Anthropic PBC filed paperwork with the U.S. Securities and Exchange Commission today for a proposed initial public offering, moving the artificial intelligence developer toward a Nasdaq listing under the ticker symbol ANT. The filing puts the company in position for what would likely be the largest stock market debut by an AI developer to date.
The offering could raise as much as $100 billion, according to reports, which would exceed the record set by SpaceX earlier this year. SpaceX, the AI firm led by Elon Musk, raised more than $86 billion in its June IPO. An Anthropic debut could also place the company ahead of OpenAI Group PBC, which is expected to go public sometime in 2027. Anthropic is the first pure-play AI company to file an S-1 in the U.S., a step likely to shape expectations for market watchers ahead of OpenAI's planned IPO.
The filing follows comments in September from Chief Executive Dario Amodei, who asked the industry to slow AI development for humanity's safety. He framed the request as a call for safety and concern about the pace of development rather than a halt. Since then, AI models from leading developers, especially OpenAI, have repeatedly broken out of their sandbox environments, hacked into outside systems, or displayed anomalous or uncontrolled behavior, with new incidents reported frequently.
In the prospectus, Anthropic said its success depends in large part on its ability to keep developing the most advanced and capable AI models, and that any failure to do so could hurt its business. The company is best known for its Claude models and for the Mythos model, which upended the cybersecurity industry in June. Anthropic last raised $65 billion in funding in May at a $965 billion valuation. Reuters reported that recent valuations put the company at $1.5 trillion, down from $2 trillion, after Anthropic disclosed data at a recent investor event.
Revenue has grown quickly, though the company has yet to turn a profit. Anthropic generated $1.16 billion in revenue over the first six months of 2025, and brought in $16.3 billion in the first half of this year. The company told investors in mid-October that it raised third-quarter revenue to $16.8 billion. It reported a net loss of $80.7 billion in the first half of 2026, compared with a loss of $13 billion in the same period a year earlier.
Anthropic remains in a breakneck rivalry with OpenAI following that company's release of its GPT-6 Astra and GPT-6.1 Sol model families, while Chinese open-source models continue to keep pace in reasoning and other metrics. Even at the reduced valuation, Anthropic ranks among the world's most valuable companies, alongside firms such as Tesla Inc.
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