Anthropic filed for what could be the largest U.S. IPO on record, positioning the San Francisco AI lab behind the Claude chatbot for a Nasdaq debut under the ticker ANT as soon as next month. The company’s revenue is rising quickly but it remains deeply unprofitable, disclosing a multibillion-dollar first-half loss and signaling it may use proceeds for infrastructure, acquisitions and expansion to keep pace with rivals including OpenAI, Google and SpaceX’s AI unit. Private investors recently pegged Anthropic’s value near $965 billion, with reports suggesting a potential public valuation of $1.5 trillion to $2 trillion and proceeds that could top $100 billion, eclipsing SpaceX’s record raise earlier this year. The offering would mint extraordinary paper wealth for Anthropic’s seven co-founders and cement dual-class voting control while placing key board-appointment powers with a Long-Term Benefit Trust aimed at prioritizing safety over profit. In an unusually expansive risk section, the company warns of regulatory hurdles, talent retention challenges and misuse of AI, up to “catastrophic or existential” harms—echoing CEO Dario Amodei’s recent call to slow frontier-model development even as the IPO would arm Anthropic with fresh capital. The filing also follows the company’s legal battles with the U.S. government over national-security designations, underscoring the policy crosscurrents confronting fast-scaling AI firms.
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