Anthropic’s filing for its long-awaited initial public offering reveals rapid revenue growth alongside widening losses and significant risks tied to artificial intelligence, competition and access to computing resources. The company plans to list on the Nasdaq under the ticker symbol ANT, and the IPO could take place in late November, according to the filing and a Wall Street Journal report.
The S-1 prospectus does not specify how much Anthropic intends to raise or the valuation it is seeking. In August, the New York Times reported that the company was seeking to raise more than $100 billion at a valuation of about $2 trillion.
Rapid growth, expanding losses
Anthropic’s filing describes the company’s financial position through the first half of 2026. Its sales increased from approximately $4.5 billion in 2025 to more than $16 billion. The filing highlights the growth of its enterprise business: more than 11,900 customers spent at least $100,000 with the company during the past 12 months, while more than 1,900 spent over $1 million. Approximately 250 customers spent more than $10 million.
Despite that growth, Anthropic is not yet profitable. The company reported a net loss of $80.7 billion in the first half of 2026, compared with a net loss of $13 billion during the same period last year.
“The emergence of machine intelligence is one of the seminal moments in human history,” Anthropic wrote in its application. “As future owners of our shares, we encourage you not to think of your purchase purely from a transactional perspective, but instead as an opportunity to be part of something bigger.”
Risks outlined in the prospectus
The prospectus includes an extensive list of potential business problems and warns that investing in the company’s stock involves a “high degree of risk.” The risks include Anthropic’s ability to secure enough computing capacity, intense competition from rival AI laboratories and the possibility that advanced AI systems could “pose catastrophic or existential risks to humanity.”
The filing warns that threat actors could exploit advanced AI to launch cyberattacks or develop new biological weapons. It also says authoritarian governments could use such systems to monitor their populations. Anthropic further identified the possibility of losing control of the AI models it develops.
The company also highlighted uncertainty surrounding government actions, including the Trump administration’s decision to designate Anthropic as a supply chain risk.
Source: www.wired.com
