Anthropic, the developer of the Claude models, formally began its IPO process on October 26 by submitting Form S-1 to the US Securities and Exchange Commission (SEC). The company plans to list its shares on Nasdaq under the ticker "ANT".
What happened?
The public prospectus laid out the company's financial statements for the first time. According to CNBC, Anthropic earned $16.29 billion in revenue in the first half of 2026. Reuters wrote that revenue in the quarter ending June 30 rose 1,368 percent from a year earlier. Net loss in the first half of 2026 was $80.7 billion. However, about $72 billion of that comes from the accounting value of convertible notes rising as the company's valuation grows. Operating loss fell to $693 million.
The lead underwriters of the IPO are Goldman Sachs and Morgan Stanley. According to Reuters, the deal is expected to close before Thanksgiving. According to Reuters, the value investors have put on it is about $1.5 trillion (about $2 trillion a week earlier); the company raised funds in May at a valuation of $965 billion. According to CNBC, Amazon has invested $13 billion since 2023 and its stake is limited to 12 percent. Alphabet, meanwhile, has the right to buy up to $10 billion in shares alongside the IPO.
Why does it matter?
For the first time, investors can read the revenue and costs of a pure AI lab from an open book. Growth is fast, but the bill is huge too. According to Reuters, Anthropic has signed computing deals worth more than $600 billion with partners such as Amazon and Google. How quickly revenue catches up with these commitments will decide the fate of the IPO.