Artificial intelligence startup Anthropic on Monday unveiled its public IPO filing for the first time ahead of what is expected to be one of the largest stock debuts in history.
That offering, widely expected to come sometime in mid-November, could value the Claude developer at more than $2 trillion. That could surpass the current record holder, Elon Musk’s SpaceX, which raised $75 billion in an IPO in June that valued the rocket-AI-social media firm at $2.1 trillion.
The filing did not include a potential share price, the number of shares to be offered or a valuation for the whole company, all of which will be determined after Anthropic holds a “roadshow” with investors, prospective investors and its bankers.
Monday’s filing with the Securities and Exchange Commission showed that Anthropic, like other AI firms, is splashing out unprecedented amounts of cash on cloud services to run its AI models.
The company plans to spend at least $110 billion with Amazon for cloud services through April 2036, and another $120 billion with SpaceX through 2029.
Anthropic also said it planned to spend $115 billion with Google and $45 billion with Microsoft, both through 2033, for computing infrastructure.
The filing said that the company recorded revenue growth that “grew 1,368% year over year for the three months ended June 30, 2026.”
The cost of cloud services to run its services grew by 300% over the same period.
Anthropic’s net loss for the first six months of 2026 was $80.7 billion. For the entirety of 2025, the company reported a $42 billion net loss.
Anthropic added that it expects its current cash and sales to be sufficient for the next 12 months, but warned that future revenue growth depends on a number of important factors, including the cost of infrastructure. As a result, it said “we may be required to seek additional financing sooner than we currently anticipate.”
The company said it has raised about $141 billion of capital through the end of June and is currently sitting on $112.4 billion of cash.
The company plans to list on the Nasdaq under the ticker symbol “ANT.” Goldman Sachs and Morgan Stanley are leading the historic offering, as they did with SpaceX’s record deal.
But already, the offering is coming slightly later than expected as recent market moves give investors pause about the trajectory of the seemingly ever-expanding AI boom.
Monday’s filing is unlikely to calm those fears.
Alongside its dramatic spending and borrowing figures, Anthropic warned that it “may not generate sufficient revenue to achieve or sustain profitability in the future.”
“While we have experienced significant revenue growth in recent periods, our business is highly capital intensive,” the company said. “Our revenue growth may not be sustainable, and our rate of growth may decrease.”
Nevertheless, Anthropic told regulators and investors that it plans to keep burning through capital. “We expect our costs will increase over time and our losses will continue as we expect to invest significant resources towards growing our business and operating as a public company.”
On Sunday, a top Wall Street economist warned that the sector had yet to deliver broad gains to the wider economy.
“Despite massive investments and widespread hype around artificial intelligence, the technology has delivered zero financial payoff to corporate America outside of tech,” said Torsten Slok, chief economist at investment firm Apollo Global Management.
“Profit margins are rising for the Mag 7 but are flat for the S&P 493,” he wrote on Sunday, referring to the companies left in the benchmark S&P 500 after subtracting for Meta, Microsoft, Alphabet, Apple, Amazon, Nvidia and Tesla. “ And there are still no signs of AI boosting productivity growth.”
The Nasdaq 100 which tracks the largest public AI developers, is up 15% this year. That’s more than the broader S&P 500’s 11% gain so far this year.
Market jitters over potential cracks in the AI boom have also caused a number of smaller IPOs to put their plans on hold. Earlier this month, a number of small offerings delayed or canceled their plans to go public, citing “market conditions.”
But still, the largest AI companies continue to raise massive amounts of funding for their projects. On Monday, Meta Platforms announced an up to $95 billion stock offering, while SpaceX said it had secured $40 billion in funding to buy Nvidia graphics processing units, which it called the largest type of fundraising ever.
As part of every stock offering, companies are asked to outline risks and uncertainties facing its business. Some of the risk factors outlined by Anthropic included safety, reliable computing infrastructure and its ability to “navigate an evolving, uncertain, and at times divergent global regulatory landscape.”
“Concerns have been raised both within our organization and by other researchers, regulators, policymakers, and industry participants that sufficiently advanced AI systems could, if not developed, deployed, and operated with appropriate safeguards, oversight, and security measures, pose catastrophic or existential risks to humanity,” the filing said.
Some of those potential risks have manifested themselves recently, as the firms have faced intense scrutiny over a swath of incidents in which their models and agents have hacked into government and private websites and services.
The companies, including Anthropic, have said they’re taking steps to bolster security. But those incidents also came as Anthropic founder Dario Amodei in September wrote that companies should “pace the frontier,” a way of saying that AI models were advancing faster than humans could grasp their capabilities.
Some within the industry conditionally agreed with Amodei, but Washington sharply rebuked the idea. He and President Donald Trump met privately and again at an industry meeting that took place at the White House.
Trump later said he wanted no holds at all placed on the progress the industry is making. Trump and the leaders of Google, Anthropic, Meta, OpenAI Nvidia and SpaceX signed what Trump said was a “morally binding” agreement to police AI safety.
“Look, I say, if you’re going to seek regulation, they can put you out of business,” Trump told Time Magazine. “But my attitude is, we’re winning against the world by a lot, and I want to keep winning.”
