Anthropic CEO Dario Amodei
Anthropic CEO Dario Amodei

Anthropic, the artificial intelligence company behind the Claude chatbot, publicly filed for an initial public offering on Monday. That moves it one step closer to what could be one of the largest stock market debuts in history. The company has not set a date for its shares to begin trading.

In a statement, Anthropic said it had filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission for a proposed IPO of its Class A common stock. It plans to list on the Nasdaq Global Select Market under the ticker symbol "ANT."

The company said the number of shares to be offered and the price range "have not yet been determined." Goldman Sachs and Morgan Stanley are leading the offering.

When will trading begin?

Anthropic has not announced an official IPO date. Media reports point to a debut in the second half of November.

Bloomberg reported earlier this month, citing people familiar with the matter, that Anthropic could begin formally marketing its shares to investors as soon as the week of Nov. 9. The report said trading could start before the Thanksgiving holiday on Nov. 26. Fortune reported Monday that the company is expected to target a debut during Thanksgiving week.

Bloomberg also cautioned that the company was still considering its plans and that "the timing could change."

The usual IPO process gives a rough sense of the remaining steps:

  • Public filing: The S-1 filed Monday makes the company's financial details public.
  • Price range: A later amended filing would set the number of shares and an expected price range.
  • Roadshow: Executives and bankers then pitch the offering to institutional investors, usually over one to two weeks.
  • Pricing: The final share price is set the evening before trading begins.
  • First trade: Shares then begin trading on Nasdaq under "ANT."

Under SEC rules, a company must make its registration statement public at least 15 days before starting its roadshow. Monday's filing comes about two weeks before the week of Nov. 9 marketing start that has been reported.

The registration statement is not yet effective. The shares cannot be sold until the SEC declares it effective.

Valuation and size

Anthropic has not disclosed a target valuation or how much it plans to raise.

Media reports have put the possible valuation between $1.5 trillion and $2 trillion. At that level, Anthropic would rank among the most valuable companies in the world on its first day of trading. Some reports have said the company could seek to match or exceed the $75 billion raised in SpaceX's record IPO, but Anthropic has not confirmed any offering size.

A valuation near the top of that range would make Anthropic's debut one of the largest ever by market value.

What the filing shows

The S-1 gives investors their first detailed look at the company's audited finances. According to reports on the filing:

  • Revenue for the first six months of 2026 was $16.3 billion, up from about $1.2 billion a year earlier.
  • The company reported a net loss of $80.7 billion for the period. About $72.4 billion of that came from an accounting charge tied to the rising value of convertible notes and other financing instruments, rather than from operations.
  • The operating loss was $693 million, down from $2.14 billion a year earlier, and operating cash flow was positive at about $3.93 billion.
  • Computing and infrastructure costs rose to $8.95 billion from $2.33 billion.
  • As of Sept. 30, more than 1,900 customers had each generated at least $1 million in revenue over the previous 12 months.

The filing also discloses large computing commitments. One equipment lease alone requires about $125.2 billion in rent over five years.

About 80% of the company's revenue in the first half came from usage-based sales, which carry limited long-term customer commitments. The filing also notes that the Federal Trade Commission issued an investigative demand this month covering consumer protection, privacy and product safety. The filing does not indicate any wrongdoing.

In the filing, Anthropic repeats its stated long-term ambition of building a "country of geniuses in a data center."

Governance structure

Earlier reporting on Anthropic's draft prospectus described an unusual governance structure. According to those reports, a "Founder LLC" holds a single Class F share carrying 50.1% of voting power, directed by majority vote of the company's seven co-founders.

Anthropic is organized as a public benefit corporation. That structure requires it to weigh a stated public mission alongside shareholder returns.

Investors and governance experts are likely to examine how this structure limits outside shareholders' influence once the company is public.

How we got here

Anthropic was founded in 2021 by former OpenAI researchers, including Chief Executive Dario Amodei and President Daniela Amodei. Amazon and Google are among its major investors and cloud partners.

The company announced on June 1 that it had confidentially filed for an IPO, saying the timing would depend on market conditions. The Wall Street Journal later reported that the listing had been planned for November rather than October, a schedule that would let the company include third-quarter financial results.

Market reaction

Monday's filing drew broad interest on Wall Street. Technology stocks rose in early trading, partly on enthusiasm about the offering. Investors widely see the listing as a test of public market appetite for AI companies, which have absorbed hundreds of billions of dollars in private funding.

The timing is also delicate. Concerns about the scale and financing of AI spending weighed on technology stocks last week. The Federal Reserve announces its interest rate decision on Wednesday. And big technology companies, including Alphabet, Microsoft and Amazon, all major players in AI, report earnings this week.

For investors hoping to buy shares, the next milestone is an amended filing with a price range, which typically signals that the roadshow is about to begin.