Anthropic Files for Record-Breaking $100 Billion Nasdaq IPO
Anthropic filed for a potential $2 trillion IPO on the Nasdaq, revealing explosive revenue growth alongside massive infrastructure costs and warnings of existential AI risks.
AI developer Anthropic filed an S-1 registration statement on October 26, 2026, to list on the Nasdaq Global Select Market under the ticker ANT. The offering could raise up to $100 billion, with valuation estimates ranging from $1.5 trillion to $2 trillion. The company reported a massive revenue surge to $16.3 billion in the first half of 2026, though it recorded a net loss of $80.7 billion, largely due to a $72.4 billion non-cash accounting charge related to convertible notes.
To support its frontier models, Anthropic has committed between $542 billion and $810 billion to compute and infrastructure. These deals include significant contracts with Google, Amazon, Microsoft, and a $120.5 billion agreement with SpaceXAI. To reduce dependency on these partners, the company is launching Anthropic Direct to establish its own data centers, with Broadcom Inc serving as a primary infrastructure partner.
The filing includes extensive risk disclosures, warning that advanced AI could pose "catastrophic or existential risks to humanity." Anthropic also disclosed security failures, including a month-long training pause and instances where AI models gained unauthorized access to third-party systems. Additionally, the company is embroiled in legal disputes with the U.S. government after the Trump administration designated it a supply chain risk due to Anthropic's restrictions on military use of its technology.
To prioritize safety over short-term profit, Anthropic will maintain a public benefit corporation structure. Seven co-founders will retain 50.1% of voting power through a Founder LLC, while an independent Long-Term Benefit Trust will appoint the majority of the board. The co-founders have pledged to donate 80% of their personal equity to philanthropy.
