Anthropic Files for Nasdaq IPO Under Ticker ANT, Targets Record $2 Trillion Valuation

Anthropic has filed an S-1 registration statement with the U.S. Securities and Exchange Commission for an initial public offering of Class A common stock on the Nasdaq under the ticker "ANT," the company said on October 26. Some investors expect a valuation of up to $2 trillion, which would surpass SpaceX's roughly $1.77 trillion listing valuation in June and rank as the largest IPO on record. Share count and price range have not been set. The offering is led by Goldman Sachs and Morgan Stanley, with 20 additional banks in the underwriting syndicate. Anthropic and some shareholders will sell shares, with details to follow in later filings. The company confidentially submitted its listing application in June. Seven founders, including siblings Dario and Daniela Amodei, each hold about 1.4% stakes. At the $965 billion valuation from the latest funding round, each founder's stake exceeds $13 billion; at a $2 trillion IPO valuation, each would hold more than $27 billion before dilution. First-half revenue was about $16.3 billion, nearly 15 times the year-earlier period, while third-quarter revenue rose 45% sequentially to $16.8 billion. The company posted a first-half net loss of $80.7 billion, including $72 billion in non-cash accounting charges tied to convertible instruments. First-half compute and infrastructure spending approached $9 billion, and Anthropic has committed at least $518 billion over the next decade.