Anthropic Files for IPO That Could Value Company at Between $1.5 Trillion and $2 Trillion

Anthropic, the maker of the Claude AI models, filed its Form S-1 registration statement with the Securities and Exchange Commission on Monday, taking a major step toward an initial public offering that analysts expect to rank among the biggest ever. The company plans to list under the ticker symbol ANT, and reports suggest it could be valued at between $1.5 trillion and $2 trillion — putting it in the same range as SpaceX, which was valued at around $1.8 trillion when it went public in June. The prospectus did not specify a share price or the number of shares to be offered.

The filing revealed rapid but expensive growth. First-half revenue surged 1,300% to $16.3 billion, and adjusted operating income swung to a positive $1.6 billion from a loss of $1.8 billion in the same period a year earlier. Even so, Anthropic posted a net loss of nearly $81 billion in the first six months of the year, up from $13 billion during the same stretch last year.

Founded roughly five years ago by Dario Amodei and fellow researchers who left OpenAI over safety concerns, Anthropic has grown into OpenAI's biggest competitor. The IPO could arrive as soon as November. OpenAI has also discussed going public, but CEO Sam Altman has ruled out listing this year, calling it "ill-advised" given current AI safety concerns.

The filing also flagged ongoing legal disputes with the Pentagon, which designated Anthropic a "supply chain risk" over disagreements about military use of its models. Anthropic has since sued the Pentagon in two federal district courts, and those cases remain open.