Anthropic

Artificial Intelligence · IPO

IPO

Anthropic files IPO paperwork, targeting valuation up to $2 trillion

The filing reveals a business burning over $80 billion while locking in roughly $390 billion in compute commitments through the next decade.

• Anthropic filed a Form S-1 with the SEC to list Class A shares on the Nasdaq under ticker 'ANT,' with Goldman Sachs and Morgan Stanley leading the offering.
• Founded in 2021 by CEO Dario Amodei and a group of former OpenAI researchers, Anthropic makes the Claude AI models and has become OpenAI's biggest rival.
• The filing disclosed $16.3 billion in revenue for the first half of 2026, up from $1.2 billion a year earlier, alongside an $80.7 billion net loss tied largely to financing-related accounting charges.
• Anthropic disclosed massive compute commitments, including up to $120.5 billion to SpaceX for Nvidia GPU access through 2029, $114.5 billion to Google through 2033, and $110 billion to Amazon over the next decade.
• Reports point to a targeted valuation of $1.5 trillion to $2 trillion and a raise of as much as $100 billion, which would eclipse SpaceX's record $85.7 billion IPO from June 2026.
• Anthropic aims to price the offering around mid-to-late November, potentially beating OpenAI, whose own IPO plans remain on hold amid AI safety concerns.
• A listing at this scale would test whether investors believe AI revenue growth can outpace the trillions being committed to compute infrastructure amid growing market jitters over AI spending.