The company behind Claude expects to begin trading on the Nasdaq Global Select Market under the symbol ANT, a filing Monday with the US Securities and Exchange Commission showed. Anthropic filed confidentially in June for a listing.
Anthropic and some of its shareholders are offering stock in the IPO, according to the filing. The amount of shares they’re offering will be disclosed in a later filing.
AgenciesAgenciesAnthropic’s IPO will serve as a litmus test for how much investor demand exists for new equity tied to the AI trade, after optimism surrounding the tech helped power a four-year bull market in US stocks.
Just two hours before Anthropic’s filing, Meta Platforms Inc. said it is seeking to raise as much as $95 billion from selling common and preferred stock in one of the largest equity offerings in history. Earlier this year, Google-parent Alphabet Inc. targeted raising as much as $85 billion in equity. Anthropic is expected to be followed onto public markets next year by its main competitor, OpenAI.
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Anthropic, which saw staggering 1,000% year-over-year revenue growth in 2025, flagged that it “does not expect” its revenue to grow at comparable rates in the future. The company cited the maturity of the AI market, increased competition, and safety considerations that may limit the release of its models as reasons for a possible revenue slowdown.Any unexpected shift to future demand could pose a significant threat to the business given Anthropic’s substantial spending commitments on data centers and chips to support AI.
Read more: Anthropic IPO puts AI spending under the spotlight as losses mount
The company’s debut has also become a focal point for the world’s hopes and fears over artificial intelligence, which run the gamut from worries over job displacement to the substantial upfront spending the technology needs. Anthropic’s prospectus has also flagged various “risks to humanity” including attempts to “resist shutdown” and “conceal or manipulate information.”
Lead over rivals
Anthropic is seeking to tap the public market’s ample funding capacity to maintain its lead over rivals, as AI companies burn through hundreds of billions of dollars to continue advancing their so-called frontier models. It is set to begin formally marketing for its initial public offering as soon as the week of November 9, Bloomberg News has reported. Anthropic expects to match or beat the size of SpaceX’s record-setting IPO, people familiar with the matter have said.
Anthropic’s decision to go public before OpenAI would potentially confer a first-mover advantage to the maker of Claude, letting it catch up to or surpass its competitor in the funding race.
The company’s private valuation has surged just this year. It raised $65 billion in a funding round earlier this year that valued it at $965 billion, up from just $380 billion in February. The increase saw it eclipse OpenAI’s valuation for the first time and made it the most highly-valued private company.
Anthropic had an $80.7 billion net loss on revenue of $16.3 billion in the first six months of 2026, versus a $13 billion net loss on revenue of $1.2 billion in the same period last year, the filing shows. The net loss figure was primarily driven by an increase in the fair value of convertible notes, due to an increase in the company’s enterprise valuation, according to the filing.
Anthropic has mainly focused on serving the enterprise market. Its net revenue retention, a measure of its ability to keep its existing customers and increase their spending over time, is about 900%, the filing shows. The company said 79% of its revenue came from customers outside of its top five customers for the third quarter of the year – a smaller degree of customer concentration than some had expected.
Consumption-based revenue rose from $288 million, and 75% of the company’s revenue, for the year that ended December 31, 2024 to $3.8 billion, and 83% of the total, for last year. It made up $13.1 billion, and 80% of revenue, between January and June of this year. For Anthropic, consumption-based revenue refers to customers that pay for its AI models as they use them, based on the amount of tokens and the type of AI model they use.
The company spent $8.9 billion on computing power and infrastructure in the six months that ended June 30, up 283% from the year prior. The company noted that these expenses declined as a percentage of revenue, seemingly responding to concerns about the pace of spending.
Just since the end of 2025, Anthropic entered into new agreements for computing power with minimum obligations of about $417 billion. These agreements will generally start this year or next, with terms as long as 20 years.
The company’s total indebtedness stood at $6.2 billion as of June 30, and it said it could raise more debt going forward to meet its financing needs.
‘Existential Risks’
The company and its rival OpenAI are facing mounting public scrutiny over AI safety after a string of high-profile hacking incidents by rogue agents, ramping up concern about the potential impact on Anthropic’s market debut. Some company insiders have also warned AI could one day lead to the extinction of the human race. In its filing, Anthropic emphasised the potential for its AI to “behave in unintended, misaligned, or autonomous ways.” If its technologies are not developed with adequate safeguards and oversight, it could “pose catastrophic or existential risks to humanity, particularly if such systems were misused, replicated, weaponised, or allowed to operate with a high degree of autonomy.”
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