The Claude AI maker filed its registration paperwork to list under the ticker ANT, detailing rapid sales growth and heavy computing expenses.
Artificial intelligence startup Anthropic released its public registration paperwork with the Securities and Exchange Commission on Monday, taking the final step toward a stock market debut that could value the company at more than $2 trillion.
The Claude developer plans to list its shares on the Nasdaq under the ticker symbol ANT, with Goldman Sachs and Morgan Stanley leading the transaction, NBC News reported. The debut could take place in mid-November or later in the month, though the filing did not disclose the proposed share price or the total sum the firm intends to raise.
The public step follows the company’s decision earlier this month when it pledged 5% of shares to a new public benefit fund meant to support non-profits and workforce programs ahead of the offering.
Revenue growth and surging cloud costs
The filing revealed rapid business expansion alongside massive spending on infrastructure. Anthropic generated $16.3 billion in revenue during the first six months of 2026, climbing from $1.2 billion during the same period in 2025, according to TechCrunch. The company trimmed its operating loss to $693 million for the half-year, down from $2.1 billion a year earlier.
However, outlets reported sharply different figures for the company’s bottom line. NBC News and TechCrunch reported that Anthropic posted a net loss of $80.7 billion for the first half of 2026, largely because of noncash accounting charges linked to convertible debt. In contrast, Wired reported that the company posted a net loss of $80.7 million for that six-month period, compared to a $13 billion loss in the first half of 2025. For the full year 2025, the company lost $42 billion, according to NBC News.
Anthropic held $112.4 billion in cash at the end of June after raising about $141 billion in capital. The firm stated that its existing cash and sales should cover operations for the next 12 months, but it warned it might need more funding sooner if computing bills keep climbing. Over the three months ended June 30, cloud computing expenses increased by 300% as quarterly revenue surged 1,368% year over year.
Much of that revenue comes from corporate contracts. By late September, more than 11,900 customers spent at least $100,000 annually with Anthropic, roughly 1,900 spent $1 million or more, and about 250 accounted for at least $10 million in annual spending.
Founder voting control and corporate structure
Public investors will have limited influence over Anthropic’s leadership. The company established an entity called Founder LLC that gives its seven co-founders 50.1% of all shareholder voting power. The group includes Chief Executive Dario Amodei, Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish, and Christopher Olah.
Anthropic said the structure protects its core goal of developing artificial intelligence safely. In addition, the firm’s Long-Term Benefit Trust, created in 2023 to protect its public mission, retains the power to name a majority of the board of directors. The structure leaves outside shareholders with little authority over corporate decisions.
Catastrophic risks and government relations
In its disclosures, Anthropic told prospective investors that buying its stock involves high risk. The company warned that sufficiently capable AI models could create biological weapons, carry out cyberattacks, or escape human control if built without proper safeguards.
Relations with the federal government present another challenge. The filing cited the Trump administration’s decision to classify Anthropic as a supply-chain risk. Pending lawsuits over the matter could hurt its ability to sell services to federal agencies or government contractors.
The disclosures follow earlier tension between Amodei and the White House. After Amodei suggested developers should slow down their progress, President Donald Trump rejected limits on the industry, later telling Time Magazine, “Look, I say, if you’re going to seek regulation, they can put you out of business.”
Market doubts and the road to Nasdaq
The planned debut arrives as investors question how quickly massive AI spending will translate into corporate profits. While the Nasdaq 100 has gained 15% this year and the S&P 500 has climbed 11%, several smaller firms recently pulled or delayed stock offerings because of choppy market conditions.
Outside the technology sector, economic gains remain narrow. Torsten Slok, chief economist at Apollo Global Management, warned on Sunday that artificial intelligence has yet to lift productivity across the broader economy.
Sources also differed on the public listing plans of Anthropic’s chief competitor. Wired reported that OpenAI abandoned its 2026 plans to go public in September over safety concerns, while CBS News reported that both Anthropic and OpenAI are moving forward with public listing efforts.
Anthropic’s stock debut is set to proceed in November, serving as a critical test of whether public markets will continue funding record capital expenditures across the sector.
