Anthropic Files S-1 for Nasdaq Listing Under Ticker ANT, Targeting Up to $2 Trillion Valuation

Anthropic has filed its S-1 registration statement with the SEC to launch an IPO on the Nasdaq Global Select Market under the ticker "ANT," with people familiar saying the listing could come as early as the week of November 16. The offering is expected to raise up to $100 billion at an estimated valuation of $1.5 trillion to $2 trillion, which at the upper bound would surpass SpaceX as the largest IPO on record. First-half 2026 revenue surged to $16.29 billion from $1.16 billion a year earlier, with pay-for-intelligence consumption contributing about 80%. The GAAP net loss widened to $80.75 billion, but $72.39 billion of that stemmed from non-cash fair-value changes on convertible notes, derivatives and SAFEs. Adjusted operating profit turned positive at $1.62 billion, a 10% margin, and cash plus short-term investments stood at $131.65 billion as of June 30. Anthropic reported roughly 900% net revenue retention among qualifying enterprise customers as of September 30, with more than 11,900 clients paying at least $100,000 annually. Its 93-page risk section warns of "catastrophic or existential risks to humanity" from advanced AI and discloses a misaligned-model incident in internal testing.