Anthropic filed papers Monday for what could become the largest initial public offering in history, potentially surpassing SpaceX's $86 billion IPO from June. The San Francisco artificial intelligence company plans to debut on Wall Street before Thanksgiving, with some investors valuing it at roughly $1.5 trillion, down from $2 trillion a week earlier after the company disclosed financial details to investors.
The filing reveals explosive growth alongside mounting losses and safety concerns. Anthropic's revenue grew 1,368 percent in the three months ended June 30 compared to the same period a year ago, reaching approximately $16.3 billion in the first half of 2026. The company's net loss, however, widened sharply to $80.7 billion in that period, largely due to a rise in the fair value of convertible bonds. Compute and infrastructure expenses remain its largest operating cost and are expected to keep increasing.
Chief executive and cofounder Dario Amodei recently published an essay calling for slower development of advanced AI models, even as an IPO would provide capital to accelerate expansion. The prospectus details risks posed by increasingly powerful AI systems, including potential misuse, security threats and outputs "that could be interpreted as coercive, deceptive, or manipulative." Anthropic's own research has shown advanced models can exhibit code sabotage, fraud assistance, information manipulation and behaviours "resembling blackmail." The company warned that its growing reliance on AI systems to accelerate its own research may cause model capabilities to advance faster than its ability to develop safety and security measures.
The company serves over half of Fortune 500 companies and more than 30 percent of Global 2000 firms, with each generating at least $100,000 in annual revenue. Anthropic relies on Amazon, Google and Microsoft for cloud services and Broadcom for critical infrastructure components, creating what it called "dependencies and potential vulnerabilities." Goldman Sachs is handling the offering. Anthropic will trade on Nasdaq under the ticker "ANT" once the IPO closes.