Anthropic, the company behind the Claude family of AI models, has filed for an initial public offering that could become one of the largest listings in stock market history — reporting explosive revenue growth, a headline loss driven mostly by a paper accounting charge, and a governance structure that leaves public investors with the economics but not the control.
Anthropic, the developer of the Claude family of AI models, has filed for an initial public offering, the company announced on Monday.
The company plans to list its Class A common stock on the Nasdaq Global Select Market under the symbol "ANT," according to its S-1 registration statement. The number of shares and the price range have not yet been set. Both Anthropic and existing shareholders will sell shares, with Goldman Sachs and Morgan Stanley named first among 24 underwriters.
The public filing follows a confidential draft submitted to the SEC in June. Details of that draft reported by Reuters last month included backers' hopes for a valuation above $2 trillion. In May, Anthropic raised $65 billion at a $965 billion valuation.
NBC News reported that the offering is expected in mid-November and could value Anthropic at more than $2 trillion. Polymarket traders put the odds of a November offering at 85% on Monday.
Anthropic reported revenue of $16.29 billion for the six months ended June 30, 2026, compared with $1.16 billion in the same period a year earlier. Full-year revenue was $4.59 billion in 2025, up from $386 million in 2024 and $41 million in 2023.
Revenue for the half was up 1,300% from $1.2 billion a year earlier. In the second quarter alone, revenue grew 1,368% while compute and infrastructure expenses jumped 300%, according to the filing.
The company recorded a net loss of $80.7 billion for the first half of 2026. Most of that came from a $72.4 billion charge for changes in the fair value of convertible notes and other instruments, which the filing says was primarily driven by an increase in its valuation. Its operating loss for the period was $693 million.
That distinction matters. Those instruments are marked to market, so a higher company valuation raises the charge. The filing ties the increase mainly to the rising value of its convertible notes as Anthropic's valuation climbed. Anthropic booked $16.3 billion in revenue over the half, against $17 billion in operating expenses.
The filing still warns that Anthropic "may not achieve or sustain profitability." Yet the direction of travel inside the operating numbers is clear: the operating loss was $693 million, down from $2.1 billion, and the June 2026 quarter delivered revenue of $11.56 billion with a $974 million operating profit — the first quarterly operating profit in the company's history. Operating cash flow flipped to plus $3.93 billion.
As of Sept. 30, Anthropic counted more than 11,900 customers paying at least $100,000 a year, up from more than 950 a year earlier, plus more than 1,900 above $1 million and about 250 above $10 million. No single customer made up more than 10% of revenue in the first nine months, but the top five made up about 25%.
Anthropic also says Claude wrote more than 90% of contributions to its own codebase in September — a striking claim about how far its own tool has come inside its own engineering teams.
The filing shows how much the company has committed to compute: about $417 billion in new obligations signed this year, plus an estimated $125 billion to $150 billion more for capacity arriving between 2028 and 2031. Anthropic disclosed more than $500 billion in multiyear cloud and compute commitments with major partners including Amazon, Google, and Microsoft, many of which are noncancellable or require payments regardless of usage.
That is the central bet investors are being asked to underwrite: revenue growing more than tenfold in a year, funded by compute commitments that must be paid whether demand keeps climbing or not.
Public buyers will get Class A shares with one vote each, but they won't run the company. A single Class F share held by a "Founder LLC" made up of Dario Amodei, Daniela Amodei and the five other co-founders will carry 50.1% of the total vote. Anthropic's Long-Term Benefit Trust will hold Class T stock that lets it elect a majority of the board. Employees get a separate Class E stock with only limited voting rights.
The listing leaves control with Anthropic's seven co-founders, including Chief Executive Dario Amodei and President Daniela Amodei. The co-founders will hold a single Class F share through an LLC. That share carries 50.1% of the voting power on most shareholder matters. Those votes do not cover the Class T directors, who will form a majority of the board and are elected by Anthropic's Long-Term Benefit Trust.
Anthropic says the structure "has no direct public company precedent" and that the setup protects its public-benefit mission, and warns it could make directors harder to replace.
The filing confirms the Public Benefit Fund: 846,840,960 non-voting shares, 5% of the company, with up to 2% more each time the share price rises 50% above the last milestone, starting from the IPO price. Each co-founder has also pledged to give 80% of their personal Anthropic equity to philanthropic causes. Each of Anthropic's seven cofounders owns about 240 million shares, valued between $13.7 billion and $14.4 billion based on its Series H funding round.
Amazon holds $6.2 billion of notes that convert at $2.09 and $5.05 a share into non-voting stock, capped at 12% of the company — so the IPO price will tell investors how much of the upside already belongs to the cloud partners.
The filing highlights explicit AI safety, misuse and national-security risks. It also warns that after a catastrophic AI incident, "no single insurer, and potentially the insurance industry in the aggregate," may be able to cover the damage.
For Wall Street, the filing forces a simple question: is this the next platform company, priced on revenue growth that has already gone from $41 million in 2023 to $16.29 billion in half a year, or a compute-heavy business whose $500 billion-plus commitments arrive before profitability is proven?
The missing price range is the next thing to watch, and it will show whether Wall Street buys the $2 trillion ambitions on terms that give ordinary shareholders a minority of the say. Public investors will be able to buy into Anthropic, but not to steer it: between the founders' single share and the trust's board seats, ordinary shareholders get a minority of the say.
Anthropic is the second great test of the AI boom's public-market phase, after a year in which AI stocks have driven Wall Street's gains. A listing above $2 trillion would put a company founded in January 2021 by former OpenAI researchers among the most valuable in the world — before it has proven it can sustain a profit.
It also sets a template. If investors accept a structure with no direct public-company precedent — founders locked at 50.1%, a trust electing the board majority, a public-benefit mission written into the capital structure — other AI labs will follow it. If they balk at the price, the whole AI valuation debate reprices at once.
For readers following the market story, our earlier coverage of the AI-driven rally is here: US Stock Market Today: Wall Street Rebounds, and the business backdrop to the AI spending boom is in Microsoft Offers Buyouts to 60,000 Staff as AI Spending Soars.
Watch for the price range and share count, which the S-1 leaves blank; the mid-November timetable reported by NBC News; and the first roadshow reception among institutional investors. The filing's own warning stands as the guide: Anthropic "may not achieve or sustain profitability," and the next set of numbers — not the valuation talk — will decide whether this listing is remembered as the AI era's defining debut or its peak.
What is Anthropic's IPO ticker? Anthropic plans to list Class A shares on the Nasdaq Global Select Market under the symbol "ANT".
How much revenue did Anthropic report? First-half 2026 revenue of $16.3 billion, up from $1.2 billion a year earlier; the June 2026 quarter alone brought $11.56 billion in revenue and the company's first quarterly operating profit.
Why is the net loss $80.7 billion if operations lost only $693 million? Most of the loss is a $72.4 billion non-cash charge from revaluing convertible notes and similar instruments as Anthropic's valuation climbed; those instruments are marked to market, so a higher valuation raises the charge.
Who controls Anthropic after the IPO? The seven co-founders, through a single Class F share held by a Founder LLC, carry 50.1% of the vote on most shareholder matters, while the Long-Term Benefit Trust elects a majority of the board through Class T stock.
When is the Anthropic IPO expected, and at what valuation? NBC News reported the offering is expected in mid-November and could value Anthropic at more than $2 trillion; the S-1 itself leaves the share count and price range blank.
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