Anthropic files for US stock market listing with valuation of more than $1.5tn

Market debut of AI company behind Claude chatbot will be one of largest in US history, a test of its financial viability

Anthropic has publicly filed for a stock market listing, one of the largest debuts in history. The company’s float on the US market is likely to be a high-water mark in the multitrillion-dollar AI boom and a test of its financial viability.

Analysts and investors have valued the San Francisco-based company, founded in 2021, at more than $1.5tn. The company, which will will list under the symbol ANT, confidentially filed with US financial regulators for an initial public offering in June.

“We believe AI is one of the most consequential technologies in human history,” the company’s investor prospectus reads. Anthropic researchers and executives have repeatedly warned of AI’s potential to cause human extinction.

A leader in the race to create powerful artificial intelligence models and a bellwether of the American AI boom, Anthropic offers the chatbot Claude as its flagship product, which has text generation features as well as advanced coding and cybersecurity capabilities. CEO Dario Amodei founded the company after quitting OpenAI, the maker of ChatGPT.

Anthropic’s audited filings will offer the first public glimpse of its financial health, which have been the object of intense speculation in recent months as questions of a potential AI bubble swirl.

The company detailed rapidly rising revenue in the prospectus: $41m in 2023, $386m in 2024, $4.585bn in 2025 (an increase of more than 1,000%), then $16.286bn in the first six months of 2026 alone. The company disclosed that, as of the end of June, it had raised $141.1bn.

Despite the increasing revenue, Anthropic disclosed a net loss of $80bn for the first half of 2026.

As of 30 September, Anthropic said it had more than 14,000 enterprise customers – 11,900 of which had $100,000 or more of revenue, more than 1,900 that had $1m or more revenue and about 250 enterprise customers that had $10m or more revenue.

“The speed and depth of our enterprise customer adoption are powerful evidence of Claude’s position at the frontier of AI,” Anthropic executives wrote.

The filing contains some of the hyperbolic language characteristic of AI companies predicting the miraculous potential of their technology. Describing the potential of AI agents, semi-autonomous chatbots that can carry out tasks on behalf of users, Anthropic executives wrote: “The result is something without historical precedent: what we refer to as a country of geniuses in a datacenter, available to every organization and sector of the economy.”

However, investing in Anthropic and the development of a model that the company claims could revolutionize knowledge work across industries comes with a great deal of risk. Anthropic listed more than 90 pages of potential risks to its business. For one, a “substantial portion” of the company’s revenue comes from a limited number of customers and losing any of them could put a huge dent in their revenue. A quarter of Anthropic’s revenue comes from its top five customers, though no single customer represents more than 10% of their business.

The company also has incurred $6.2bn in debt as it built out its infrastructure and grew its business, which includes convertible notes issued to Amazon Web Services in 2023.

The misuse of AI and Claude in particular also poses a considerable risk to Anthropic’s business. When it comes to AI, there are four categories of potential risk, executives wrote: misuse by bad actors, loss of control, authoritarian abuse and economic disruption. Anthropic’s most capable models have “capabilities that could provide meaningful assistance to malicious actors seeking to develop chemical, biological, or other dangerous weapons”, the company’s executives wrote. The company deploys technical safeguards, “but such safeguards are incomplete, may be outdated in light of evolving threat models, have been and may in the future again be circumvented, or may fail to operate as intended.”

The company disclosed that in September 2025, staffers documented what they believe was the first large-scale cyberattack that didn’t rely on significant human intervention. Anthropic “detected and assessed with high confidence that a Chinese state-sponsored hacking group manipulated our Claude Code tool into attempting infiltration into roughly 30 global targets, including large technology companies, financial institutions, chemical manufacturing companies, and government agencies”.

Anthropic has been embroiled in a feud with the Trump administration over the use of the startup’s products in warfare, which culminated in the designation of the company as a supply chain risk, a first for an American company. This prevents any military agency from contracting with Anthropic. The company has challenged the blacklisting.