Anthropic, the artificial intelligence company behind the Claude chatbot, filed for an initial public offering (IPO) in the United States on Monday, moving closer to a stock market debut that could rank among the largest in history.
The San Francisco-based company plans to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol ANT, according to its announcement. Anthropic has not yet determined the number of shares it will offer or the price range for the offering.
The company filed a registration statement with the U.S. Securities and Exchange Commission (SEC). The filing is not yet effective, and the shares cannot be sold until the registration becomes effective. The proposed listing comes as investors weigh the rapid growth of the AI industry against the substantial costs of developing and operating increasingly powerful models.
Revenue surges as losses mount
Anthropic reported revenue of $16.29 billion for the first six months of 2026, alongside a net loss of approximately $80 billion, according to its prospectus, according to The Guardian.
The company’s revenue has grown sharply over the past three years. It generated $41 million in 2023, $386 million in 2024 and $4.59 billion in 2025.
READ: Anthropic’s new AI agent Claude Duet can work while users are away (October 22, 2026)
The figures underline the rapid expansion of demand for Claude and Anthropic’s AI services, particularly among business customers. They also illustrate the financial pressures facing companies investing heavily in AI development and infrastructure.
Anthropic disclosed that it had raised $141.1 billion as of the end of June 2026. The Guardian reported that investors had valued the company at more than $1.5 trillion, while Reuters reported that some current and prospective investors were considering a valuation of around $1.5 trillion. Reuters also reported that Anthropic could seek to raise as much as $100 billion through the IPO. The company has not confirmed the final offering size or pricing.
Enterprise demand drives growth
Founded in 2021 by former OpenAI employees, including chief executive Dario Amodei and his sister, Daniela Amodei, Anthropic develops AI models and products used for writing, software development, research and other business applications.
Its flagship product, Claude, competes with ChatGPT from OpenAI and other generative AI platforms. Anthropic has also expanded its coding tools and enterprise-focused services as companies adopt AI to automate tasks and support software development.
According to the prospectus figures cited by The Guardian, Anthropic had more than 14,000 enterprise customers as of Sept. 30. Of those, 11,900 generated at least $100,000 in revenue for the company, more than 1,900 generated at least $1 million, and about 250 generated at least $10 million.
However, the company also disclosed that a substantial portion of its revenue came from a limited number of customers. Its five largest customers accounted for about one-quarter of revenue, although no single customer represented more than 10%. Such concentration creates a potential financial risk if major customers reduce their spending or switch to competing AI services.
AI safety and business risks
Anthropic’s IPO filing also details risks associated with the technology it develops, including potential misuse of advanced AI systems, cybersecurity threats, loss of control and economic disruption.
The company has warned that its most capable models could provide assistance to malicious actors seeking to develop dangerous weapons. It also acknowledged that its technical safeguards are incomplete and could be bypassed or fail to operate as intended.
The Guardian reported that Anthropic disclosed an incident in September 2025 in which it assessed with high confidence that a Chinese state-sponsored hacking group had manipulated its Claude Code tool in an attempted cyberattack targeting about 30 organizations worldwide.
READ: Anthropic posts $80.7 billion loss in first half of 2026 as AI infrastructure costs surge (October 21, 2026)
The disclosure places AI safety among the issues investors may consider when assessing the company’s long-term prospects, alongside revenue growth, competition and the cost of computing infrastructure.
Anthropic has also faced a dispute with the Trump administration over the use of its AI products in military operations. The company was designated a supply chain risk, a decision that restricts military agencies from contracting with it. Anthropic has challenged the designation.
A major test for the AI market
Anthropic’s proposed listing comes amid a broader race among AI companies to attract capital and expand their computing capacity.
Reuters reported that the IPO could test investor appetite for large AI businesses as companies spend heavily on models, data centers and specialized chips. The offering could also provide public-market investors with greater access to a sector that has largely depended on private funding.
OpenAI, Anthropic’s principal competitor, has also taken steps toward a potential public listing. However, Reuters reported that OpenAI chief executive Sam Altman said in September that the company would not go public in 2026.
For Anthropic, the IPO will provide an opportunity to raise capital from public investors while exposing its financial performance, business risks and governance to greater scrutiny. The final valuation, offering size and timing of the market debut remain subject to the IPO process and regulatory requirements.