Anthropic files for Nasdaq IPO with valuation target of up to $2 trillion

Anthropic wants to go public, and it is not thinking small. The AI company filed its Form S-1 with the US Securities and Exchange Commission on October 26, 2026, setting up a Nasdaq listing under the ticker ANT.

The projected valuation sits between $1.5 trillion and $2 trillion. Anthropic is expected to raise at least $100 billion, which would put the deal in the running for one of the largest IPOs in history.

What’s inside the filing

The listing is targeted for mid-November. The week of November 16 looks like the likely window, with Class A shares set to trade on Nasdaq.

Revenue is the headline grabber. Anthropic brought in $16.3 billion in the first half of 2026, a 1,300% jump from the same stretch a year earlier.

Most of that money arrived late. The second quarter alone delivered $11.6 billion, more than two-thirds of the half-year total.

Q2 also produced something new for the company: an operating profit. Anthropic reported $974 million in operating income for the quarter, its first time in the black on that measure.

Then comes the other number. The company posted a net loss of $80.7 billion for the first half, driven mainly by substantial non-cash charges.

Who’s running the deal, and who keeps control

Goldman Sachs and Morgan Stanley lead the underwriting group, supported by more than 20 additional banks.

Control, meanwhile, stays close to the founders. Anthropic’s co-founders will retain 50.1% of voting control, structured through a single share class.

The risk factors read like a sci-fi script

Most S-1 risk sections stick to the usual suspects: competition, regulation, losing key staff. Anthropic’s prospectus goes further, flagging potential catastrophic threats to humanity among the dangers tied to AI.

The filing outlines more than $500 billion in long-term compute and infrastructure commitments.

From $965 billion to a trillion-dollar debate

Anthropic’s last private valuation was $965 billion, set in May 2026. Even the bottom of the IPO range would be a sizable step up from that mark, and the top end would more than double it.

Yet the range also reflects a significant correction from earlier, higher expectations for the offering.

The timing follows SpaceX’s record-setting entry into the public market. It also lands as private valuations across the AI industry have recently been drifting lower.

What this means for investors and the AI sector

The tension in the filing is easy to spot. A 1,300% revenue surge and a first operating profit make a compelling growth story, while an $80.7 billion net loss and more than half a trillion dollars in commitments make a compelling cautionary one.

There is also the question of quarterly momentum. Q2 revenue of $11.6 billion dwarfed the first quarter, so the market will want proof that the curve keeps bending upward once Anthropic starts reporting as a public company.

What to watch next: the final pricing range, whether the mid-November timeline holds, and how much demand shows up for the $100 billion raise. Governance deserves attention too, since the 50.1% founder voting stake means outside shareholders will have limited say over how those long-term compute commitments get managed.