Anthropic, the company behind the Claude artificial intelligence (AI) chatbot, has filed for an initial public offering (IPO) in the United States, moving closer to becoming the first company focused on developing frontier AI models to list on the stock market.
The company filed a registration statement with the US Securities and Exchange Commission (SEC) on Monday, October 26, seeking to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol ANT. Anthropic had filed confidentially for a listing in June.
The company has not disclosed the amount it intends to raise or its proposed valuation. The preliminary filing does not specify the number of shares on offer or the price range. It also includes shares to be sold by existing shareholders, with Anthropic stating that it will not receive proceeds from those sales.
$417 billion in commitments puts AI spending in focus
Anthropic’s filing highlights the capital required to expand its AI computing infrastructure as the company scales its business.
The company reported revenue of $16.3 billion for the six months ended June 30, 2026, up from $1.2 billion in the corresponding period a year earlier. Its operating loss narrowed to $693 million from $2.1 billion in the first half of 2025.
Anthropic also reported adjusted operating income of $1.6 billion for the first half of 2026, compared with an adjusted operating loss of $1.8 billion in the year-earlier period.
The company said it intends to use the net proceeds from the IPO for general corporate purposes, including working capital, operating expenses, capital expenditure, investments in computing and infrastructure, and hiring and retaining employees.
The filing also disclosed approximately $417 billion in future minimum payment obligations arising primarily from leases for computing equipment and data centres, and purchase commitments with cloud providers. These commitments include agreements for additional capacity expected to be delivered between 2028 and 2031.
Anthropic warned that meeting these obligations depends on its ability to grow revenue. Much of its revenue is consumption-based and is not covered by long-term contractual commitments, while its computing and infrastructure commitments generally extend over several years.
Existing shareholders will also sell shares
The IPO will include newly issued Class A common stock sold by Anthropic and additional shares offered by existing shareholders. The company will not receive any proceeds from the shares sold by those shareholders.
Anthropic is incorporated as a public benefit corporation under Delaware law. Its stated purpose is the responsible development and maintenance of advanced AI for the long-term benefit of humanity.
The company said its corporate structure requires it to balance shareholders’ financial interests with the interests of people affected by its activities and its stated public benefit purpose. It has also established a Long-Term Benefit Trust intended to help oversee that balance.
Goldman Sachs and Morgan Stanley are the lead underwriters for the offering, alongside 20 other banks listed in the filing.
SpaceX sets the record as OpenAI prepares its next move
Anthropic’s potential fundraising would put it among the largest public offerings on record. SpaceX recently raised nearly $86 billion, including the underwriters’ greenshoe option, at an initial valuation of $1.77 trillion, according to the figures provided.
SpaceX shares began trading at $150 after the listing, against an IPO price of $135. The stock subsequently fell below the offer price before closing at $147.95 on Friday, October 23.
Anthropic’s IPO preparations follow those of OpenAI, which filed confidential listing paperwork weeks before Anthropic did so in June. OpenAI has since said it does not expect to go public until 2027 and is reported to be seeking another $30 billion in private-market funding at a valuation of $1.25 trillion.
Anthropic’s filing comes as competition in the frontier AI market drives demand for computing capacity and infrastructure, putting revenue growth and the ability to finance long-term commitments at the centre of the industry’s expansion.