Anthropic files for an IPO
Anthropic has filed to list on Nasdaq as ANT. Its quarterly revenue rose from $376M to $11.6B in 15 months, and the Wall Street Journal reports a target valuation of $1.5T to $2T.
Anthropic filed on 26 October 2026 to list its shares on Nasdaq under the ticker ANT. The company makes Claude, an AI model that people and businesses use to write, analyse documents and build software. Its revenue was $16.3B in the first half of 2026, up from $1.2B in the first half of 2025.
The filing sets no share price. The Wall Street Journal reports that Anthropic is aiming for a valuation of $1.5T to $2T and a listing in the week of 16 November, raising $100B or more. That would be the largest IPO on record, ahead of SpaceX’s $75B in June 2026.
Anthropic’s valuation, from an $845M Series A to a reported $1.5T–$2T IPO target
Valuation at each priced funding round, then the reported IPO target. The IPO is not yet priced.
Source: Dealroom.co, Anthropic S-1 · IPO target as reported by the Wall Street Journal
The S-1 shows revenue for the last six quarters. In the second quarter of 2026 Anthropic made an operating profit for the first time, $974M on $11.6B of revenue.
Anthropic’s quarterly revenue rose 31 times in five quarters
Revenue per quarter, and the operating profit or loss under it.
Source: Anthropic S-1 · Dealroom.co
The S-1 also reports a net loss of $80.7B for the first half of 2026. About $72B of that is an accounting charge: Anthropic owes shares to holders of convertible notes and similar instruments, and the value of those shares rose with its valuation. No cash left the company for it.
Who owns Anthropic
Dealroom’s estimate of each holder’s stake before the IPO, and its value at $1.5T, the low end of the reported range. Google and Amazon own the most.
Source: Dealroom.co estimates
Amazon and Google are the two outside shareholders whose full investment is public, because the S-1 lists every note and share purchase. Amazon put in $13.0B and Google about $13.6B. At $1.5T their estimated stakes would be worth about 14 and 17 times that, before tax. Spark Capital, the first venture firm in, is also listed because a Spark partner sits on the board: it put $777M into every round from the Series C onwards, worth about $10.8B at $1.5T. Menlo Ventures, in since the Series C, led the Series D at $3.00 a share, so those shares would be worth about 30 times what Menlo paid. For the other investors, Dealroom has the round they joined but not the amount they paid.
Money in and estimated stake value at a $1.5T Anthropic IPO
Dealroom’s gross estimates, before tax and new IPO shares. Hollow markers show the round an investor joined where the amount is not public.
Source: Dealroom.co estimates, Anthropic S-1
What this means
Most of Anthropic’s value was created after March 2025, when it was valued at $61.5B. Its quarterly revenue has risen 31 times since the start of 2025. Its two largest outside owners, Amazon and Google, also sell it the computing it runs on: the S-1 commits Anthropic to spend at least $110B with Amazon alone over ten years.