Anthropic Said to File Public Prospectus as Early as Friday, Targeting a $2 Trillion Valuation in Bid for Largest IPO in History

Anthropic Said to File Public Prospectus as Early as Friday, Targeting a $2 Trillion Valuation in Bid for Largest IPO in History Anthropic, the artificial intelligence (AI) company, will publicly file its S-1 investor prospectus as early as Friday, according to three people familiar with the matter. It would mark a key step in the company's path to going public and could create the largest IPO in history. Wall Street expects the company could raise as much as $100 billion at a $2 trillion valuation. With investor concerns rising over the AI industry's massive spending, the IPO is widely seen as a critical test of market appetite for the AI boom. Anthropic confidentially submitted a draft IPO registration statement to the U.S. Securities and Exchange Commission (SEC) in June this year. Under SEC rules, companies using the confidential submission process must make their registration materials public 15 calendar days before the formal investor roadshow begins. Anthropic declined to comment on the timing of the S-1 filing. Publicly filing the prospectus will clear a key procedural hurdle for a November listing, but the timing of the offering will still depend on market conditions and other factors. More importantly, ordinary investors will for the first time see the financial details and risks of one of the fastest-growing companies in the AI industry. Anthropic is spending billions of dollars building AI infrastructure to train and run its Claude series of models. Related partners include Alphabet Inc. Class C (GOOG.US, GOOGL.US) and Amazon.com, Inc. (AMZN.US), and the company also leases computing power from SpaceX's (SPCX.US) Colossus 1 data center. Media reported on Tuesday that Anthropic generated $16.3 billion in revenue in the first half of 2026, with a net loss of more than $80 billion. Anthropic told investors last week in a Beijing Kingsoft Office Software, Inc room that third-quarter revenue rose to $16.8 billion from $11.5 billion in the second quarter, and said the company was profitable on an adjusted basis. But the slowdown in quarter-over-quarter revenue growth still raised concerns. The massive fundraising is particularly notable amid increasingly fierce competition in this year's IPO market. Earlier this week, South Korean data center service provider Elice plunged 32% on its first day of trading after raising $151 million. Firmus Grid, backed by NVIDIA Corporation, abruptly shelved its listing plans earlier this month after investors objected to its proposed valuation. Several other companies postponed listings citing market conditions. In recent days, shares of AI-related listed companies have also fluctuated as investors have become more cautious about huge spending needs. CoreWeave in particular has come under intense scrutiny, with investors questioning whether its future revenue can support its massive debt burden. One person said that given Anthropic's enormous size, the timing of its IPO is also expected to have a significant impact on other companies seeking to list in the coming weeks. Anthropic was co-founded by CEO Dario Amodei and his sister Daniela, who serves as company president. The company has established a solid foothold in the enterprise market through the Claude chat Siasun Robot&Automation, the popular AI coding tool Claude Code, and Claude Cowork. Competitor OpenAI initially expected to launch an IPO this year, but is now expected to enter the public market in early 2027.