Anthropic files IPO paperwork: revenue surges, but no profit yet
US artificial intelligence company Anthropic, maker of the Claude models, has filed a prospectus for an initial public offering on Nasdaq. The documents show revenue above $16 billion and a lengthy list of business risks.
Anthropic, the artificial intelligence company behind the Claude models, filed its S-1 prospectus on Monday as it prepares for an initial public offering (IPO). According to the filing, the company plans to list on Nasdaq under the ticker ANT. The Wall Street Journal reported that the offering could take place in November. The prospectus sheds light on the company's finances and the risks facing its business.
The S-1 does not say how much money Anthropic intends to raise or what valuation it is targeting. The New York Times reported in August that the company was seeking more than $100 billion at a valuation of about $2 trillion.
Financials
The documents cover the first half of 2026, when revenue rose to more than $16 billion, compared with about $4.5 billion in 2025. Anthropic highlighted growth in its enterprise business: over the past twelve months, more than 11,900 customers spent at least $100,000, more than 1,900 spent $1 million or more, and roughly 250 spent $10 million or more.
The company has yet to turn a profit. It recorded a net loss of $80.7 million in the first half of 2026, versus a net loss of $13 billion in the same period last year.
Risks
The prospectus warns that investing in the stock carries "a high degree of risk." The risks listed include securing enough computing capacity, fierce competition from rival AI labs, and the potential for advanced AI systems to "pose catastrophic or existential risks to humanity." The filing also cautions that sophisticated AI could be misused by threat actors for cyberattacks and the development of novel biological weapons, or by authoritarian governments to surveil citizens. Anthropic additionally flagged the risk of losing control of the models it builds.
The company pointed to the unpredictability of government action, specifically the Trump administration's decision to designate it a supply-chain risk. It said it cannot be certain that the outcome of related lawsuits will not hurt its ability to sell to government agencies and to customers that serve the US government.
Background
Rival OpenAI, which filed confidentially for an IPO in the summer, announced in September that it no longer intended to go public this year, citing concerns about the risks AI poses to humanity. Anthropic was founded in 2021 by seven former OpenAI employees. CEO Dario Amodei has repeatedly spoken about the risk that AI could eliminate many jobs.
