Anthropic has filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission, setting up a potential public listing that a Reuters report suggests could seek to raise as much as $100 billion. The filing states the company intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker ANT. The number of shares to be offered and the price range have not been determined, and the Reuters fundraising figure is not a confirmed offering term.
The filing discloses $16.3 billion in revenue for the first half of 2026, a sharp increase from about $1.2 billion in the same period last year. Anthropic reported a net loss of $80.7 billion, a figure the company says was driven substantially by accounting adjustments tied to financing instruments rather than cash spent running the business. The company also cautioned that its revenue growth rate may not be sustainable and could decline.
Anthropic warned investors that it may need additional financing sooner than expected and said it does not anticipate paying dividends in the foreseeable future. The company disclosed large commitments to AI computing infrastructure, including up to $120.5 billion on compute involving SpaceXAI and Nvidia and up to $114.5 billion with Google through 2033. Those obligations are central to training and running advanced AI models but could become a heavy burden if demand falls short of expectations.
The prospectus also addresses risks tied to the technology itself, stating that advanced AI could pose catastrophic or existential risks to humanity, including dangerous capabilities, deceptive behavior and systems that become difficult for humans to control. Anthropic said its development of highly advanced models, platforms and applications and its expansion of use cases could further increase the risk that its models cause harm. The company said it is developing safeguards including pre-release testing, red-team assessments and systems to detect harmful outputs, and that it may delay training or restrict releases when safety measures are insufficient, while acknowledging those efforts may not succeed.
Mandeep Singh, technology research head at Bloomberg Intelligence, discussed the disclosures in a Bloomberg segment after the filing. He characterized the worst-case language as typical of risk disclosures for emerging technology companies preparing to go public, noting such language helps address potential liabilities. He also cited improving compute efficiency and gross margins as a positive signal, saying gross margins are inching closer to 50% from sub 20% a quarter earlier.
Anthropic is reportedly targeting a mid-November IPO, with November 19 or 20 floated as possible listing dates, though the company has not confirmed a timetable. The filing lands as OpenAI, the maker of ChatGPT, has also been preparing for a potential IPO, though CEO Sam Altman said in September that the company would not go public in 2026, citing AI safety concerns and more work to be done. Cerebras, which develops wafer-scale processors for AI workloads, completed its Nasdaq IPO in May after filing for a second time.
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