Anthropic Files for Record IPO, Aiming for Nasdaq Listing Next Month

Anthropic submitted paperwork Monday for a stock offering that could become the largest initial public offering in history. The San Francisco company plans to list on the Nasdaq Global Select Market under the ticker symbol ANT, with a debut scheduled for next month. This move positions the firm to potentially surpass the $86 billion raised by SpaceX in June.

The 335-page filing details a company that is growing rapidly but remains unprofitable. Anthropic generated more than $16 billion in revenue during the first half of the year, a figure 14 times higher than the same period last year. Despite this growth, the firm reported a net loss of $80.7 billion for the period. This total includes a one-time $72.4 billion charge related to financing agreements. A year ago, the company lost $13 billion in the same timeframe.

Investors value Anthropic at $965 billion based on private markets, but the IPO could push that valuation to $1.5 trillion or $2 trillion. At the higher estimate, the company would rank among the most valuable public firms globally, comparable to Tesla. Reports indicate the offering could raise up to $100 billion, exceeding the previous record set by SpaceX. The proceeds are earmarked for acquiring other businesses, developing technology, and expanding infrastructure to compete with rivals.

The listing will significantly increase the wealth of the company’s seven founders. CEO Dario Amodei and his sister, Daniela Amodei, who serves as president, each hold a stake that equates to 1.4% of the company. If the stock prices at the top of the expected range, each founder could receive a windfall of $28 billion. Forbes currently lists the siblings as the 176th and 177th richest people in the world, with individual net worths of $15.5 billion.

Anthropic was formed in 2021 by former OpenAI executives. It competes directly with OpenAI, whose CEO Sam Altman is a known rival to Dario Amodei. Both companies face competition from Google and emerging startups in the United States and China. The AI sector faces scrutiny because major players are spending heavily on resources, leading to significant losses and concerns about a market bubble.

The filing includes unusual governance provisions intended to address AI safety. A special class of shares grants the seven founders 50.1% of the shareholder voting power. The company also established a Long-Term Benefit Trust composed of independent, financially disinterested members. This trust holds the authority to appoint directors and is designed to ensure that public safety interests are not subordinated to financial goals.

A section of the document detailing risk factors spans nearly 100 pages. It lists potential threats ranging from staff retention issues to regulatory hurdles. The filing also identifies more severe risks, including malicious actors using AI to build chemical weapons and authoritarian governments using the technology for surveillance. It specifically mentions the possibility that AI models could act without control and pose catastrophic or existential risks to humanity.

Dario Amodei has previously called for the AI industry to slow its development pace to allow safety measures to mature. In September, he warned that without such checks, AI agents could potentially take over the internet within six to 12 months. He proposed a plan involving increased industry checks and coordination with governments, including authoritarian regimes, to manage these risks.

The company’s push for public markets follows a dispute with the U.S. government that began in February. President Donald Trump and Defense Secretary Pete Hegseth designated Anthropic a supply chain risk after the firm refused to allow unrestricted military use of its technology. Anthropic sued the Pentagon in March, calling the move an unlawful campaign of retaliation. OpenAI reached a deal with the Pentagon hours after the government acted against Anthropic.

Legal battles over the designation are ongoing. A California judge ruled in Anthropic’s favor in one case, while a Washington, D.C. judge sided with the government in a separate, narrower case. Both parties are appealing those decisions. The IPO filing does not resolve these legal conflicts but provides the capital Anthropic needs to continue its expansion and competitive efforts in a volatile market.