Anthropic has filed for its long-awaited initial public offering.
The company behind Claude expects to begin trading on the Nasdaq Global Select Market under the symbol ANT, according to a filing with the U.S. Securities and Exchange Commission.
It had filed confidentially in June. The move brings Anthropic a step closer to becoming the first company focused primarily on developing the most advanced AI models to go public.
Anthropic and some of its shareholders are offering stock in the IPO. The number of shares will be disclosed in a later filing. The listing will serve as a litmus test for investor demand for new equity tied to the AI trade, after optimism surrounding the technology helped power a four-year bull market in U.S. stocks.
Just two hours before Anthropic’s filing, Meta Platforms said it is seeking to raise as much as $95 billion from selling common and preferred stock in one of the largest equity offerings in history. Earlier this year, Alphabet targeted raising as much as $85 billion. Anthropic is expected to be followed onto public markets next year by its main competitor, OpenAI, Bloomberg reported.
In its prospectus, Anthropic flagged various “risks to humanity,” including attempts to “resist shutdown” and “conceal or manipulate information.” The company emphasized the potential for its AI to “behave in unintended, misaligned, or autonomous ways.” If its technologies are not developed with adequate safeguards and oversight, it could “pose catastrophic or existential risks to humanity, particularly if such systems were misused, replicated, weaponized, or allowed to operate with a high degree of autonomy.”
Anthropic saw 1,000% year-over-year revenue growth in 2025 but said it does not expect comparable growth rates in the future, citing the maturity of the AI market, increased competition, and safety considerations that may limit model releases. Any unexpected shift in demand could pose a significant threat given the company’s substantial spending commitments on data centers and chips.
According to people familiar with the matter, investors’ estimate of a fair valuation has shifted down to around $1.4 trillion to $1.5 trillion following the company’s investor day. Some said a valuation closer to $1.75 trillion is potentially achievable. Earlier this year, Anthropic raised $65 billion at a $965 billion valuation, up from $380 billion in February, eclipsing OpenAI’s valuation for the first time and becoming the most highly valued private company.
In the first six months of 2026, Anthropic reported an $80.7 billion net loss on revenue of $16.3 billion, compared with a $13 billion net loss on $1.2 billion in revenue in the same period last year. The net loss was primarily driven by an increase in the fair value of convertible notes due to the rise in the company’s enterprise valuation.
The company has mainly focused on the enterprise market. Its net revenue retention stands at about 900%. In the third quarter, 79% of revenue came from customers outside its top five. Consumption-based revenue rose from $288 million (75% of revenue) in 2024 to $3.8 billion (83%) last year and accounted for $13.1 billion (80%) between January and June of this year.
Anthropic spent $8.9 billion on computing power and infrastructure in the first six months of 2026, up 283% year over year, though these expenses declined as a percentage of revenue. Since the end of 2025, it has entered into new agreements for computing power with minimum obligations of about $417 billion. The agreements generally start this year or next, with terms as long as 20 years. Total indebtedness stood at $6.2 billion as of June 30, and the company said it could raise more debt going forward.
The IPO is being led by Goldman Sachs and Morgan Stanley, along with 20 other banks. Formal marketing is expected to begin as soon as the week of November 9. Anthropic expects to match or beat the size of SpaceX’s record-setting IPO.
Analysts note that investors will be watching closely over the next 6–18 months to see whether current spending levels generate enough revenue growth to justify them.
