Anthropic, the company developing the Claude chatbot, has filed documents for an initial public offering (IPO - a company listing on a stock exchange and selling shares to investors). The offering could become the largest in history, Associated Press reports.
Trading is planned on the Nasdaq Global Select Market under the ticker "ANT". If the plans go ahead, Anthropic will beat OpenAI to the stock exchange. SpaceX previously set the record, raising 86 billion dollars.
The final amount, valuation and offering price are not yet known. Earlier this year private investors valued the company at 965 billion dollars, and reports suggest the valuation could rise to 1.5-2 trillion. At 1.5 trillion, Anthropic would rank alongside Tesla. The IPO could raise up to 100 billion dollars.
The 335-page prospectus (a document with information about the company for investors) states that revenue in the first half of the year exceeded 16 billion dollars, 14 times more than a year earlier. At the same time, the company has not yet turned a profit. The net loss for the first half of 2026 amounted to 80.7 billion dollars, although after excluding certain items it is significantly smaller. A year earlier the loss was 13 billion.
Founded in 2021 by former OpenAI executives, Anthropic is competing for leadership with that company. Anthropic head Dario Amodei and OpenAI head Sam Altman are regarded as irreconcilable rivals. Both projects carry enormous costs for AI development, which gives rise to fears of a market "bubble".
Among the unusual terms is a special class of shares giving seven founders, including Dario and his sister Daniela, 50.1% of shareholder votes. An independent "Long-Term Benefit Trust" has also been created, which can appoint directors and monitor that financial interests do not take precedence over safety.
The "risk factors" section runs to almost 100 pages. Besides standard threats - loss of key employees and regulatory barriers - it mentions malicious use of AI to create chemical weapons, suppression of citizens by authoritarian regimes, and the possibility of models going out of control with "catastrophic or existential risks to humanity".
In September, Amodei called for slowing the development of AI so that safety measures could keep pace with progress. The company is also in litigation with the Pentagon over being designated a "supply chain risk" after refusing to allow unrestricted military use of its technology.