Anthropic Eyes Record $2 Trillion IPO, Warning of Existential AI Risks

Anthropic is seeking a record $2 trillion valuation in its planned IPO while warning investors of potentially catastrophic AI risks in its SEC filing. (Yonhap) Anthropic, the artificial intelligence (AI) company behind Claude, has formally begun the process of going public in the United States, with a potential valuation of up to $2 trillion, or approximately 2,700 trillion won, reportedly under consideration. An offering of that scale could surpass previous IPO records, including the one set by SpaceX in June, providing a major test of investor confidence in the generative AI industry. Anthropic filed its S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) on Oct. 26. The company has applied to list its Class A common stock on the Nasdaq under the ticker symbol ANT, with a potential November debut. Reports suggest it could seek to raise as much as $100 billion, although the offering size, share price and final timetable have not yet been determined. Goldman Sachs and Morgan Stanley are leading the underwriting process. The filing revealed rapid revenue growth. Anthropic generated $16.29 billion in revenue during the first half of 2026, more than 14 times the amount recorded a year earlier. Strong demand for its Claude AI products, particularly among enterprise customers, helped drive the expansion. The company also reported adjusted operating income of $1.62 billion for the six-month period, marking its first positive result on that measure. Despite the improvement in its adjusted operating performance, Anthropic reported a net loss of $80.75 billion. The figure included approximately $72.4 billion in non-cash expenses related to changes in the valuation of convertible financing instruments issued in earlier funding rounds. Meanwhile, the company continues to commit substantial resources to AI infrastructure, including long-term computing agreements with partners such as Google and Amazon, with commitments extending over the next seven to 10 years. Anthropic also devoted 94 pages of its roughly 400-page filing to risk disclosures, including warnings that advanced AI could pose catastrophic or existential threats to humanity. The company outlined scenarios in which AI systems could behave in ways that evade human oversight, conceal or manipulate information, or be misused for malicious activities, including the development of biological weapons. Its relationship with the U.S. government was another significant area of concern. Anthropic disclosed risks arising from its designation earlier this year as a supply-chain risk by the U.S. Department of Defense, warning that the resulting legal dispute could restrict its government-related business. The company also highlighted the competitive risks posed by major computing partners such as Google and Amazon, which are developing their own AI models. Anthropic's proposed governance structure includes substantial protections for its founders. A Founder LLC established by the company's seven co-founders will hold a single Class F share carrying 50.1% of the total voting power on matters submitted to shareholders generally. The arrangement will allow the founders to retain significant control over key corporate decisions regardless of their economic ownership. At the same time, Anthropic's Long-Term Benefit Trust, comprising five independent trustees, will generally have the authority to elect and remove directors who together constitute a majority of the board. The company has also established non-voting Class N shares primarily for strategic business partners, including investors such as Amazon and Google, limiting their direct influence over ordinary shareholder votes. The founders, including CEO Dario Amodei, have also pledged to donate 80% of their personal holdings to charitable causes. Anthropic's planned listing is attracting particular attention as it could bring a leading standalone AI model developer to the public market ahead of rival OpenAI. While OpenAI's IPO timetable remains uncertain, Anthropic has presented its public benefit corporation structure and governance arrangements as mechanisms intended to support responsible AI development. Investors will be watching closely to see whether the offering can justify its reported valuation ambitions amid growing concerns over the scale and sustainability of AI investment.