Anthropic officially files for IPO as experts debate whether its $1.5 trillion valuation makes sense
The maker of Claude has taken a major step towards becoming a publicly traded company, opening its books to investors and setting the stage for what could become one of the biggest technology IPOs in history. Anthropic, the artificial intelligence company behind Claude, has officially filed for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC), bringing it closer to a highly anticipated stock market debut.
The company made its filing public on October 26, revealing financial details about its rapidly expanding business, significant operating costs and plans to maintain control of its AI safety mission after going public.
Anthropic intends to list on the Nasdaq under the ticker symbol ANT. Although it has not disclosed how much it intends to raise or the proposed share price, reports suggest the offering could raise as much as $100 billion, potentially making it the largest IPO ever.
The company is reportedly targeting a November debut, although the exact date remains subject to regulatory approval and market conditions.
The numbers behind the AI giant
Anthropic's financial disclosures offer a glimpse into just how quickly the company has grown. For the first half of 2026, the company reported revenue of $16.3 billion, compared with just $1.2 billion during the same period last year. That's an increase of more than 1,250%.
Its enterprise business has also expanded significantly. By September, Anthropic had more than 11,900 customers spending at least $100,000 annually, including approximately 1,900 customers spending more than $1 million.
However, growth has come with enormous costs.
Anthropic reported a net loss of $80.7 billion for the first half of 2026. Much of that figure resulted from a $72.4 billion non-cash accounting adjustment related to convertible financing arrangements. Its operating loss was considerably smaller, at $693 million.
The company has also warned investors that it may never achieve or sustain profitability.
Experts are divided over the valuation
The biggest question surrounding the IPO is how much Anthropic is actually worth. Some reports have placed its potential valuation at approximately $1.5 trillion, down from earlier expectations of $2 trillion.
Thomas Hayes, chairman of Great Hill Capital, told Reuters that such a valuation appeared expensive given the company's substantial losses and the enormous investments required to develop AI. Josh Stevens, chief investment officer at Cresalta Investment Management, said he remained optimistic about AI but was not rushing to buy shares at the IPO price.
Meanwhile, Peter Andersen of Andersen Capital Management described the offering as a significant milestone that could help determine investor appetite for continued AI investment.
Matt Kennedy, a senior strategist at Renaissance Capital, also cautioned that investors were becoming more sensitive to valuations, adding that even Anthropic would not receive a blank cheque from the market.
More than just another IPO
Anthropic's public listing could become an important test of whether the AI industry's enormous valuations can withstand scrutiny from public-market investors.
The company is also maintaining an unusual governance structure. Its seven co-founders will retain 50.1% of shareholder voting power, while its Long-Term Benefit Trust will have significant authority over board appointments.
That arrangement is intended to protect Anthropic's long-term AI safety commitments, but it also means ordinary shareholders will have limited influence over major corporate decisions.
With competitors such as OpenAI also exploring public listings, Anthropic's debut could set the tone for the next generation of AI companies entering Wall Street.
