On October 27, Anthropic filed to sell shares to the public for the first time, planning to trade on the Nasdaq under the ticker ANT. The first day of trading could come as soon as November 16. The filing reveals that in the first six months of 2026, Anthropic brought in $16.3 billion, a significant increase from $1.2 billion in the same period of 2025. This represents growth of roughly 1,300% in a year.
The company's financials show an operating loss of $693 million, a substantial improvement from the $2.1 billion loss in the same period a year earlier. However, the overall net loss was more than $80 billion, largely due to an accounting adjustment tied to the value of convertible notes and derivative liabilities. This adjustment accounts for over $72 billion of the loss, while spending on AI infrastructure and computing power accounts for just under $9 billion.
Anthropic's filing also reveals that it has more than 14,000 enterprise customers, with over 11,900 spending at least $100,000 a year and around 250 spending $10 million or more. The business heavily depends on companies paying to use Claude, with a significant portion of revenue coming from a limited number of products and customers. The company warns that it "may not achieve or sustain profitability in the future."
The valuation of Anthropic is expected to be up to $2 trillion, which would put it among the largest public companies in the world. The company was last valued at $965 billion after raising $65 billion from investors in May. The IPO will test whether public investors accept the company's plan to prioritize AI safety and alignment alongside shareholder returns.
The company's founders, including Dario Amodei, Daniela Amodei, and Tom Brown, will form a group called the Founder LLC, which will hold 50.1% of the voting power. A body called the Long-Term Benefit Trust will have the power to appoint most of the board, ensuring that the company remains focused on its public benefit mission. This setup has raised concerns among critics that ordinary shareholders will have little say in the company.
Anthropic's risk section, which runs 93 pages, highlights the potential dangers of AI, including misuse, loss of human control, abuse by authoritarian governments, and economic disruption. The company also admits that its models might act in "misaligned" ways and take harmful actions. If one of its models causes extreme harm, Anthropic says it could be held liable for more than its insurance would cover.
The IPO will take place in a market that is still deciding how much it trusts the AI boom. Rival OpenAI has reportedly pushed its own IPO to next year. Anthropic's move comes with tensions built into the plan, as the company balances its commitment to AI safety and alignment with the demands of shareholders. The founders' voting control is their answer to this problem, but it remains to be seen whether public investors will accept it.
Key points
- Anthropic's expected valuation is up to $2 trillion
- The company has more than 14,000 enterprise customers
- The founders will hold 50.1% of the voting power through the Founder LLC
