Anthropic, the artificial intelligence company developing the Claude family of models, publicly filed a registration statement with the U.S. Securities and Exchange Commission on October 26 for a proposed initial public offering of its Class A common stock. The company intends to list on the Nasdaq Global Select Market under the ticker symbol ANT.

The filing follows a confidential draft submission in June and marks a major step toward one of the largest potential public debuts in the technology sector. Share count and price range have not been set. Goldman Sachs and Morgan Stanley are leading the underwriters, with JPMorgan, Citigroup, Barclays and Wells Fargo also involved. Anthropic is targeting the week of November 16 for the offering, subject to market conditions and regulatory effectiveness of the registration statement.

Financial Results Show Explosive Growth Alongside Heavy Charges

For the six months ended June 30, 2026, Anthropic reported revenue of approximately $16.3 billion, a sharp rise from about $1.2 billion in the same period of 2025. Full-year 2025 revenue stood at roughly $4.6 billion. Second-quarter revenue reached $11.6 billion, and the company recorded $974 million in operating profit for that quarter after a $1.7 billion operating loss in the first quarter.

Net loss for the first half totaled $80.7 billion. Roughly $72.4 billion of that figure stemmed from non-cash accounting charges related to changes in the fair value of convertible notes, derivative liabilities and other financial instruments, driven largely by the company’s rising private-market valuation. Operating loss for the period was $693 million. Computing and infrastructure expenses approached $9 billion in the first half, representing a substantial share of revenue.

As of June 30, Anthropic had raised a total of $141.1 billion in capital. It held $112.4 billion in cash and cash equivalents plus $19.3 billion in short-term investments. The number of customers generating more than $100,000 in annual revenue exceeded 11,900, up from 950 a year earlier. More than 1,900 customers generated at least $1 million over the prior 12 months as of September 30, and about 250 generated at least $10 million. Net revenue retention stood near 900 percent as of the same date.

Governance Structure Preserves Founder and Trust Control

Anthropic is organized as a public benefit corporation. Its directors must balance shareholder financial interests with the company’s stated purpose of responsible development of advanced AI for the long-term benefit of humanity. Under the proposed structure, a Long-Term Benefit Trust composed of five financially disinterested trustees will elect a majority of the board through a special class of stock.

Immediately before the offering, the company will issue a single Class F share to an entity owned by its seven co-founders. That share will carry 50.1 percent of the voting power on most shareholder matters, rendering Anthropic a controlled company under Nasdaq rules. Holders of Class A shares will receive one vote per share. The filing notes that this arrangement may effectively limit the ability of Class A holders to influence important decisions, including changes in control.

About 5 percent of fully diluted shares as of June 30 have been contributed to a wholly owned subsidiary dedicated to the public benefit purpose, known as the Anthropic Public Benefit Fund. The board may allocate additional shares under certain conditions tied to stock-price milestones. Each of the co-founders has pledged to donate 80 percent of their personal equity holdings to philanthropic causes.

Market Expectations and Risk Disclosures

Market commentary has centered on a potential valuation in the range of $1.5 trillion to $2 trillion and a possible capital raise of up to $100 billion. Pre-IPO derivative contracts on cryptocurrency exchanges briefly implied valuations near $1.9 trillion before pulling back. Prediction markets have assigned significant probability to a first-day market capitalization between $1.75 trillion and $2.25 trillion.

The company warned that its growth rate may decline, that it may not achieve or maintain profitability, and that it does not expect to pay dividends in the foreseeable future. It also highlighted substantial long-term computing commitments and the possibility that additional funding could be required sooner than anticipated if revenue growth slows.

Anthropic further disclosed risks associated with advanced AI systems, stating that highly capable models could cause harm, including through autonomous operation that might produce difficult-to-reverse real-world consequences involving code modifications or financial transactions. The filing notes that risks may increase as AI systems automate research and development.

Nigel Green, chief executive of financial advisory firm Devere Group, criticized the potential valuation and structure, arguing that ordinary investors and savers could be exposed through index funds and pensions to large spending commitments and limited control. He pointed to the combination of multi-hundred-billion-dollar infrastructure obligations, continued loss warnings, and founder voting control as factors that shift risk onto public market participants.

The registration statement remains ineffective, and no shares may be sold until it becomes effective. The offering size, pricing and final timing will depend on market conditions and regulatory review.