Anthropic files for Nasdaq IPO, reveals $80.7 billion first-half loss

What happened: In its announcement, Anthropic said it has filed a registration statement on Form S-1 with the SEC for a proposed initial public offering of its Class A common stock. The company plans to list on the Nasdaq Global Select Market under the symbol ANT. Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are named as contacts for the preliminary prospectus.

The numbers: The filing shows a net loss of $80.7 billion for the first six months of 2026. The net loss for all of 2025 was $42 billion. Revenue grew 1,368% year on year in the three months to 30 June, according to the filing. Server and chip rental costs rose about 300% over the same period. Anthropic had $112.4 billion in cash on hand and had raised about $141 billion through the end of June.

Why it matters: The filing puts the company's losses and spending on public record before any shares are priced.

The context: The filing lists compute commitments to four companies: Amazon at least $110 billion through April 2036, SpaceX $120 billion through 2029, Google $115 billion through 2033 and Microsoft $45 billion through 2033.

The catch: Anthropic expects its current cash and sales to cover the next 12 months, but says it may need more financing sooner than planned.

In their words: The filing's risk factors warn: "Our revenue growth may not be sustainable, and our rate of growth may decrease."

The rivals: SpaceX's valuation from its June IPO was $2.1 trillion. CNN reports that rival OpenAI has delayed its own IPO until next year, but this is unconfirmed.

What's next: Listing is expected around mid-November, later than first anticipated because of recent market moves. The filing does not set a share count, price range or total valuation; these come after a roadshow with investors. NBC News reports the valuation could exceed $2 trillion. The registration is not yet effective, so the shares cannot be sold or bought yet.