Anthropic, the US artificial intelligence (AI) company behind the Claude chatbot, filed paperwork on Monday for an initial public offering (IPO) that could raise up to $100 billion, potentially making it the largest stock market listing in history.
The San Francisco-based company has applied to list its shares on the Nasdaq Global Select Market under the symbol ANT. The final size, price and valuation of the offering have not been decided. Reports put its potential valuation at $1.5 trillion to $2 trillion, up from $965 billion in a private funding round in May.
The proposed fundraising could surpass the $86 billion raised by SpaceX in its record-setting IPO in June. Anthropic’s public listing is expected to move towards a launch in November.
Where will the money go?
The proceeds would help Anthropic fund its expansion, including computing infrastructure, data centre capacity and the technology needed to develop and operate its AI models. The company’s filing also identifies acquisitions of businesses and technology as possible uses for the funds.
AI models require large amounts of computing power, electricity and data centre capacity. Anthropic has committed more than $500 billion in spending with infrastructure partners over the coming years, including Amazon, Google and Microsoft, according to its IPO disclosures.
Revenue rises, losses remain
Anthropic’s revenue rose from $386 million in 2024 to $4.59 billion in 2025. It reported revenue of $16.29 billion in the first half of 2026, compared with $1.2 billion in the same period last year.
However, its operating loss was $693 million in the first six months of 2026. Its reported net loss was $80.7 billion, largely due to an accounting charge linked to the increased value of financial instruments that could convert into shares, rather than operating expenses alone.
Founded in 2021 by former OpenAI researchers Dario Amodei and Daniela Amodei, Anthropic competes with OpenAI, Google and other AI developers. Its Claude models are used for coding, business tasks and general-purpose AI assistance.