Anthropic is going public. After weeks of leaked S-1 documents, the company filed its initial public offering papers with the Securities and Exchange Commission on Monday, setting up what could become the biggest stock IPO ever. Anthropic plans to list on Nasdaq under the ticker “ANT,” although it has not disclosed how much it wants to raise or its proposed share price.
The filing gives investors a first detailed look at the economics behind one of the most valuable AI companies on the planet. Analysts and investors have valued Anthropic, which was founded in 2021, at more than $1.5tn. That valuation now faces the less glamorous test of revenue, losses, compute bills, governance, and the possibility that advanced AI may create risks no insurer wants to touch.
Revenue is surging, but the losses remain extraordinary
Anthropic recorded $16.3 billion in revenue during the first half of 2026, up from $1.2 billion in the same period last year. The company reported an operating loss of $693 million, down from $2.1 billion in operating losses during the first half of 2025.
Then comes the accounting crater: Anthropic reported a net loss of $80.7 billion for the first half of 2026. The majority of that loss came from noncash accounting adjustments tied to convertible debt and notes issued to fund the company. Noncash does not mean irrelevant, especially when the number has eleven digits and investors are being asked to buy the story.
Anthropic warns that it “may not achieve or sustain profitability in the future.” Its filings also describe billions of dollars in commitments for the computing power needed to train and run its AI models, turning infrastructure into one of the company’s largest strategic bets.
Once all planned capacity is delivered, Anthropic expects to pay SpaceX about $3.1 billion per month for access to Nvidia GPUs. That deal could total $120.5 billion by 2029. Other commitments include $44.9 billion with Microsoft through 2033, at least $114.5 billion with Google through 2033, and $110 billion with Amazon over the next ten years.
Founders keep control while investors absorb the risk
The filing shows a customer base with serious spending power. As of the end of September, Anthropic had more than 11,900 customers spending at least $100,000 each year, including 1,900 customers spending $1 million or more and about 250 spending $10 million or more annually.
Public shareholders, however, will not receive voting power proportional to their economic ownership. Dario Amodei, Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish, and Christopher Olah will form the “Founder LLC,” which will collectively control 50.1% of shareholder voting power once Anthropic goes public.
Anthropic says that structure protects its AI safety mission. The Long-Term Benefit Trust, established in 2023 to ensure the company pursues its public benefit mission, will also have the authority to appoint most of the board. That arrangement is controversial because investors may own part of the company without gaining much practical control over it.
The tension is hard to miss. Anthropic says its technology poses “catastrophic or existential risks to humanity,” yet ordinary shareholders will have limited influence over decisions involving that technology. The company is asking the public to fund the mission while keeping the steering wheel in founder and trust hands—a familiar corporate compromise, only with more existential stakes.
Anthropic says, “We believe that AI is one of the most consequential technologies in human history.” The filing says the company aims to capture AI’s benefits while navigating and preventing the risks of a technological revolution that is moving this fast and carrying this much power.
It also says there are four things investors should understand: AI’s potential, the risks that must be addressed, Anthropic’s approach to building and operating the company, and the ways its behavior may differ from that of a purely profit-maximizing business.
The compensation figures add another layer to that promise. Dario Amodei’s compensation totaled nearly $18 million in 2025, with most of it coming from stock and option awards. Daniela Amodei, the company’s second highest-paid executive, received $16.4 million in 2025.
Anthropic’s risk disclosures cover familiar legal and financial threats, along with scenarios that sound less like standard IPO boilerplate. They include AI models developing “forms of sentience,” “AI-specific taxes,” unfavorable resolutions to ongoing copyright disputes over how the models are trained, and “catastrophic” AI-related incidents.
The company warns that no single insurer—and “potentially the insurance industry in the aggregate”—could underwrite the risk from such an incident. Anthropic confidentially filed with the SEC in June before making its stock-market listing public. Now the company must persuade investors that explosive demand, enormous infrastructure commitments, founder control, and unprecedented risks belong in the same portfolio.
Based on
- Anthropic officially files for its public debut — techcrunch.com
- Anthropic files for an IPO that could top SpaceX’s record debut | AP News — apnews.com
- Anthropic files for its IPO | The Verge — theverge.com
- Anthropic files for US stock market listing valued at more than $1.5tn | Anthropic | The Guardian — theguardian.com
