Anthropic Files for IPO as $16.3 Billion Revenue Meets an $80.7 Billion Loss

Anthropic is officially moving toward a public debut, and its latest financial numbers are now out. The company behind Claude has filed its IPO registration with the SEC, revealing explosive revenue growth, mounting losses, and major infrastructure costs. However, its final valuation remains unconfirmed.

Anthropic IPO valuation could reach $1.5 trillion

Anthropic filed its Form S-1 registration statement on October 26, 2026. The company plans to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol ANT. The filing does not disclose the offering price, number of shares, or final valuation. However, Reuters reports that some investors are discussing a valuation of around $1.5 trillion. That is down from expectations of roughly $2 trillion a week earlier.

For context, Anthropic was valued at $965 billion in its May funding round. Its potential IPO valuation would therefore represent a massive increase, although investors still need to settle on the final terms. Anthropic generated $16.286 billion in revenue during the first half of 2026. That compares with $1.163 billion in the same period last year.

However, the company reported an $80.748 billion net loss for the first six months. Most of that figure came from changes in the fair value of convertible notes and other financing instruments, rather than ordinary operating expenses. Anthropic’s operating loss was $693 million, improving from $2.135 billion a year earlier. The company also recorded $72.388 billion in losses from changes in financing instruments’ fair value.

Claude’s growth comes with a massive infrastructure bill

Compute and infrastructure expenses reached $8.945 billion during the first half of 2026. Anthropic expects these costs to remain its largest operating expense as demand for Claude grows. The company also disclosed more than 11,900 customers generating at least $100,000 in trailing-twelve-month revenue as of September 30.

Anthropic has not confirmed its IPO pricing or launch date. Its registration statement remains subject to SEC review, and the final terms could change before shares begin trading. The public offering will test investor appetite for AI companies amid growing scrutiny of infrastructure spending and profitability.