Anthropic has filed for an IPO, and investors may be able to buy shares as early as next month in what could be the largest IPO ever. Revenue reached $16.3 billion in the first six months of 2026, up 1,300% year over year, while the company still posted a $693 million operating loss, down from $2.1 billion a year earlier. About 20% of revenue came from two customers, and compute spending hit $8.9 billion in the first half, already more than the $7.3 billion spent in all of 2025. Anthropic estimates it may spend up to $750 billion on compute, which could drive heavy cash burn and frequent stock offerings that dilute shareholders. The article warns that investing this early is extremely risky, citing SpaceX's sharp decline after its first few trading days.
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Related tickers and likely impact
AMZN
• NeutralAmazon
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Consumer Discretionary |
| Industry | Broadline Retail |
| Market cap | $2.7T |
| Close on 10/28/2026 | 254.65 |
| Change that session | +0.61% |
GOOGL
• NeutralAlphabet Inc. (Class A)
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Communication Services |
| Industry | Interactive Media & Services |
| Market cap | $4.0T |
| Close on 10/28/2026 | 325.61 |
| Change that session | +1.57% |
NVDA
• NeutralNvidia
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Semiconductors |
| Market cap | $5.1T |
| Close on 10/28/2026 | 215.39 |
| Change that session | -1.17% |
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Related news
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Anthropic filed its S-1 in the US on Monday, setting out its pitch for a first public stock sale expected to be one of the biggest listings in history, with shares to trade on the Nasdaq Global Select Market under the ticker ANT. The move comes amid investor jitters about AI, after shares of 'neocloud' data-centre companies tumbled in recent weeks and Meta shares slumped after it unveiled plans to spend hundreds of billions on the technology. The 335-page filing shows rapid revenue growth but a loss of $80.7bn (£60.5bn) in the first half of 2026, compared with $13bn a year earlier. Anthropic is reportedly seeking a valuation of $1.5tn to $2tn and could raise as much as $100bn, which at the top end would exceed the $86bn SpaceX raised in June. The company says its technology could cure diseases such as cancer and Alzheimer's, but also warns that AI could destroy jobs and may pose catastrophic or existential risks to humanity.
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AI giant Anthropic, maker of Claude, has filed for an IPO and aims to price the offering in mid-November. Its S-1 shows first-half 2026 revenue of $16.3 billion and a net loss of $80.7 billion, while the share count and price range have not been disclosed. The FT reports investors expect a valuation of $1.5–1.75 trillion, and Fox Business says pricing on Nov. 19 or 20 remains on track. Chip stocks rose premarket, with Nvidia up 1.4%, Broadcom up 1.5% and Micron up 2.3%. On Hyperliquid, the ANTH contract spiked to about $1,980 around the filing time, then fell roughly 6% to about $1,857 within minutes, with about $12 million traded over 24 hours.
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Anthropic's IPO filing outlines financing from its biggest backers ahead of a possible November listing that could rival SpaceX's as the largest IPO in history. Alphabet's agreement could provide up to $20 billion, reduced by up to $10 billion if Google buys nonvoting stock alongside the offering, and carries a 14.99% ownership cap that it can waive; no funds had been drawn as of June 30. Amazon holds about $6.2 billion in convertible notes that could convert into roughly 1.84 billion nonvoting shares under a 12% cap, and it has agreed to provide up to $15 billion more tied to computing milestones. Both companies also benefit from business ties beyond equity: Anthropic generated $16.3 billion in revenue in the first half of 2026, more than all of last year, but spent nearly $9 billion on computing and infrastructure and has committed roughly $450 billion to cloud computing. A PitchBook analyst said Amazon could 'win twice' through compute sales and investment.
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