The Company Behind Claude Wants to Go Public, and the Numbers Are Wild
The next giant AI IPO is officially on its way. On Monday, Anthropic, the San Francisco company behind the Claude chatbot, filed its S-1 with the SEC. It plans to list Class A shares on the Nasdaq under the ticker "ANT," with Goldman Sachs and Morgan Stanley leading the deal. There's no share count or price range yet, but analysts expect a debut as early as November, and some reports say the offering could raise up to $100 billion. That would beat the $86 billion SpaceX raised in June, the current record.
The filing finally opens up the books, and they're a lot to take in. Revenue for the first half of 2026 came in around $16.3 billion, up from roughly $1.2 billion in the same stretch last year. For all of 2025, it was about $4.6 billion. The losses are just as eye-popping: an $80.7 billion net loss for the first half, which the company mostly blames on the rising value of its convertible notes as its own valuation shot up, not on day-to-day operations. Spending on chips and infrastructure jumped to $8.9 billion from $2.3 billion. Anthropic was last valued at $965 billion in May, and there's talk of $1.5 trillion or even $2 trillion once it starts trading.
What makes this filing stand out is how openly it talks about risk. It acknowledges fears that advanced AI could pose catastrophic or even existential dangers if it's misused or left to act on its own. It also warns that costs and losses will keep rising and that growth may slow. CEO Dario Amodei and six other co-founders added a letter asking investors to see the stock as more than just a trade.
With SpaceX already public and OpenAI's plans reportedly delayed, this could be the first pure AI lab regular people can buy. Would you invest in a company that warns you about its own technology in the prospectus?
