Anthropic releases IPO filing ahead of highly-anticipated stock debut

Artificial intelligence startup Anthropic on Monday unveiled its public IPO filing for the first time ahead of what is expected to be one of the largest stock debuts in history.

That offering, widely expected to come sometime in mid-November, could value the Claude developer at more than $2 trillion. That could surpass the current record holder, Elon Musk’s SpaceX, which raised $75 billion in an IPO in June that valued the rocket-AI-social media firm at $2.1 trillion.

The filing did not include a potential share price, the number of shares to be offered or a valuation for the whole company, all of which will be determined after Anthropic holds a “roadshow” with investors, prospective investors and its bankers.

Monday’s filing with the Securities and Exchange Commission showed that Anthropic, like other AI firms, is splashing out unprecedented amounts of cash on cloud services to run its AI models.

The company plans to spend at least $110 billion with Amazon for cloud services through April 2036, and another $120 billion with SpaceX through 2029.

Anthropic also said it planned to spend $115 billion with Google and $45 billion with Microsoft, both through 2033, for computing infrastructure.

The filing said that the company recorded revenue growth of “1,368% year over year for the three months ended June 30, 2026.”

The cost of renting servers and chips grew by 300% over the same period.

Anthropic’s net loss for the first six months of 2026 was $80.7 billion. For the entirety of 2025, the company reported a $42 billion net loss.

Anthropic added that it expects its current cash and sales to be sufficient for the next 12 months, but warned that future revenue growth depends on a number of important factors, including the cost of infrastructure. As a result, it said “we may be required to seek additional financing sooner than we currently anticipate.”

The company said it has raised about $141 billion of capital through the end of June and is currently sitting on $112.4 billion of cash.

The company plans to list on the Nasdaq under the ticker symbol “ANT.” Goldman Sachs and Morgan Stanley are leading the historic offering, as they did with SpaceX’s record deal.

But already, the offering is coming slightly later than expected as recent market moves give investors pause about the trajectory of the seemingly ever-expanding AI boom .

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Monday’s filing is unlikely to calm those fears.

Alongside its dramatic spending and borrowing figures, Anthropic warned that it “may not generate sufficient revenue to achieve or sustain profitability in the future.”

“While we have experienced significant revenue growth in recent periods, our business is highly capital intensive,” the company said. “Our revenue growth may not be sustainable, and our rate of growth may decrease.”

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Nevertheless, Anthropic told regulators and investors that it plans to keep burning through capital. “We expect our costs will increase over time and our losses will continue as we expect to invest significant resources towards growing our business and operating as a public company.”