Anthropic, the artificial intelligence (AI) company behind the Claude chatbot, took a major step toward its stock market debut by publicly filing its Form S-1 registration statement with the Securities and Exchange Commission (SEC).¹

The Oct. 26 filing provides the most detailed look yet at the company’s financial health ahead of its potential IPO as early as mid-November. It reveals a company growing rapidly, but also facing enormous costs as it builds infrastructure in the highly competitive AI industry.² 

"When it goes public, Anthropic could be the new center of the AI trade, giving the cleanest read available to the investing community on AI demand," Empower Chief Investment Strategist Marta Norton said.

Anthropic could raise as much as $100 billion or more in an IPO that could value the company at between $1.5 trillion and $2 trillion.³ It would follow the record-breaking SpaceX IPO in June, which raised $85.7 billion at a valuation of approximately $1.77 trillion.⁴

Anthropic has not declared a date for its IPO. Before the stock can debut on the Nasdaq — under the ticker ANT — Anthropic and its underwriters have to complete an investor roadshow, set a price, and receive a final green light from regulators.⁵

The company is reportedly targeting its IPO as soon as the week of November 16, but that timing is not firm and subject to change.⁶ 

Anthropic IPO at a glance

Here’s some of the key facts we know about Anthropic’ s potential blockbuster IPO so far.⁷

What does Anthropic's IPO filing reveal?

Anthropic’s roughly 400-page filing reveals a company with soaring revenue, substantial spending, and improving operating performance.⁸

Anthropic generated $16.3 billion in revenue during the first six months of 2026, compared with approximately $1.2 billion during the same period in 2025. Anthropic also spent $8.9 billion on computing and infrastructure in the first half of 2026, a nearly 300% increase from the same period last year.⁹

Norton said the revenue growth showcases the rapid adoption of AI, particularly in the corporate sector. "Costs have also climbed and Anthropic made it clear securing the right amount of computing power is critical to the success of its business and the broader trade. This suggests that the AI build has a long way to go,” she said.

Anthropic has committed up to $807 billion over the next decade for data centers, chips, and computing power — much of it through noncancelable contracts, according to The New York Times.¹⁰

Despite considerable costs, Anthropic's operating loss narrowed to $693 million in the first half of 2026 from $2.1 billion a year earlier. The company also reported a small operating profit in the second quarter.¹¹

Anthropic also entered the second half of 2026 with substantial financial resources, reporting $112.4 billion in cash and cash equivalents and another $19.3 billion in short-term investments as of June 30.¹²

What risks does Anthropic face?

Anthropic devoted more than 90 pages of its IPO filing to potential risks, including warnings that increasingly powerful AI systems could cause harm.¹³

"That’s unusual to say the least and is a reminder that the pioneers on the frontier of AI see its development as a remaking of the world as we know it, with good and bad consequences looming large," Norton said.

The company cautioned that advanced AI models could become capable of acting independently in dangerous ways, potentially outpacing its ability to evaluate and control them. It also warned that malicious actors could exploit the technology to conduct cyberattacks, develop biological or chemical weapons, or carry out surveillance.¹⁴

The filing also identifies more conventional business risks, including intense competition in the AI sector, dependence on computing infrastructure, and potential regulatory restrictions. Anthropic also warned that opposition to data centers over electricity and water consumption could complicate its expansion plans.¹⁵

What to know about the IPO timeline

Under SEC rules, companies must make their registration statements public at least 15 calendar days before beginning a formal investor roadshow. The Oct. 26 filing would allow Anthropic to potentially begin its roadshow as early as the week of November 9.¹⁶

Anthropic must also complete the SEC review, including responding to any outstanding questions or requests for additional disclosures.¹⁷

The number of shares Anthropic plans to sell and its proposed price range typically appear in an updated filing before the roadshow begins. During the roadshow, company executives and investment bankers pitch the offering to institutional investors and gauge demand.¹⁸

The final IPO price is usually set after investors have indicated their demand, typically the night before shares begin trading.¹⁹

If those steps proceed as planned, Anthropic could make its market debut in mid-November. However, regulatory issues, market volatility, or changes in investor demand could delay the offering.²⁰

How can investors buy Anthropic stock?

Once the company completes its IPO and begins trading on the Nasdaq under the ticker ANT, individual investors should generally be able to purchase shares through brokerage accounts that offer access to U.S.-listed stocks.

Some investors may be able to purchase shares at the IPO offering price through participating brokerages, although allocations are often limited and not guaranteed.

For most individual investors, the first opportunity to buy Anthropic stock may come when trading begins on the open market. The price at that point could differ substantially from the IPO price.²¹

For long-term investors considering Anthropic, the question may be less about participating on the first day of trading and more about how the investment fits into their broader financial strategy.

“To make a determination on long-term value, investors need to spend some time understanding the business, growth expectations, and the reasonableness of those expectations relative to conditions and competitors,” Norton said.

Investing in newly public companies involves risks, including significant price volatility, particularly in the early days of trading. Share prices may fluctuate substantially and could decline below the initial offering price.

Read more: Research spotlight: The IPO triple threat

*Pre-IPO shares and shares offered in the IPO are not available for purchase through Empower.