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

Anthropic filed its Form S-1 with the SEC on Monday to list on the Nasdaq Global Select Market under the ticker "ANT," setting up what could be the largest IPO in capital markets history. The company targets a listing in November 2026, aiming to raise more than $100 billion at a valuation of $1.5 trillion to $2 trillion, roughly double its $965 billion valuation from a May 2026 Series H round. The filing shows first-half 2026 revenue of $16.29 billion, up about 13-fold from $1.16 billion a year earlier, implying an annualized run-rate near $65 billion. The GAAP net loss widened to $80.75 billion, though roughly 90% stems from non-cash fair-value adjustments on convertible notes and SAFE agreements as valuations climbed. Operating losses narrowed to $693 million from $2.14 billion, and GAAP operating profit turned positive at $974 million in the second quarter. Anthropic reported a net revenue retention rate of about 900%, more than 11,900 customers spending at least $100,000 annually, and $131.65 billion in liquidity as of June 30.