New Delhi: Anthropic, the artificial intelligence company behind Claude, has unveiled plans for a US stock market listing that could become one of the largest share offerings in history. The company made its registration documents public on Monday, opening its finances to scrutiny as investors weigh rapid revenue growth against enormous computing costs and uncertainty over AI’s long-term profitability.
The San Francisco-based company intends to list its Class A common shares on the Nasdaq Global Select Market under the ticker symbol “ANT”. In its announcement of the proposed initial public offering, Anthropic said neither the number of shares being offered nor the proposed price range had been determined.
The distinction matters because the figures circulating around the transaction remain estimates rather than agreed terms. Reports have suggested that Anthropic could raise as much as $100 billion, while prospective valuations have ranged from about $1.5 trillion to $2 trillion; the final proceeds and valuation will depend on how the offering is priced.
A flotation could take place in November, although the timetable remains subject to change. Reuters reported on October 22 that Anthropic was preparing for a mid-November offering, with marketing to prospective investors expected to begin during the week of November 9.
The public filing follows months of preparations, including the company’s confidential submission of draft registration documents to the US Securities and Exchange Commission on June 1. Making the paperwork public advances the process but does not mean the offering has been completed or that investors can already trade its shares on an exchange.
Founded in 2021 by former OpenAI researchers, including the siblings Dario and Daniela Amodei, Anthropic has emerged as a major competitor in the market for advanced AI systems. Its business has expanded through corporate adoption of Claude and tools such as Claude Code, which helps software developers write and modify programs.
The financial disclosures show the speed of that expansion: revenue reached $16.3 billion in the first half of 2026, compared with about $4.6 billion for the whole of 2025. Yet the company also reported a first-half net loss of $80.7 billion, illustrating why rising sales alone provide an incomplete picture of its financial position.
uch of that headline loss reflected an accounting adjustment rather than money spent running the business during those six months. According to Reuters’ examination of a draft prospectus, approximately $72 billion arose from an increase in the estimated value of financing instruments that could convert into Anthropic shares.
That adjustment should not obscure the company’s substantial underlying expenditure. Anthropic spent nearly $9 billion on computing capacity and infrastructure in the first half of 2026, up from $2.3 billion a year earlier, as it expanded the resources needed to develop its models and serve customers.
Its relationships with larger technology companies are central to that expansion. Amazon and Google have invested in Anthropic while also supplying cloud infrastructure, linking its growth to companies that occupy several positions in the AI industry – financial backers, computing providers and competitors.
The planned listing therefore offers a significant test of investors’ willingness to finance businesses developing the most advanced AI models. A successful offering would give public-market investors direct exposure to a leading model developer, while establishing a benchmark against which other privately held AI companies could be assessed.
The market backdrop has become less accommodating, however, as rising interest rates and doubts about the sustainability of AI spending have unsettled investors. Reuters reported that data-centre operator Switch and AI infrastructure provider Nscale had pushed back their proposed listings, leaving Anthropic pressing ahead while several related businesses reconsidered their timing.
Safety concerns add another dimension to the offering, given Anthropic’s emphasis on managing the risks of increasingly capable AI. The chief executive, Dario Amodei, has called for slowing the release of new capabilities so that safeguards can catch up, placing the company’s commercial expansion alongside a public argument for greater restraint in developing the technology.
For prospective shareholders, the central question is whether demand for Claude and its related products can grow fast enough to support the company’s spending and eventual valuation. The public filing provides a clearer basis for that assessment, but the offering’s price, scale and reception will determine how much confidence investors place in Anthropic’s business prospects.