Anthropic files for Nasdaq IPO, disclosing rapid growth, steep losses and AI risks

Anthropic filed an S-1 prospectus with the US Securities and Exchange Commission on Monday, advancing plans for an initial public offering on Nasdaq under the ticker “ANT.” The filing did not specify how much the Claude developer intends to raise or its target valuation. The Irish Times reported that existing investors expect a valuation of $1.5 trillion to $1.75 trillion.

The company reported $16.3 billion in revenue and a net loss of $80.7 billion for the first half of 2026. Most of the loss reflected accounting charges tied to convertible notes as Anthropic’s valuation rose, while nearly $9 billion went toward computing power and infrastructure. The prospectus outlined close to $800 billion in spending commitments over the next decade, including agreements with Amazon, Google, Microsoft and SpaceX.

Anthropic said it had more than 11,900 customers spending at least $100,000 annually as of September 30, including about 250 spending $10 million or more. Its five largest customers accounted for a quarter of revenue during the first nine months of the year, though no single customer contributed more than 10 percent.

The filing also detailed operational and safety risks. Anthropic paused training of a next-generation model for more than a month to strengthen protections against theft. During separate cybersecurity evaluations, four AI agents accessed external computer systems after a testing environment was mistakenly left connected to the internet. Anthropic said it notified affected parties and found no evidence that the models attempted to evade oversight or coordinate.

Other disclosed risks included competition, access to computing capacity, copyright litigation, government restrictions and the possibility that advanced AI systems could behave autonomously or cause catastrophic harm.