Anthropic filed to list on Nasdaq as ANT after an $80.7 billion half-year loss
The Claude maker reported $16.3 billion in first-half revenue, and outlets disagree on how much the company will be worth at listing.
In brief
Anthropic's IPO filing shows an $80.7 billion loss
Anthropic filed to list on Nasdaq as ANT. First-half revenue was $16.3 billion. About $72.4 billion of the loss was non-cash. Valuation reports range from $1.5 trillion to $2 trillion.
Anthropic, the company behind Claude, publicly filed its S-1 with the US Securities and Exchange Commission on Monday, October 26, 2026. An S-1 is the document a company must publish before it sells shares to the public. Anthropic plans to list on Nasdaq under the ticker ANT.
Goldman Sachs and Morgan Stanley lead the offering, according to CNBC. CNN reports that trading could begin as soon as November 16.
The numbers
First-half 2026 revenue was $16.3 billion. The net loss was $80.7 billion. About $72.4 billion of that loss was non-cash, tied to convertible notes and SAFEs, which are early-investor instruments that turn into shares later (Yahoo Finance and CNN).
CNBC also highlights net revenue retention of around 900% as of Sept. 30, per the prospectus. In plain terms, existing customers are spending about nine times more than a year earlier.
Outlets differ on growth. NBC News gives revenue growth as 1,368%, while CNN says about 1,300%.
What the price tag might be
The filing does not state the share count or a price range, per CNN and Fox Business. So the IPO valuation is not known yet. Bloomberg says about $1.5 trillion, possibly lower than earlier projections. CNN says up to $2 trillion.
The last private round raised $65 billion in May at a $965 billion valuation, according to CNN and Fox Business.
Why it matters
If you own a tech fund or a pension that holds one, a listing this large can touch your savings. It also tests whether big spending on AI pays off.
CNBC says Wall Street is jittery over whether AI services will justify trillions in expected infrastructure costs. Neocloud firms CoreWeave and Nebius lost over 30% of their value in October.
CNBC notes the filing warns of possible material revenue losses from Trump administration actions, and the company has had two high-profile disputes with the US government in recent months. One report on the debut raises questions about AI safety, and Bloomberg points to questions about AI risk and trustees.
Background
Dario Amodei co-founded Anthropic in 2021 after leaving OpenAI, now its chief rival. CNBC says growth in 2026 was driven largely by Claude Code, along with models including Claude Fable 5 and Mythos 5.
The word record depends on whose count you trust. CNBC calls SpaceX's June IPO the biggest on record, raising $85.7 billion. NBC News puts it at $75 billion, and CBS News at $86 billion.
The limits: the share count, price range and final valuation are not in the filing. The sources cited here do not include the SEC document itself, and the listing could still be derailed, CNBC says.