Anthropic makes IPO filing public ahead of expected record-sized Nasdaq debut

In brief

• Anthropic published its S-1 prospectus for a Nasdaq listing under the ticker ANT, with the offering expected in mid-November and a possible Thanksgiving week debut.
• The filing reports $16.3 billion in first-half 2026 revenue against a $80.7 billion net loss, of which $72.4 billion is an accounting charge tied to convertible notes.
• The company holds $112.4 billion in cash or equivalents and has committed at least $110 billion to Amazon cloud services through April 2036 and $120 billion to SpaceX through 2029.
• Reports put the expected valuation at $1.5 trillion to $2 trillion, which would rival SpaceX's June listing at about $2.1 trillion.

Filing details and timing

Anthropic has sent its final IPO paperwork to the Securities and Exchange Commission, with a Monday, October 26 date, and plans to trade on the Nasdaq under the symbol ANT (AI giant Anthropic files for an IPO that could break records – NPR) (Anthropic’s IPO filing lays out a plan to ‘revolutionize every area of human endeavor’ with AI – The Verge). The offering is widely expected in mid-November, and some reports point to a debut during Thanksgiving week (Anthropic’s S-1 shows $16.3 billion in revenue and an $80.7 billion net loss – Fortune) (Anthropic releases IPO filing ahead of highly-anticipated stock debut – NBCNews.com). The filing does not yet set a share price, the number of shares or a total valuation; those will be fixed after a roadshow with investors (Anthropic unveils details of planned historic stock market debut – BBC News).

Financial picture

According to the filing, Anthropic earned $16.3 billion in revenue in the first six months of 2026, against $1.2 billion in the same period a year earlier. For that half-year the company booked a net loss of $80.7 billion, of which $72.4 billion reflects an accounting charge linked to the growing value of convertible notes the company has issued (Anthropic opens books on AI’s explosive growth and staggering costs – Investing.com). Anthropic also reported $112.4 billion in cash or equivalents. Revenue for the three months ended June 30 was 1,368% higher than in the same quarter a year earlier.

Comparison with SpaceX

At the expected valuation, Anthropic would sit alongside Elon Musk's SpaceX, whose June listing raised $75 billion and valued the company at about $2.1 trillion, the largest IPO on record. Other reports put SpaceX's listing valuation at around $1.8 trillion.

Spending and risk disclosures

Anthropic's cloud commitments run to at least $110 billion with Amazon through April 2036, plus a further $120 billion with SpaceX through 2029. The company also warned that advanced AI systems could, if poorly safeguarded, pose catastrophic or existential risks to humanity.

Market context

The filing comes as market volatility has thinned the autumn listing calendar and higher borrowing costs have raised investor concern about debt-funded AI spending (Anthropic IPO filing to put AI investment boom to the test – Investing.com). In morning trading, the S&P 500 was up 0.5% as the main Wall Street indexes traded higher. Analysts quoted by Reuters said the offering would set a benchmark for how investors value leading AI companies, including rival OpenAI.