Anthropic filed its public Form S-1 on Monday, setting the stage for one of the largest initial public offerings in history under the ticker ANT, with a potential valuation between $1.5 trillion and $2 trillion. The AI developer behind the Claude models reported first-half revenue of $16.3 billion, up 1,300% year over year, and swung to $1.6 billion in adjusted operating income from a $1.8 billion loss a year earlier, even as it booked a net loss of nearly $81 billion in the period. The move arrives amid sharp swings in AI-linked stocks and questions about whether profitability can match sky-high expectations. Moody’s called the operating turn “a strong positive for the AI ecosystem,” and U.S. stocks ticked higher after the news. Anthropic’s filing flags substantial risks, including model safety, potential misuse, political scrutiny, and regulatory headwinds. The company has also clashed with the Pentagon, which labeled it a supply-chain risk, prompting ongoing litigation. The IPO could launch as soon as November and will test investor appetite for pure-play AI at scale, while rival OpenAI has delayed its own listing plans.
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