Anthropic, the San Francisco‑based artificial‑intelligence startup behind the Claude chatbot, filed a registration statement with the US Securities and Exchange Commission on Monday, October 26, seeking to list its shares on a US exchange as early as November 2026. The move positions the company for a potential public debut that could value it at up to $1.75 trillion and generate more than $100 billion in proceeds.
**Key details of the filing**
- The company will trade under the ticker symbol **ANT**; the prospectus did not disclose the exact share count or final valuation target.
- Analysts estimate a valuation range of $1.5‑$1.75 trillion, with the offering possibly exceeding $100 billion.
- The Wall Street Journal reports that the listing could occur during the week of November 16, before the US Thanksgiving holiday.
- Lead underwriters include **Goldman Sachs** and Morgan Stanley, alongside a consortium of twenty additional banks.
What financial performance did Anthropic disclose?
Anthropic reported first‑half‑2026 revenue of roughly $16.3 billion, a dramatic rise from $1.2 billion a year earlier. Despite the revenue surge, the firm posted a net loss of about $81 billion for the six‑month period, driven largely by more than $72 billion in charges linked to the re‑valuation of convertible notes. Computing and cloud‑infrastructure costs jumped to nearly $9 billion, up from $2.3 billion in the comparable prior year. The company also noted that third‑quarter revenue had climbed to $16.8 billion, representing a near‑50 percent increase over the previous quarter.
How is voting control structured for founders?
The prospectus outlines a five‑class share system that gives the seven founders a combined 50.1 percent of voting power through Class F shares. A Long‑Term Benefit Trust will hold Class T shares, granting it the right to appoint a majority of the board. Subject to shareholder approval, at least five percent of the post‑IPO shares are earmarked for an Anthropic Public Benefit Fund, which will support non‑profit initiatives but exclude political donations and lobbying.
Who backs Anthropic and what risks are highlighted?
Founded in 2021 by former OpenAI staff, including CEO Dario Amodei, Anthropic counts Amazon, Google and Nvidia among its major investors, each contributing billions to the venture. The filing acknowledges that its advanced AI models could pose “catastrophic or existential” risks, while also emphasizing their potential to address global challenges.
**Background**
Anthropic’s Claude competes directly with OpenAI’s ChatGPT and Google’s Gemini. The company’s rapid revenue growth and massive loss reflect the broader industry trend of high‑cost AI development, where expenditures on data‑centres, cloud services and specialized hardware have become a focal point for regulators and investors alike.