Technology investor Paul Kedrosky told Benzinga that the AI bubble may be in private markets rather than public ones, as the number of listed companies has declined and much of the speculative value has moved to firms like Anthropic and OpenAI, which have reached enormous valuations. He estimated that companies potentially coming to market could carry combined valuations of $4 trillion to $6 trillion. Anthropic publicly filed its S-1 and plans to list on Nasdaq under the ticker ANT, a move that could be a major test of private-market valuations. The company reported $16.3 billion in first-half revenue, up from $1.2 billion a year earlier, alongside a $693 million operating loss, while reports suggest a potential valuation of $1.5 trillion to $2 trillion. Amazon has invested at least $13 billion and Alphabet has pledged up to $40 billion, while Nvidia has agreed to invest up to $10 billion.
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| Market | US stocks |
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| Market cap | $5.1T |
| Close on 10/26/2026 | 215.98 |
| Change that session | +2.38% |
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- Anthropic's IPO could be 'speculative fiction' or a 'generational moment' — investors are split
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Anthropic published its S-1 on Monday ahead of an IPO that could come as soon as next month, with broadly positive reactions from analysts and investors. The filing showed about $16.3 billion in revenue for the six months ended June 30, up from $1.2 billion a year earlier, and more than 1,900 customers paid at least $1 million over the past year. The company posted an $80.7 billion net loss in the first half, largely driven by a $72.4 billion accounting charge tied to convertible notes. Daniel McCarthy pointed to an 85.4% gross margin and an 8.4% GAAP operating margin in Q2, while Gavin Baker said ARR could reach $100 billion by year-end. Shares are expected to list on Nasdaq under the ticker “ANT,” with Goldman Sachs and Morgan Stanley leading 20 other underwriters.
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Anthropic has filed an S-1 with the SEC for a Nasdaq IPO under the ticker ANT, and the filing suggests a listing as early as mid-November. The company disclosed more than $16 billion in revenue and an $80 billion net loss for the first half of 2026. Reports suggest it could raise up to $100 billion at a $2 trillion valuation; the company was founded in 2021 by many former OpenAI executives, and OpenAI has already delayed its own IPO plans. As of June 30, Anthropic reported more than $112 billion in cash and cash equivalents and $19 billion in short-term investments.
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Anthropic unveiled its Form S-1 filing on Monday, a step toward its long-awaited public listing that is now seen as almost guaranteed this year. Speculators on Kalshi put 95% odds that the company officially announces an IPO by the end of 2026, a threshold met if the SEC declares the S-1 effective, a priced IPO occurs, or an exchange assigns a ticker. The filing envisions trading on Nasdaq as 'ANT,' and according to the Wall Street Journal, Anthropic aims to start trading the week of Nov. 16, while Kalshi traders give just a 14% chance trading begins before then. On Polymarket, traders give a 69% chance the company lists and opens for trading by Nov. 20.
- Anthropic Makes IPO Filing Public, Plans Nasdaq Listing Under ‘ANT’
Anthropic has filed for an IPO, planning to list its Class A shares on Nasdaq under the ticker “ANT”, with Goldman Sachs and Morgan Stanley leading 24 underwriters. For the first half of 2026, revenue reached 16.29 billion USD (versus 1.16 billion USD a year earlier), but the company posted a net loss of 80.7 billion USD, mainly due to a 72.4 billion USD charge tied to fair value changes in convertible notes and other instruments. A trust will elect a majority of the board, while an entity owned by its seven co-founders will hold 50.1% of voting power; the filing warns this structure may effectively eliminate Class A holders’ ability to influence key decisions. The company previously raised 65 billion USD in May at a 965 billion USD valuation, and the number of shares and price range have not yet been set.
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