Anthropic, the artificial intelligence company behind Claude, has filed for an initial public offering (IPO) in the United States, potentially setting the stage for one of the largest stock market listings in history.
The San Francisco-based company submitted its registration statement to the US Securities and Exchange Commission on October 26, 2026, following a confidential filing in June. Its shares are expected to trade under the ticker symbol ANT, although the company has yet to disclose the number of shares it plans to offer or its official target valuation.
According to reports cited by Forbes, Anthropic is considering a valuation of between $1.5 trillion and $1.75 trillion. The offering could raise $100 billion or more, while the Wall Street Journal reported that the listing could take place during the week of November 16.
Goldman Sachs and Morgan Stanley are leading the offering, alongside 20 other banks named in the filing.
Revenue surges as infrastructure spending climbs
Anthropic’s IPO filing highlights the rapid growth of its business alongside the substantial costs of developing and operating advanced AI systems.
The company reported approximately $16.3 billion in revenue for the first half of 2026, up from $1.2 billion in the same period last year. However, it also recorded a reported net loss of about $81 billion.
More than $72 billion of that loss was attributed to accounting charges linked to changes in the valuation of convertible notes. Anthropic also spent nearly $9 billion on computing capacity and cloud infrastructure during the first six months of 2026, compared with $2.3 billion a year earlier.
The company separately reported third-quarter revenue of $16.8 billion, representing an increase of nearly 50% from the previous quarter.
The figures underscore the financial demands of competing in the AI market, where companies are investing heavily in computing power, data centres and cloud infrastructure to develop and run increasingly sophisticated models.
Founders to retain voting control
Anthropic’s proposed share structure is designed to give its founders significant control after the company goes public.
Under the structure outlined in the filing, its seven founders would retain 50.1% of the company’s total voting power through Class F shares. The company’s Long-Term Benefit Trust would hold Class T shares, giving it the authority to appoint a majority of the board.
Anthropic has also outlined plans to establish a Public Benefit Fund. Subject to shareholder approval, the company intends to allocate at least 5% of its shares to the fund after the IPO. The fund would support donations to nonprofit organisations and direct distributions to certain populations, excluding political donations and lobbying.
Amazon, Google and Nvidia among major investors
Founded in 2021 by former OpenAI employees and researchers, including CEO Dario Amodei, Anthropic develops Claude, which competes with AI products such as OpenAI’s ChatGPT and Google’s Gemini.
Amazon, Google and Nvidia are among its major investors, committing billions of dollars to support the company’s development.
Anthropic’s prospectus also acknowledges the potential risks of advanced AI, including catastrophic or existential threats, alongside the technology’s capacity to address major global challenges.
If completed at the valuation being considered, the IPO would mark a major milestone for Anthropic and the wider AI industry. However, its final valuation, offering size and listing date remain subject to the IPO process.
