Anthropic has taken a major step toward becoming a publicly traded company, filing paperwork on Monday for an initial public offering that could rank among the biggest market debuts ever.
The San Francisco-based AI company said its shares are expected to trade on Nasdaq under the symbol ANT. It has not yet revealed how many shares will be offered or established an offering price. Those details are expected closer to the planned market debut, which could come as early as Nov. 16.
The offering could place Anthropic’s valuation as high as $2 trillion, potentially putting it among the world’s most valuable listed companies.
Anthropic’s filing provides a detailed picture of a business expanding at unusual speed while confronting significant financial, technological, and regulatory risks. Revenue hit $16.30 billion during H1 of 2026, representing a 1,300 percent increase from the same period a year prior.
Much of that income comes from businesses using Claude, Anthropic’s AI platform. The company said it now serves over 14,000 enterprise clients, including roughly 250 generating at least $10 million in yearly revenue.
Despite that growth, Anthropic reported a net loss exceeding $80 billion. About $9 billion was linked to spending on computing and AI infrastructure, while over $72 billion resulted from accounting changes involving convertible notes, SAFEs, and derivative obligations. The filing did not contain financial results for the quarter ending Sept. 30.
The prospectus devotes 93 pages to potential risks, a notably large section compared with recent technology IPOs. Anthropic warned about competition, shortages of computing capacity, regulatory uncertainty, and dependence on a relatively small group of products and customers.
It also highlighted risks tied directly to AI, including malicious use for cyberattacks or biological weapons, erosion of human control, authoritarian applications, and disruption to employment and the wider economy.
The company cautioned that its systems could behave unpredictably or produce harmful actions without being instructed to do so. In extreme circumstances, Anthropic said, damages linked to its technology could potentially exceed its insurance coverage.
The filing comes as investors debate whether the enormous spending surrounding AI can generate sufficient long-term returns. Gartner estimates worldwide expenditure across AI-related services, infrastructure, and software could reach about $3.6 trillion next year, compared with $1.8 trillion last year.
Anthropic, valued at $965 billion after a $65 billion fundraising round in May, has emerged as a leading competitor to OpenAI, Google, and Meta. Its Claude Code product has gained traction among developers, while newer agent-based tools are designed to perform complex tasks across multiple applications.
The Claude mobile app has also expanded rapidly, with Sensor Tower estimating over 67 million monthly users during the third quarter, up from 9.4 million a year earlier.
At the same time, Chief Executive Dario Amodei has urged the AI sector to slow its development pace so regulation and safety research can keep up. The company has also faced political tensions, including a dispute with the Trump administration over restrictions involving access to its most advanced models.
The IPO comes at a time when lots of questions are being asked about the trajectory of the AI industry and the massive debt being used to fund expansion projects. Anthropic’s market debut will therefore be watched by tech industry players like Datavault AI Inc. (NASDAQ: DVLT) as it could provide solid pointers regarding investor sentiment.
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