Anthropic set to publish its S-1 at 9 a.m. EST, opening the books on a potential mega IPO

Anthropic is about to show Wall Street its homework. The AI company will release its Form S-1 registration statement at 9 a.m. EST, the public document that formally sets the stage for an initial public offering.

For a company valued at $965 billion in private markets, this is the moment the curtain comes up. Investors are about to find out what they would actually be buying.

What the filing is expected to show

Anthropic submitted a confidential draft to the SEC on June 1, 2026. The public version is scheduled to land on October 26, 2026.

Bankers are reportedly targeting proceeds of up to $100 billion. The target valuation is reported at approximately $2 trillion, which would place the deal among the largest IPOs ever attempted.

The top-line numbers are striking. According to figures from Anthropic’s draft prospectus, the company booked $16.3 billion in revenue in the first half of 2026, up from $1.1 billion a year earlier.

Then comes the other side of the ledger. Anthropic reported a net loss of $80.7 billion for the same period.

Most of that loss, about $72 billion, stems from non-cash charges tied to accounting and financing. Translated: much of the red ink reflects bookkeeping treatment rather than money leaving the building, though the cash costs are hardly small either.

The Amazon and Google question

Anthropic’s growth story runs through two of the biggest names in cloud computing. In 2025, 47% of its revenue, totaling $2.16 billion, flowed through the Amazon and Google cloud marketplaces.

The draft prospectus also flags advanced AI as a source of potential existential threats in its risk disclosures.

Who is running the deal and when

Morgan Stanley and Goldman Sachs have been named joint bookrunners. Those are the banks that will build the order book and help set the price.

The roadshow, where executives pitch the company to institutional investors, is expected to begin the week of November 9. Initial pricing is likely to follow, depending on market conditions.

The timing puts Anthropic’s filing alongside earnings season for the biggest names in tech. Microsoft, Alphabet, and Amazon are all due to report, giving investors a fresh read on AI spending just as the S-1 hits.

How Anthropic got here

Anthropic was founded in 2021, making it a remarkably young company to be contemplating a listing of this size.

The most recent private marker came in May 2026. Anthropic raised a $65 billion Series H round at a $965 billion post-money valuation.

The reported IPO target of approximately $2 trillion would represent a sizable step up from that private price.

What this means for investors and the AI trade

Watch a few specific items when the document drops. First, the breakdown between cash and non-cash losses, since $72 billion of the $80.7 billion loss is attributed to non-cash charges.

Second, any updated figures on revenue concentration with cloud partners. Third, the size and structure of future compute commitments, which will shape how much capital Anthropic needs after the IPO.

The roadshow starting the week of November 9 will test whether institutional buyers accept Anthropic’s growth story at the reported valuation. The S-1 hitting at 9 a.m. EST is where that conversation formally begins.