Anthropic, the artificial intelligence company behind Claude, has filed a registration statement with the United States Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO), marking a major step towards becoming a publicly traded company.
The company announced on October 26, 2026, that it intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol ANT.
The IPO remains subject to the SEC registration process, and the company’s securities cannot be sold before the registration statement becomes effective.
Proposed offering leaves key terms undecided
Anthropic’s registration statement outlines its intention to list on Nasdaq under the ticker ANT, but the company has yet to disclose the number of shares it intends to offer or the proposed price range.
- The offering will include shares sold by Anthropic and existing shareholders. Proceeds from shares sold by existing shareholders will go to those shareholders rather than to the company.
- Goldman Sachs and Morgan Stanley are leading the proposed offering, according to the filing, which names 22 banks as underwriters.
- The Associated Press reported that the IPO could raise as much as $100 billion and value Anthropic at between $1.5 trillion and $2 trillion. These remain estimates rather than confirmed offering terms.
The final amount Anthropic raises will depend on the number of shares offered, the price at which they are sold and the proportion of shares sold by the company and existing shareholders.
Anthropic’s filing reveals rapid revenue growth and a large net loss
The registration statement provides investors with a more detailed view of Anthropic’s financial performance, operations and risks as it prepares to enter the public markets.
- Anthropic reported $16.3 billion in revenue for the first half of 2026, compared with $1.2 billion in the corresponding period of 2025. However, it recorded a net loss of $80.7 billion during the six months, compared with a $13 billion loss a year earlier.
- About $72.4 billion of the first-half 2026 loss arose from changes in the fair value of convertible notes, derivative liabilities and other financing-related instruments, according to reporting on the filing.
- The adjustments largely reflected an increase in the estimated value of instruments that could convert into Anthropic shares, rather than equivalent cash expenses incurred in running the business.
The company also reported an operating loss of $693 million for the first half of 2026. This measure differs from the headline net loss, which was heavily affected by changes in the fair value of financing instruments.
Computing costs add to financial commitments
Anthropic’s expansion requires substantial investment in computing infrastructure and the capacity needed to train and operate its AI models.
The company spent nearly $9 billion on computing capacity and infrastructure in the first half of 2026, compared with $2.3 billion in the corresponding period of 2025, according to Reuters’ reporting on the prospectus.
Anthropic also expects to spend at least $265.6 billion on cloud computing, computing capacity and infrastructure in the coming years, according to reporting on its public S-1 filing.
Other high-profile listings
Anthropic’s proposed IPO comes as technology companies pursue different routes to raise capital, from private funding rounds to public listings.
While Anthropic is moving towards a public listing, its AI rival OpenAI is pursuing private funding instead. In September 2026, Nairametrics reported that OpenAI was seeking $30 billion in fresh funding at a $1.4 trillion valuation, as it delayed its IPO plans to secure additional capital for expansion.
- OPay, meanwhile, has taken steps towards accessing public markets. In October 2026, Nairametrics reported that OPay had disclosed a $532.9 million short-term investment portfolio ahead of its proposed US IPO.
- The fintech company proposed listing its American depositary shares on the New York Stock Exchange under the ticker OPAY, although the offer size and pricing had yet to be determined.
However, preparing for a listing is only part of the process, as post-IPO performance can also affect investor returns. In July 2026, Nairametrics reported that SpaceX shares fell below their $135 IPO price, less than two months after its market debut.