Anthropic prepares for potential $2 trillion IPO valuation after reporting billions in revenue

Claude maker Anthropic has filed for an initial public offering (IPO) that could value the AI company at around $2 trillion, setting the stage for one of the biggest potential stock market debuts in the technology industry, the company announced today.

As per Form S-1 registration statement with the U.S. Securities and Exchange Commission, the firm intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker ‘ANT’, although the number of shares to be offered and the price range have yet to be determined. A report from Reuters suggests the company could seek to raise as much as $100 billion, but those figures are not confirmed offering terms.

On to numbers, Anthropic generated $16.3 billion in revenue during the first half of 2026, up sharply from approximately $1.2 billion in the same period last year. The company’s operating performance also improved, although its reported net loss reached $80.7 billion. Despite the losses, it disclosed enormous commitments to AI computing infrastructure and outlined risks that investors will have to weigh against its rapid growth.

That net loss, however, requires context. It should not be interpreted as $80.7 billion in cash spent running the business, since accounting adjustments related to financing instruments contributed substantially to the reported figure. Even so, Anthropic cautions that its revenue growth rate “may not be sustainable” and could decline.

The company also warns that it may need additional financing sooner than expected and does not anticipate paying dividends in the foreseeable future. Those disclosures will matter to investors considering a company whose expansion depends on access to increasingly expensive computing resources.

Beyond figures, Anthropic’s filing contains warnings about the technology underpinning its business. The company says advanced AI could pose “catastrophic or existential risks to humanity,” including scenarios involving dangerous capabilities, deceptive behavior, and systems that become difficult for humans to control.

“Our development of highly advanced models, platforms, and applications and expansion of use cases could further increase the risk that our models cause harm,” Anthropic’s S-1 prospectus stated.

However, the firm said it is developing safeguards to mitigate AI risks through pre-release testing, red-team assessments, and systems designed to detect harmful outputs. It also said it may delay training or restrict model releases when safety measures are insufficient, while acknowledging that its efforts may not succeed.

Bloomberg Intelligence technology research head Mandeep Singh discussed the disclosures in a Bloomberg segment following the filing. He characterized worst-case scenarios as typical of risk disclosures for emerging technology companies preparing to go public, noting that such language helps address potential liabilities. He also pointed to Anthropic’s improving compute efficiency and an improvement in gross margins as a positive signal for investors. “Gross margins are inching closer to 50%, whereas just a quarter back… it was like… sub 20%.” He stated.

Meanwhile, Anthropic expects to spend up to $120.5 billion on compute involving SpaceXAI and Nvidia, alongside up to $114.5 billion with Google through 2033. Notably, while those massive infrastructure commitments are essential to training and running advanced AI models, they could become a costly burden if demand falls short of expectations.

OpenAI, the maker of ChatGPT, has also been preparing for a potential IPO, doubling down on efforts to scale revenue and computing capacity ahead of a possible debut. However, OpenAI CEO Sam Altman said in September that the company would not go public in 2026, citing concerns about AI safety and saying the company had more work to do before pursuing a listing. Elsewhere, Cerebras, which develops wafer-scale processors for AI workloads, completed its Nasdaq IPO in May after filing for a second time.

Still, Anthropic acknowledges that its growth may slow and that its financing needs could arrive sooner than expected. That said, Anthropic is reportedly targeting a mid-November IPO, with November 19 or 20 floated as possible listing dates. However, the company has yet to confirm a timetable for the offering.