Anthropic, which is the artificial intelligence (AI) company that created the Claude chatbot, has filed paperwork to carry out an initial public offering (IPO) of common stock. This may well be one of the largest IPOs in history, it could result in Anthropic's valuation rising as high as $2 trillion. Yes, that's trillion, with a "t" followed by a "rillion."
The shares will be listed on the NASDAQ under the ticker ANT.
The San Francisco-based company did not disclose how many shares it intends to sell nor at what price. That information will be determined in the coming weeks ahead of the stock market debut.
In the filing, Anthropic’s founders penned a letter to potential shareholders laying out their vision for the value of AI, while also disclosing what they see as the major risks for the business. Those risks include everything from competition from other AI labs to “catastrophic or existential risks to humanity.”
The company's performance to date has been mixed. The company has been operating at a loss, but much of that is due to spending on infrastructure, which is to be expected.
Anthropic’s revenue grew 1,300% year-on-year in the first six months of 2026, to $16.3 billion. The company’s business is largely dependent on companies using its Claude AI system. Anthropic said it has more than 14,000 enterprise customers, with approximately 250 of those contributing $10 million or more in annual revenue.
But the company reported an overall net loss of over $80 billion, according to the SEC filing. Still, just shy of $9 billion of that loss was due to spending on AI infrastructure and computing, while more than $72 billion was attributable to “change in fair value of convertible notes, derivative liabilities, and SAFEs.” That means only a fraction of the loss was actual spending during the first half of the year.
This is the same company and the same AI application that was blacklisted by the Department of War and dropped by the Pentagon earlier this year.
This offering is among the first such for big AI operations like this. The stage was set for cutting-edge tech companies going public, with Elon Musk's SpaceX launching an IPO earlier this year; but this is the first major, dedicated AI company to make a launch this big — if indeed the IPO meets expectations.
Here's the interesting part that may have a chilling effect on investors: In the filing, Anthropic reportedly includes 93 pages of risk factors, far more than most related companies have listed in similar IPOs. They include four major categories of risk:
- Misuse, including the AI being possibly used to develop bioweapons, to conduct cyberwarfare.
- Loss of human control.
- Authoritarian abuse, including government surveillance.
- Economic disruption.
The rise of AI has seen several big players stepping up, including Meta, OpenAI, and Google, along with many smaller operations. The entire global market for AI products is estimated at $3.6 trillion.
We'll see more offerings like this, no doubt. AI, like it or not, is the next big thing. It stands to supercharge the Information Revolution, and may well have as large an impact on the way we do things as the internet itself did.
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