the valuation at which it should enter public markets.

Where do I think it should be valued or where should it be valued at the IPO? I think those are two separate questions in my mind. I don’t think $2 trillion is crazy

Jared Carmel, co-founder of Manhattan Venture Partners

Carmel, whose firm was an early investor in both Anthropic and SpaceX, argued that the company’s revenue growth supports consideration of a valuation substantially above conventional software-company benchmarks.

Carmel noted that Anthropic had expanded from generating several billion dollars in revenue a year earlier to revenue measured in tens of billions.

His valuation argument rests partly on the possibility that Anthropic could become an essential provider of AI capabilities across enterprise software and business operations.

The distinction between revenue growth and profitability after computing costs is particularly relevant for companies developing advanced AI models, where expanding usage can require additional infrastructure investment.

Investors weigh IPO pricing against long-term shareholder returns

Despite his willingness to consider a $2 tn valuation, Carmel cautioned against setting Anthropic’s IPO price so high that it limits potential returns for new shareholders. He argued that public offerings need to be priced to attract sustained institutional and retail demand rather than simply maximise the valuation at listing.

Carmel pointed to recent IPO market difficulties, suggesting that valuations disconnected from investor expectations can undermine confidence after shares begin trading.

The investor also acknowledged the tension between an issuer’s desire to obtain a fair valuation and the need to leave sufficient potential upside for investors purchasing shares in the offering.

“But the reality is you need to have shareholders for the long term,” Carmel said.

Some existing and prospective Anthropic investors have reportedly discussed a valuation closer to $1.5 tn, below earlier expectations of approximately $2 tn.

Those discussions follow heightened scrutiny of AI companies’ financial performance and the substantial capital required to develop and deploy their technology.

Several AI-related companies have also encountered difficulties proceeding with planned public offerings, adding uncertainty to the wider IPO market.

For Anthropic, the valuation decision will therefore involve balancing demand for exposure to rapidly growing AI businesses against investor concerns about costs, sustainable margins and future returns.

Anthropic IPO could surpass SpaceX’s public offering

Anthropic’s planned listing could become the largest IPO in history, potentially exceeding the record established by SpaceX in June 2026.

Manhattan Venture Partners invested in both businesses before their public-market debuts, giving Carmel direct exposure to two companies associated with unusually large private-market valuations.

Market expectations suggest Anthropic could enter public trading with a valuation between $1.5 tn and $2 tn, although the company has not formally confirmed either figure.

The final valuation will also depend on how many shares are offered, the price investors are willing to pay and prevailing financial market conditions.

Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are serving as leading investment banks for the proposed offering.

The registration statement has been filed with the SEC but has not yet become effective. Shares cannot be sold, and purchase offers cannot be accepted, before the registration becomes effective.

The company has also not established its final IPO timetable, although a public-market debut before the end of November remains under consideration.

A successful offering would provide investors with direct exposure to one of the principal developers of advanced AI models at a time when public markets are closely examining the financial economics of the technology.

Anthropic outlines AI growth ambitions and business risks

Beyond the financial disclosures, Anthropic’s prospectus presents the company’s longer-term expectations for artificial intelligence and its potential economic applications.

Chief executive Dario Amodei and Anthropic’s six other founders described AI as “one of the most consequential technologies in human history”.

The founders outlined potential applications ranging from scientific discoveries and new treatments for diseases to substantial increases in economic productivity.

They also acknowledged the risks associated with developing increasingly capable AI systems and the responsibility of companies introducing the technology.

Anthropic said its objective is to realise the potential benefits of AI while managing risks that accompany rapid technological progress.

The company’s ambitions are closely connected to its financial outlook. Expanding enterprise adoption could support further revenue growth, but developing and operating advanced models requires substantial computing resources.

The IPO arrives as investors are reassessing the economics of AI development, including whether growing demand can continue to support the industry’s substantial capital requirements.

Anthropic’s financial disclosures provide evidence of strong commercial adoption, but its losses and spending commitments also indicate the scale of investment required to maintain its position in the market.

Anthropic’s November IPO remains dependent on investor demand

The public filing brings Anthropic closer to a potential November debut, but several important elements of the offering remain unresolved.

The company has yet to determine its final share count, IPO price range or confirmed valuation. These details will determine how much capital it raises and the price at which new investors can participate.

For prospective shareholders, the principal financial questions concern the durability of Anthropic’s revenue growth, the trajectory of its computing expenses and whether operating margins can improve as the business expands.

Carmel’s comments illustrate the distinction between confidence in Anthropic’s long-term potential and the discipline required when setting an initial public offering price.

At a valuation approaching $2 tn, investors would be paying for expectations that Anthropic can expand far beyond its existing chatbot and AI software businesses.

A lower offering valuation could provide more room for subsequent share-price appreciation, although it would also affect the amount raised and the value assigned to existing shareholders.

Anthropic’s next IPO disclosures, including the number of shares available and the proposed price range, will provide a clearer indication of how investment banks and prospective shareholders value the company’s growth prospects.

For now, the S-1 establishes the scale of Anthropic’s commercial expansion and the financial commitments behind it: $16.3 bn in first-half revenue, an $80.7 bn reported net loss and a potential public valuation that could reach $2 tn.