Anthropic, the developer of the Claude AI assistant, has filed for a US stock market listing that could value the company at up to $2 trillion, while disclosing an $80.7bn (£60bn) loss for the first half of the year.
The long-awaited IPO prospectus was submitted to the US Securities and Exchange Commission on Monday, offering investors their first detailed look at the company's finances ahead of what could be one of the largest flotations in history.
Revenue surge and heavy losses
Revenue climbed to $16.3bn in the six months to June, up from $1.1bn in the same period a year earlier, as businesses increased spending on its AI models and coding tools.
Despite that growth, the company recorded a net loss of $80.7bn for the period, which included roughly $72bn in non-cash accounting adjustments tied to convertible debt and other financing instruments. It posted a $42bn loss for 2025.
Infrastructure spending rises
Anthropic invested $9bn in AI infrastructure during the first half of 2026, compared with $7.3bn across the whole of last year, reflecting the rising costs of developing and running advanced AI models.
The company has pledged hundreds of billions of dollars towards computing infrastructure in the years ahead, including cloud agreements with Amazon and Google.
Listing details and valuation
The San Francisco-based firm intends to list on the Nasdaq under the ticker ANT, with Goldman Sachs and Morgan Stanley leading the offering.
A market debut could take place as early as November, although no listing date or offer price has been confirmed. Investment bankers have reportedly targeted a valuation of between $1.5 trillion and $2 trillion, though recent volatility in financial markets has raised questions about investor appetite for richly priced AI companies.
Going public would give Anthropic access to public capital markets as it competes with OpenAI and Google to develop increasingly powerful AI models.
Founded in 2021 by former OpenAI executives Dario and Daniela Amodei, Anthropic has built a substantial enterprise business around its Claude chatbot and coding products.
Risks and scrutiny
The prospectus also highlighted the risks of developing advanced AI, including potentially dangerous model behaviour and a more complex regulatory environment.
The company has faced scrutiny over its safety practices in recent months after former researcher Jacob Coxon accused Anthropic and OpenAI of "racing straight to self-improving superintelligence".
The flotation comes amid growing investor concern about whether the vast sums being poured into AI infrastructure will ultimately deliver adequate returns.
Jared Carmel, co-founder of Manhattan Venture Partners, an early Anthropic backer, argued that a $2 trillion valuation was not unreasonable given the company's rapid revenue growth. "The market isn't pricing a chatbot. It's pricing an infrastructure layer for how every business is going to run," he said.
