Anthropic Files for IPO as Revenue Surges, Costs Mount

Anthropic has filed publicly with the Securities and Exchange Commission for what could be one of the largest initial public offerings on record, giving investors their first detailed look at the finances of a leading artificial intelligence developer just as worries over AI spending and debt are rattling markets.

The Claude maker plans to list Class A shares on the Nasdaq under the symbol “ANT.” Goldman Sachs and Morgan Stanley lead a 24-bank underwriting group. The share count and price range have not been set.

Revenue reached $16.3 billion in the first half of 2026, up from $1.2 billion a year earlier and well above the $4.6 billion for all of 2025. Compute and infrastructure costs rose to $8.9 billion in the half.

Anthropic reported a first-half net loss of $80.7 billion, driven mostly by a $72.4 billion non-cash charge tied to the rising value of convertible notes. Its operating loss narrowed to $693 million, and adjusted operating income was $1.6 billion.

The company held $131.7 billion in cash and short-term investments as of June 30. More than 11,900 customers generate at least $100,000 in annual revenue, including about 250 above $10 million.

Anthropic is a public benefit corporation. Its Long-Term Benefit Trust will elect a board majority, and a founder-held share will carry 50.1% of shareholder voting power, making it a controlled company. Anthropic also placed 5% of its fully diluted shares in a public benefit fund.