Anthropic eyes public markets: Revenue surges, but loss is enormous

AI company Anthropic, the maker of the Claude chatbot, is heading for the stock market. According to Beinsure, the company filed a public application, a so-called S-1, with the US Securities and Exchange Commission (SEC) on October 26, 2026. The company is seeking a Nasdaq listing under the ticker ANT.

Before the public filing, Anthropic had submitted confidential papers, according to Euronews.

Big plans for the market debut

According to Beinsure, investment banks are reportedly considering a valuation of $1.5-2 trillion. The final value depends on demand and market conditions, and the filing does not state a price range itself. Goldman Sachs and Morgan Stanley are named as lead banks. Euronews also names JPMorgan as lead underwriter, meaning one of the banks that help sell the shares. Euronews expects the IPO to raise more than $60 billion.

The market debut could come before the end of November 2026. It could become the largest IPO ever, bigger than SpaceX's in June 2026. The number of shares, the price range and the amount raised had not been set when Beinsure wrote its report.

Revenue is growing fast

In the first half of 2026, Anthropic's revenue was $16.3 billion. That is about 14 times the $1.2 billion in the first half of 2025. According to Euronews, annualized revenue, meaning current income converted to a full year, stood at $65 billion at the end of July.

The net loss in the first half was $80.7 billion, compared with $13 billion in the same period a year earlier. However, $72.4 billion of the loss stems from a one-time accounting item tied to convertible notes and not from operating expenses. The loss for all of 2025 was roughly $42 billion, according to Euronews.

From $965 billion to several trillion?

In May 2026, a $65 billion funding round valued Anthropic at $965 billion. That is about 16 times the level of the year before, when the value was $61.5 billion. Before the public filing, the company was priced at $2.15-2.36 trillion in derivatives trading on the Hyperliquid platform. However, trading was very thin, with a daily volume of $6 million, so the price is not a reliable measure of value.

Jared Carmel, cofounder of Manhattan Venture Partners, does not think a $2 trillion valuation is unrealistic, according to Beinsure.

Beinsure nevertheless assesses that the filing raises questions about whether growth can cover the cost of AI development and later deliver a profit. This is due in part to large commitments to computing infrastructure. Euronews reports that Anthropic has committed to spending more than $100 billion on Amazon's cloud service AWS over ten years, while Amazon has committed to investing up to $33 billion in Anthropic.