Anthropic, the maker of the Claude chatbot, filed for an initial public offering on Monday. The filing brings the San Francisco company a step closer to trading on Wall Street.
Market analysts expect the IPO as early as November. Reports say the offering could raise as much as $100 billion.
That would top SpaceX, which raised a record $86 billion when it went public in June.
Fast Growth and Heavy Losses
Anthropic’s S-1 filing with the Securities and Exchange Commission shows rapid growth. The company brought in $16.3 billion in revenue in the first half of 2026, up from $1.2 billion in the same period last year.
The company said it expects that pace of revenue growth to slow over time. It has not yet turned a profit.
Anthropic reported a net loss of $80.7 billion for the first half of the year. That is more than six times the loss of nearly $13 billion in the first half of 2025.
Spending on computing has climbed fast. Anthropic spent $8.9 billion in the first six months of 2026 on chips and other infrastructure, compared with $2.3 billion a year earlier.
Anthropic was valued at $965 billion in May. Its value could rise to $1.5 trillion or possibly $2 trillion, though a final valuation has not been set.
In a letter included in the filing, the company’s seven co-founders asked investors not to view the purchase “in purely transactional terms.” They described the arrival of machine intelligence as “one of the seminal moments in human history.”
The filing also lists risks. Anthropic said its growth depends on access to capital, including debt financing, and on using its own AI models to help build future ones.
Other AI Companies Eye the Market
Rival OpenAI, the maker of ChatGPT, is valued at $852 billion. CEO Sam Altman has said the company’s IPO timeline would be extended over AI safety concerns.
CBS News reported that Anthropic filed confidential IPO paperwork in June, just over a week before OpenAI. The Associated Press said OpenAI has not yet reported filing initial paperwork with the SEC.
SpaceX merged with Elon Musk’s AI company xAI in February, lifting its value to $1.25 trillion. The company reported revenue of $14.6 billion earlier this month.
Some AI-related firms have chosen to wait. SB Energy, Nscale and Singapore-based DayOne Data Centers have delayed their offerings until at least December, according to Renaissance Capital.
Michael Field, chief equity analyst at Morningstar, said AI companies are “burning through cash to win the AI race.” He said public equity is the cheapest source of funding available.
Nigel Green, CEO of deVere Group, called the Anthropic offering “a referendum on the entire AI trade.” Analysts at Lightshed wrote that Anthropic “could become the most valuable company in the world” but “could also end up in bankruptcy.”
Anthropic said its shares will list on the Nasdaq Global Select Market. The stock will trade under the symbol “ANT,” with the debut expected as early as November.
