Anthropic, the developer of Claude, has filed a confidential S-1 registration statement with the SEC to prepare for an initial public offering. The company aims for a valuation of approximately $2 trillion and is targeting a Nasdaq listing as early as mid-October 2026.
Financial records indicate a net loss of nearly $42 billion in 2025, compared to $8.3 billion in 2024. The company reports a quarterly run rate of $11.5 billion as of Q2 2026, with annualized revenue projected to exceed $100 billion by the end of 2026.
The prospectus outlines infrastructure spending plans totaling $518 billion. Key commitments include over $100 billion pledged to AWS over ten years and a $15 billion annual agreement with SpaceX lasting until May 2029.
The company completed a Series H funding round in May 2026, raising $65 billion and reaching a post-money valuation of $965 billion. Morgan Stanley, Goldman Sachs, and JPMorgan are serving as underwriters for the upcoming public offering.
