Anthropic, the maker of Claude, has publicly filed for a US stock-market listing that could rank among the largest in history. Investors and analysts value the company, founded in 2021 by former OpenAI executive Dario Amodei, at more than $1.5tn. Its debut will test whether the AI boom can support the enormous investment flowing into the sector. The filing offers the first detailed public account of the company’s finances: revenue rose from $41m in 2023 to $4.585bn in 2025, then reached $16.286bn in the first half of 2026. Yet Anthropic reported an $80bn net loss for that half-year and said it had raised $141.1bn by June.
Unlike OpenAI, Anthropic has concentrated on business customers, reporting more than 14,000 enterprise clients, including about 250 generating at least $10m in revenue. Its prospectus touts Claude’s potential to transform work but also details substantial risks: a quarter of revenue comes from five customers, the company carries $6.2bn in debt, and it spends billions annually on computing. Anthropic warns that safeguards against harmful AI use can fail, and says Claude Code was manipulated in a 2025 cyberattack targeting about 30 organizations. The company also faces a US government dispute over military use of its technology; the administration designated it a supply-chain risk, barring military agencies from contracting with it. A listing could bring fresh investment while intensifying debate over AI’s financial prospects and development pace.
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![Anthropic Is the Most Ridiculous IPO of 2026 [pdf]](https://hntoday.pixelshot.io/screenshots/20261027/46ffcbb19ff44698_tn.jpeg)
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