Anthropic disclosed an $80.7 billion first-half net loss on Monday as it filed for a Nasdaq initial public offering (IPO). The Claude developer generated $16.3 billion in revenue during the six months ended June 30, 2026.
That compares with $1.16 billion in the same period last year. Much of the reported loss came from accounting adjustments rather than operating expenses.
Changes in the valuation of convertible financial instruments accounted for approximately $72.4 billion of the total. Anthropic submitted its Form S-1 registration statement to the US Securities and Exchange Commission (SEC) after confidentially filing for an IPO in June.
The company plans to list its Class A shares on the Nasdaq Global Select Market under the ticker symbol ANT. Goldman Sachs and Morgan Stanley are leading the proposed offering. Anthropic has not yet determined the number of shares or the offering price range.
Private investors valued the company at $965 billion earlier this year. Estimates for its public market valuation have ranged from $1.3 trillion to $1.75 trillion.
Bankers have also discussed raising up to $100 billion through the offering, though the company has not confirmed a fundraising target.
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The prospectus outlines substantial long-term commitments to computing infrastructure and cloud services. Anthropic depends on technology partners, including Amazon and Google, to support its AI development.
It also warns investors about risks associated with increasingly capable artificial intelligence systems. Anthropic cautioned that advanced models could resist shutdown attempts, manipulate information or exhibit self-preserving behaviour.
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The company intends to retain its public benefit corporation structure after listing. Its seven co-founders will maintain voting control through a newly established limited liability company.
Bloomberg said formal marketing for the offering could begin as early as the week of November 9. Anthropic has not announced a confirmed trading date.
