Anthropic is officially embarking on the path to listing. This company, which was established just five years ago and is at the core of the generative AI trend, is expected to set a historical record this time with its IPO.
Anthropic disclosed in documents submitted to the U.S. Securities and Exchange Commission (SEC) that it plans to list on the NASDAQ exchange, with the stock code set as “ANT”, aiming to conduct IPO during the week of November 16th.
This IPO was led by Goldman Sachs and Morgan Stanley, with underwriting banks including Bank of America, Deutsche Bank, Royal Bank of Canada, UBS Group, JPMorgan Chase, Citibank, Banque de Montréal, BNP Paribas, Credit Agricole France, and Jefferies.
The company will establish Class T special shares for Class T directors to hold.
In its prospectus, the company disclosed that in the first half of the year, it had revenue of $16.29 billion, compared to $1.16 billion in the same period last year; it incurred a net loss of $80.75 billion, whereas last year it had a net loss of $12.97 billion; and its operating loss was $693 million, compared to $2.14 billion in the same period last year.
The company revealed that capital expenditures will increase significantly, and it may need to seek additional financing earlier than currently anticipated; no dividends will be paid in the foreseeable future, and no agreements have been reached regarding major acquisitions at this time; it is possible to issue convertible notes with a total amount of up to $42 billion.
The board of directors approved a framework that stipulates that whenever the stock price rises by 50%, an additional issuance of Class N shares equivalent to up to 2% of the total share capital can be made to the public welfare fund.
In the nine months up to September 30, no single customer accounted for more than 10% of the company's revenue. 79% of the revenue came from customers other than the top five clients.
In terms of cooperation, according to the agreement with SpaceX AI, the company agrees to make cumulative expenditures of up to $120.5 billion over a period ending in 2029.
Anthropic will spend up to approximately $114.5 billion with Google before 2033, and Google has purchased 38.6 million shares of G-2 non-voting, redeemable stock.
The company will spend at least $110 billion to Amazon by 2036. According to the agreement in April, Amazon will provide financing of up to $20 billion.
According to Broadcom's leasing arrangements, the total rent paid by the company during the lease period (excluding interest) is approximately $161.2 billion.
Anthropic mentioned in its prospectus that some people are concerned that without proper regulation, advanced artificial intelligence systems could pose catastrophic or existential risks to humanity. The company intends to devote a considerable portion of its resources to ensuring the safety of cutting-edge artificial intelligence and to making its benefits accessible to a wide range of people.
According to the company's estimates, the costs of computing and infrastructure will increase in absolute terms and will continue to be their largest operating expenses in the foreseeable future. As the AI system implements AI research and development automation, the risks will also increase.
Anthropic CEO Dario Amodei co-founded the company in 2021, when he and a small group of researchers left their current top rival, OpenAI. The Claude series of models and services provided by Anthropic are highly sought after by the business community, with numerous companies investing funds in hopes of tapping into new growth opportunities and improving internal operational efficiency.
In 2026, the company's expansion pace significantly accelerated, mainly due to the popularity of the AI coding tool Claude Code, as well as high-performance models such as Claude Fable 5 and Mythos 5. Anthropic has been striving to maintain its competitive advantage over rivals like OpenAI and Google; however, its stance on issues related to security, regulation, and national security in AI has come under intense criticism, and in recent months, it has also engaged in two highly publicized disputes with the U.S. government.
If this listing process progresses smoothly without any obstacles, its listing time will follow closely after Musk's SpaceX goes public on NASDAQ. The IPO of SpaceX is the largest deal in history, raising a total of $85.7 billion. However, the stock price has fluctuated significantly since its listing, and the closing price last Friday was slightly lower than the opening price on its debut day in June.
At this stage of preparing for listing, Anthropic still has to face the strong panic on Wall Street: the market increasingly doubts whether the revenue generated by AI's services can support the expectations of infrastructure investments in the trillions of dollars. CoreWeave and Nebius, these "new cloud vendors (neocloud)", have recently suffered heavy setbacks due to the overall increase in credit risks in the data center industry, with their market value falling by more than 30% in October.
