Anthropic files for Nasdaq listing that could be the largest IPO on record

Anthropic, the San Francisco company behind the Claude artificial intelligence models, filed on October 26 to sell shares to the public in the United States, setting up a market debut that could become the largest initial public offering on record. According to The Hindu, the company submitted a registration statement to the US Securities and Exchange Commission (SEC) and intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol "ANT".

The listing will test how much public investors are willing to pay for a company whose revenue is growing quickly while its costs and accounting losses remain very large. The Globe and Mail and The Hindu both reported that the offering could exceed SpaceX's IPO in June, which raised a record US$86 billion. The Associated Press and The Globe and Mail reported that the filing came as Anthropic's chief executive warned of the risks that artificial intelligence poses to humanity.

Timing and terms

The Globe and Mail and The Hindu both reported that the filing positions Anthropic for a market debut next month. The company has not said how many shares it will offer or at what price range, according to The Hindu, which added that the timing and terms will depend on regulatory review and market conditions.

The public filing follows a confidential draft registration statement that Anthropic submitted to the SEC on June 1, 2026, The Hindu reported.

What the numbers show

According to figures reported by The Hindu, Anthropic's revenue for the six months ended June 30, 2026, was US$16.3 billion, up from US$1.16 billion in the same period a year earlier.

Spending by large customers also rose sharply. As of September 30, more than 11,900 customers had each generated at least US$100,000 in revenue over the previous 12 months, up from more than 950 a year earlier, The Hindu reported. More than 1,900 customers generated at least US$1 million each, and about 250 generated at least US$10 million.

The filing also says revenue from a group of existing customers was about nine times higher in the quarter ended September 30, 2026, than a year earlier, according to The Hindu. That measure counts customers who produced at least US$1 in revenue in the earlier period and excludes subscribers to the company's consumer Claude Pro and Max plans.

Losses remain large. The Hindu reported that Anthropic's net loss for the first half of 2026 widened to US$80.7 billion from US$13 billion a year earlier. Most of the increase came from accounting charges tied to changes in the estimated value of certain financing instruments as the company's valuation rose.

On an operating basis, Anthropic reported a loss of US$693 million in the first half, compared with US$2.14 billion a year earlier. Using its own adjusted measure, which excludes certain expenses, the company reported operating income of US$1.6 billion, a margin of about 10%, according to The Hindu.

Computing and infrastructure costs were US$8.95 billion in the first half, The Hindu reported. As of June 30, the company held US$131.7 billion in cash, cash equivalents and short-term investments.

Risks and control

The prospectus lists risks including Anthropic's reliance on outside computing providers, competition, and the rising cost of developing more capable models, The Hindu reported. Major cloud companies supply Anthropic with computing capacity and help distribute its products, while some of those same companies are also building competing AI services.

Public shareholders will have limited say over how the company is run. According to The Hindu, an entity formed by Anthropic's seven co-founders will hold a special share carrying 50.1% of general voting power, and the company's Long-Term Benefit Trust will have the right to appoint a majority of the board. The filing presents this structure as a way to protect the company's long-term public-benefit mission.

Background

Anthropic was founded in 2021 by former OpenAI staff, including its chief executive, Dario Amodei. It sells access to its Claude models to businesses and developers, and through consumer subscriptions. It is organised as a public benefit corporation, a legal form that allows directors to weigh a stated social mission alongside returns to shareholders. Its leadership has long argued that advanced AI carries serious risks and has called for safety research and regulation, even as the company competes to build more powerful systems.

What comes next

The proposed offering still requires SEC review. Anthropic has yet to set the number of shares, the price range or a firm listing date. Whether the deal raises more than SpaceX's US$86 billion will depend on those terms.

Sources: Associated Press, The Globe and Mail – World, The Hindu – International

Picture: The Globe and Mail – World