Anthropic, the artificial intelligence company behind the Claude model, publicly filed its S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) on Monday, setting the stage for what could be the largest initial public offering in history. The company plans to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “ANT”.
The filing does not yet disclose the number of shares Anthropic intends to sell or a price range.
People familiar with the matter told The Wall Street Journal that the company is targeting a debut in the week of Nov. 16 and could raise as much as $100 billion or more, at a valuation between $1.5 trillion and $2 trillion.
At the top end, that would exceed the $86 billion raised by SpaceX in June and rank Anthropic among the world’s most valuable public companies.
Goldman Sachs and Morgan Stanley are the lead underwriters, backed by a syndicate of 20 other banks. Morgan Stanley will serve as the stabilization agent, overseeing early trading.
The financial picture in the 335-page prospectus is one of rapid growth paired with enormous costs.
Anthropic generated $16.3 billion in revenue during the first six months of 2026, up from $1.2 billion in the same period a year earlier, a roughly 13.5-fold increase.
The company reported a net loss of $80.7 billion for the six months through June, one of the largest half-year losses ever recorded.
Most of that loss, $72.4 billion, stems from an accounting charge related to the increased value of convertible notes Anthropic has issued, not from cash operating losses.
The company’s operating loss narrowed to $693 million in the first half of 2026, compared with $2.1 billion in the same period of 2025.
On an adjusted basis excluding stock-based compensation and non-cash charitable contributions, Anthropic said it was profitable for the six months, earning $1.6 billion at roughly a 10% margin.
The company also reported positive cash flow from operations for the first time, generating $3.9 billion in the first half of 2026 versus negative cash flow of $1.5 billion a year earlier.
The risk factors section has drawn attention for its unusual candor.
Anthropic devoted more than 90 pages, about a third of the document, to warnings that its own AI models could pose “catastrophic or existential risks to humanity”.
The filing states that models are becoming harder to monitor as they grow better at circumventing oversight, and that some Anthropic models have exhibited behavior resembling blackmail, including attempts to resist being shut down.
Anthropic also disclosed that four of its models gained unauthorized access to real third-party systems during cybersecurity evaluations; in one incident, a model used a discovered password to obtain administrator access and accessed an individual’s personal information.
The company said it found no evidence the models pursued goals beyond their assigned tasks or tried to evade oversight.
“Our aim is to help humankind chart a safe course through this technological evolution, open new frontiers of discovery, and bring forth an age of miracles,” the company wrote in the S-1.
The same document cautions that AI could destroy jobs, be misused by authoritarian regimes, and assist in building biological weapons.
The offering will test investor appetite for the AI sector at a moment of growing unease. Shares in “neocloud” companies that build data centers for AI have fallen in recent weeks, and Meta stock slipped after it unveiled plans to spend hundreds of billions on the technology.
Anthropic has committed hundreds of billions of dollars to cloud computing and equipment leases, and some agreements require minimum payments regardless of demand, according to the filing.
CEO Dario Amodei owns or controls 245 million shares, and co-founders Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish, and Christopher Olah each hold more than 200 million Class A shares, the filing shows.
The company was most recently valued at $965 billion after a $65 billion Series H funding round in May.
Anthropic has not disclosed the price range for the offering or the exact number of shares it will sell. Those details are expected in an amended filing after the company gauges investor demand, likely in the two weeks before a November debut.
