Anthropic, the San Francisco company behind the Claude AI assistant, made its initial public offering filing public on Monday, lodging its S-1 registration statement with the U.S. Securities and Exchange Commission and setting up what could become one of the largest stock market debuts in history. The company plans to list on the Nasdaq under the ticker "ANT."
The filing gives the public its first full look inside the company. Revenue reached $16.29 billion in the first six months of 2026, up from $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. The company has raised $141.1 billion in total and holds $112.4 billion in cash, with more than 1,900 customers each generating at least $1 million in revenue over the past year.
The filing also shows a net loss of $80.7 billion for the half year — and it shows plainly what that number is: $72.4 billion of it is a paper charge from revaluing convertible notes as the company's own value climbed, not money spent running the business. The operating loss for the period was $693 million.
Why it matters beyond Wall Street: until now, owning a piece of Anthropic was reserved for the biggest private investors — the company raised $65 billion in May at a $965 billion valuation, a door ordinary people had no way through. A public listing changes that. Any citizen will be able to buy the shares, and the pension funds, retirement accounts and index funds that hold ordinary workers' savings will carry the stock as well — its rise and its fall will touch regular savers, not just funds and founders.
What the filing does not yet give is a price: no share price and no number of shares are set, and those come only after the company tests investor appetite on its roadshow. The figures of $1.5 trillion to $2 trillion are what bankers and backers are reported to be aiming at — hopes, not a price the company has set. Goldman Sachs and Morgan Stanley lead a team of 24 underwriters, and reports point to a listing in the week of November 16.
Control, though, stays at the top. An entity owned by the company's seven co-founders will hold 50.1% of the voting power, and a Long-Term Benefit Trust will elect a majority of the board — the filing itself warns that public shareholders may be unable to influence important decisions, including a change of control. The company has also committed to enormous computing bills to power its AI: at least $110 billion with Amazon, $120 billion with SpaceX, $115 billion with Google and $45 billion with Microsoft over the coming years.
The registration statement has been filed but is not yet effective, and the shares cannot be sold until it is. When they do sell, it will be the first time the wider public — including the citizens whose retirement savings will hold the stock — can judge this company with its full finances open in front of them.
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