Claude developer Anthropic sends “ANT” marching toward a $2 trillion Nasdaq IPO

Anthropic, developer of the Claude family of AI models, publicly filed an S-1 registration statement with the US Securities and Exchange Commission (SEC) for a proposed initial public offering, announcing the move Monday, October 26, 2026. The company plans to list its Class A common stock on the Nasdaq Global Select Market under the ticker “ANT,” following a confidential draft submitted to the SEC in June. It has not set the number of shares or price range, and both Anthropic and existing shareholders will sell shares.

Goldman Sachs and Morgan Stanley are named first among 24 underwriters; JPMorgan, Citigroup, Barclays and Wells Fargo are also included. The Wall Street Journal (WSJ) reported the public listing set for the week of November 16, while other reports said Anthropic could raise up to $100 billion at a valuation of up to $2 trillion. Depending on the final valuation, the offering could surpass SpaceX, which went public earlier this year at a $1.77 trillion valuation, as the largest IPO in U.S. history. Reuters reported that the confidential draft included backers’ hopes for a valuation above $2 trillion.

Anthropic reported revenue of $16.29 billion for the six months ended June 30, 2026, compared with $1.16 billion in the same period a year earlier. Full-year revenue was $4.59 billion in 2025, up from $386 million in 2024 and $41 million in 2023. The company recorded a net loss of $80.7 billion for the first half of 2026, with most of that coming from a $72.4 billion charge for changes in the fair value of convertible notes and other instruments, which the filing said was primarily driven by an increase in its valuation. Its operating loss for the period was $693 million, while a draft IPO prospectus reviewed by Reuters showed a loss of nearly $42 billion in 2025.

As of June 30, 2026, Anthropic had raised $141.1 billion in total and held $112.4 billion in cash and cash equivalents, plus $19.3 billion in short-term investments. In May, it raised $65 billion at a $965 billion valuation. As of September 30, it had more than 1,900 customers generating at least $1 million in revenue over the previous 12 months, and about 250 generating at least $10 million.

Anthropic is incorporated as a public benefit corporation, requiring its directors to balance shareholders’ financial interests with those affected by its conduct and its stated purpose: “the responsible development and maintenance of advanced AI for the long-term benefit of humanity.” Under the proposed structure, the Long-Term Benefit Trust, a body of five financially disinterested trustees