Anthropic filed a public IPO registration on October 26, disclosing $16.3 billion of first-half revenue and a first quarterly operating profit, while reports put its target valuation as high as $2 trillion.
Anthropic filed a public Form S-1 registration statement with the US Securities and Exchange Commission on October 26, setting up a Nasdaq listing of its Class A shares under the ticker ANT. Goldman Sachs and Morgan Stanley are leading the offering, which is targeted for the week of November 16 according to reports of the filing.
The filing gives the first audited financial picture of the company behind the Claude chatbot. Revenue reached $16.3 billion in the first half of 2026, up from $1.2 billion in the same period of 2025, with $11.6 billion arriving in the second quarter alone. That quarter also produced Anthropic's first operating profit, of $974 million, even as the company reported a net loss of $80.7 billion for the half, driven mainly by non-cash charges from revaluing convertible notes as its valuation rose.
The filing also discloses roughly $500 billion in compute and infrastructure commitments over the next decade, with the largest shares earmarked for Broadcom, Google, Amazon, Microsoft and AMD, according to summaries of the document. Its risk section runs to dozens of pages and includes the possibility of a catastrophic AI-related event, a disclosure that has drawn as much attention as the revenue figures.
The filing itself sets no share count or price range, so the headline valuation and fundraising figures are reports, not filing terms. The Wall Street Journal has reported a target valuation of $1.5 trillion to $2 trillion and a raise of $100 billion or more, which would exceed the $86 billion raised by SpaceX in its June listing. Anthropic was valued at $965 billion in a private round in May 2026, and its founders will retain 50.1 percent of voting control under the proposed structure.
The stakes are whether public investors will pay a record price for a company whose growth is extraordinary and whose costs are largely locked in. Anthropic's revenue grew fourteenfold in a year, yet its commitments to rent chips and servers run for years regardless of how its business performs, and its own filing warns that its safety measures could slow its capability gains relative to competitors without similar constraints.
Pricing and the listing itself, expected in mid-November before Thanksgiving, will settle the first question: whether the market accepts a valuation in the reported range for a five-year-old company that has only just reached quarterly operating profit.