Anthropic, the developer of Claude, has filed an S-1 prospectus with the SEC to list on Nasdaq under the ticker ANT. The company expects the IPO to take place before Thanksgiving 2026. Early valuation estimates for the listing are around $1.5 trillion, down from previous projections of $2 trillion due to a slowdown in sequential revenue growth.
The company reported revenue of $16.3 billion for the first half of 2026, marking a year-over-year increase of over 1,300%. Despite this growth, Anthropic posted a net loss of approximately $80.7 billion, largely attributed to non-cash valuation adjustments, while its operational loss stood at $693 million. The IPO aims to raise up to $100 billion to fund infrastructure commitments.
The filing highlights a significant opportunity cost for FTX creditors. In 2022, Alameda Research invested $500 million for a 13.56% stake, which was later diluted to 7.84%. The FTX bankruptcy estate sold this stake in 2024 for $1.34 billion. At the projected IPO valuation, that same stake could have been worth between $91 billion and $118 billion.
Anthropic was valued at $965 billion during a funding round in May 2026. The company plans to allocate between $500 billion and $800 billion toward infrastructure over the coming decades. Investors will now evaluate the company based on its hypergrowth metrics versus its substantial financial losses and the necessity for long-term capital access.
