Anthropic Files for IPO, Targets Valuation Up to $2 Trillion

The prospectus offered a first look at Anthropic's finances. The company reported $16.3 billion in revenue for the first half of 2026, up sharply from about $1.16 billion in the same period a year earlier. It also posted a net loss of $80.7 billion. However, the outlets noted this figure requires context: about $72.4 billion was a non-cash charge tied to the changing value of convertible notes and similar financing instruments, and the operating loss was far smaller at $693 million.

TechPowerUp reported that more than 11,900 customers now spend at least $100,000 a year, and that the company holds roughly $131.7 billion in cash and short-term investments. Anthropic has also signed large compute commitments, including up to $114.5 billion with Google, at least $110 billion with Amazon, and a separate deal for AMD Instinct MI450 GPUs.

The filing included several cautions. Anthropic warned that its revenue growth rate may not be sustainable and could decline, that it may not reach or sustain profitability, and that it expects costs to keep rising. Tom's Hardware reported that the company also warned its AI safety measures may not prevent catastrophic risks.

Other AI firms have also moved toward public markets. OpenAI has said it does not expect to go public until next year, while chipmaker Cerebras has pursued a listing as well.

The AI developer behind Claude submitted its S-1 to the SEC, targeting a Nasdaq listing under the ticker ANT as early as mid-November.