Anthropic filed a public Form S-1 for an initial public offering under the ticker ANT, disclosing first-half revenue of $16.3 billion alongside a nearly $81 billion loss, while leaving share count and price range unstated.
Anthropic filed public paperwork on Monday for an initial public offering, moving the maker of the Claude artificial intelligence models from a confidential filing to a public one. The company filed a Form S-1 with the United States Securities and Exchange Commission and plans to list under the ticker symbol ANT.
The prospectus does not state how many shares Anthropic will offer or at what price range. Reports cited by NPR put the possible valuation at between $1.5 trillion and $2 trillion, which would place the listing alongside SpaceX, valued at about $1.8 trillion when it listed in June. Anthropic was valued at $965 billion in its last private fundraising round in May.
Anthropic was founded just five years ago by researchers who left OpenAI, led by Dario Amodei, and has since become OpenAI's largest competitor in widely used AI models. The prospectus says first-half revenue reached $16.3 billion, up sharply from a year earlier, while adjusted operating income turned to $1.6 billion from a $1.8 billion loss in the same period last year. It also reports a loss of nearly $81 billion for January to June, up from $13 billion a year earlier, and says the company has yet to turn an annual profit.
The public filing itself confirms the S-1, the ticker and the absence of a share count or price range. The $1.5 trillion to $2 trillion valuation is a reported range, not a figure stated in the filing details NPR published, and the revenue and loss figures come from the prospectus as summarised by NPR. Anthropic has also clashed with the Pentagon this year over limits on military uses of its models, and the Pentagon has designated it a supply chain risk, a dispute NPR reports remains unresolved in court.
The listing, which NPR reports could come as soon as November, will test how much investors will pay for an AI company that is growing fast but still losing large sums on an annual basis. Moody's senior vice president Raj Joshi told NPR the swing in adjusted operating income was a strong positive for the AI ecosystem, while Georgetown markets specialist Jim Angel warned that volatility should be expected. The share sale, when priced, will show whether public markets accept Anthropic's argument that AI abundance will transform the economy on a scale beyond industrialisation, electricity, semiconductors and the internet.