Anthropic filed, on Monday 26 October, its IPO registration with the Securities and Exchange Commission (SEC), the U.S. financial markets regulator. The maker of Claude is targeting a Nasdaq listing under the symbol “ANT” the week of 16 November, with an expected valuation between 1,500 and 2,000 billion dollars, although the share price is not yet known.
To reach this stage, the company had to complete the S-1 form, which opens access to Wall Street and the financial markets. It plans to list its Class A shares on Nasdaq. If the deal goes through, it would become the first company built around artificial intelligence to be listed on a stock exchange.
Several points remain to be clarified for Dario Amodei, Anthropic’s CEO, and his board. The share price and the number of shares offered still need to be set, and the SEC needs this information to make the filing effective and authorize the sale. According to the Wall Street Journal, Anthropic must file an updated version of the filing with the missing data, likely in about two weeks, after which investors will be surveyed. The timeline may still change, but shareholders could buy “ANT” shares before year‑end. Also according to the Wall Street Journal, the valuation at IPO would be between $1.5 and $2 trillion, which would set a record for an IPO.
Significant losses in the first half
The timeline is striking, as the first‑half 2026 accounts are in the red. Anthropic’s revenue reaches $16.3 billion for that period, with a net loss reported at $80.7 billion. A year earlier, the company posted $1.2 billion in revenue and $13 billion in losses.
A large part of this net loss, however, stems from an accounting entry: $72.4 billion corresponds to the revaluation of financing that is set to convert into shares, which gains value as the company progresses. Operationally, the semester loss amounts to $693 million on $16.3 billion of revenue, and Anthropic recorded a first operating profit of $974 million in the second quarter.
Growth scrutinized by investors
To assess the company, investors will first look at growth, which, according to the source, is very positive: revenue has multiplied fourteen‑fold over a year. They will also be interested in the path to sustainable profitability. Anthropic has secured compute‑power leasing contracts with Amazon and Google. In the last quarter, the company collected $11.6 billion, roughly $46 billion per year at that rate. The central question, the article says, will be whether revenue will grow fast enough to cover these commitments.
The Class A shares offered for sale will not give buyers control of the company, though they can benefit from a price rise. Anthropic is considered a “mission‑driven” company, meaning it pursues a social or environmental purpose in addition to profit. Its capital includes two other share categories. The single Class T share is held by the Long‑Term Benefit Trust and allows electing and removing the directors who make up the majority of the board. The single Class F share also belongs to a joint company of Anthropic’s seven co‑founders, former OpenAI employees, and represents 50.1 % of voting rights on matters submitted to shareholders in general.
