Anthropic has filed for an initial public offering on the Nasdaq under the ticker ANT, with trading potentially starting as early as November 16. The company reported first-half revenue of $16.3 billion, significantly exceeding the $4.6 billion recorded for the entirety of 2025. Net losses reached $80.7 billion through June, primarily driven by a $72.4 billion non-cash charge related to convertible debt.
The proposed valuation of $2 trillion has sparked debate among investors, with some previously anticipating a $1.5 trillion figure due to cooling revenue growth. The company currently serves 12,000 customers who each contribute over $100,000 in payments. Cloud contracts include minimum spending requirements, ensuring revenue even if actual usage falls below projections.
Market reaction to the filing included a 2.4% rise in Nvidia shares on Monday, while the Nasdaq Composite index climbed 0.8%. Other technology firms, including Broadcom, Micron, and CoreWeave, also saw gains. Analysts from DA Davidson identified Amazon, Alphabet, and Broadcom as potential beneficiaries of the offering, while noting the company's shift toward adjusted operating profit.
Retail participation in the US equity market has declined to 9%, down from 15% late last year. Financial experts warn that public shareholders may face risks if company spending exceeds revenue. Meanwhile, competitors like OpenAI are reportedly targeting a valuation of $1.25 trillion for a pre-IPO round, with a public listing not expected until early 2027.
