Anthropic, the U.S. artificial intelligence company, has filed initial public offering documents with U.S. securities regulators, formally beginning the process of listing its shares. The company is expected to debut on the New York market as early as next month, drawing attention to whether it will become the largest IPO on record.
San Francisco-based Anthropic submitted its S-1 registration statement to the U.S. Securities and Exchange Commission on the 26th, according to The Associated Press and the Financial Times.
In the filing, Anthropic said it plans to list its shares on the Nasdaq Global Select Market under the ticker symbol "ANT."
The filing comes about five months after Anthropic confidentially submitted a draft IPO registration to the SEC in June. The company is expected to list on the U.S. market as early as next month.
Estimates of Anthropic's valuation vary. According to the Financial Times, investors have suggested the valuation could be set at roughly $1.5 trillion to $1.75 trillion (about 2,000 trillion to 2,320 trillion won). That falls short of the $2 trillion figure previously floated, which would have been the largest ever.
According to the registration statement, Anthropic posted revenue of $16.3 billion (about 23 trillion won) in the first half of this year and a net loss of $80.7 billion (about 115 trillion won). The company disclosed an operating loss of $690 million for the first half, down sharply from $2.135 billion a year earlier.
Anthropic had previously said much of its $80.7 billion first-half net loss consisted of accounting losses that involved no actual cash outflow, and the filing now shows the scale of its underlying operating loss.
Costs, however, rose exponentially over the year. Sales, marketing and partnership expenses came to $3.168 billion, about 26 times the $120 million recorded a year earlier, while computing and infrastructure costs totaled $8.945 billion. Anthropic said that while second-quarter revenue rose 1,368% from a year earlier, computing and infrastructure costs increased 300%.
The filing also detailed how the company will use the 5% stake it had earlier pledged for public-benefit purposes. Anthropic issued 5% of its shares as non-voting Class N stock to Anthropic Public Benefit Fund, a wholly owned subsidiary. The board may issue up to an additional 2% of outstanding shares to the fund each time the share price rises 50% from the previous threshold, starting from the IPO price. Co-founders including Chief Executive Dario Amodei have pledged to devote 80% of their personal stakes to philanthropic purposes.
Anthropic, an AI model developer founded in 2021 by researchers who previously worked at OpenAI, competes with OpenAI and Google with its Claude chatbot and enterprise AI services.
