Anthropic Files to Go Public on Nasdaq, Reveals $16.3 Billion in First-Half

Anthropic has publicly filed for an IPO, submitting an S-1 to the SEC on October 26 with plans to list on the Nasdaq under the ticker "ANT." The filing leaves the price range and share count blank for now, but the Wall Street Journal reports the offering could raise $100 billion or more at a valuation of $1.5 to $2 trillion. If that ends up being the case, it would top the record SpaceX set with its June IPO. Goldman Sachs and Morgan Stanley head a long list of underwriters, and trading is reportedly targeted for the week of November 16. The prospectus also gives the first official look at Anthropic's books.

Revenue for the first half of 2026 came in at a massive $16.3 billion, up from $1.16 billion a year earlier. The company also posted an $80.7 billion net loss. However, about $72.4 billion of that is a non-cash charge tied to the changing value of convertible notes and similar instruments, and the operating loss was a much smaller $693 million. Anthropic says more than 11,900 customers now spend at least $100,000 a year, and it holds about $131.7 billion in cash and short-term investments. It has also signed huge compute commitments, including up to $114.5 billion with Google, at least $110 billion with Amazon, and a separate deal for AMD Instinct MI450 GPUs. Of course, the filing comes with the usual warnings, as Anthropic says it may not reach or sustain profitability and expects costs to keep rising. OpenAI, meanwhile, says it doesn't expect to go public until next year.