Anthropic, the artificial intelligence company behind the Claude models, has publicly filed to list its shares on Nasdaq under the ticker ANT. Goldman Sachs and Morgan Stanley are leading the offering, which the company plans for later this autumn. It did not disclose how much it intends to raise.
The filing, made with the US Securities and Exchange Commission on Monday, shows revenue of $16.3bn in the six months to June, against $4.6bn for the whole of 2025. Quarterly revenue jumped from $4.7bn in the first quarter to $11.6bn in the second. About 80 per cent came from usage-based charges and 20 per cent from subscriptions.
The company recorded its first operating profit, $974m, in the second quarter, after an operating loss of $1.7bn in the first. It reported a net loss of $80.7bn for the half.
The cost of compute
Anthropic spent $8.9bn renting computing capacity from other companies in the first half, nearly four times the level a year earlier, and $482m on its own property and equipment. Yahoo Finance calculates its non-cancellable commitments to Broadcom, Google, Amazon and Microsoft at about $430bn. The company says it plans to build more of its own data centres over time.
Anthropic was valued at $965bn in May. Reports put the range under discussion for the listing at $1.5tn to $2tn, which would make it one of the largest flotations on record.
Risks
Among the risk factors, the prospectus says AI models could pose a "catastrophic or existential risk to humanity". It also warns that many customers can cut usage at short notice, that "even if we successfully attract new customers, we face significant challenges in retaining them", and that it lacks the other revenue streams of Meta, Google or Amazon.
Rival OpenAI, valued at $852bn in March, is expected to seek a listing in early 2027.
