The Claude maker could be valued at up to $2 trillion in what may become the largest IPO in history, even as its financial disclosures reveal mounting infrastructure costs and concerns over the risks of artificial intelligence.
Artificial intelligence company Anthropic has filed for an initial public offering (IPO) that could raise $100 billion or more, potentially valuing the company at between $1.5 trillion and $2 trillion. According to Channel NewsAsia, the Claude maker is targeting a Nasdaq listing during the week of 16 November, although the final timing and terms remain subject to change.
The filing reveals extraordinary revenue growth, with second-quarter sales reaching $11.6 billion, compared with $787 million a year earlier. First-half revenue climbed to $16.3 billion, driven by enterprise demand for its Claude AI models. More than 11,900 organisations spent at least $100,000 with Anthropic over the 12 months to September, up from fewer than 1,000 a year earlier.
However, the company’s expansion has come at a considerable cost. Anthropic reported an $80.7 billion net loss in the first half of 2026, according to Reuters. Around $72 billion of that loss stems from non-cash accounting charges tied to the rising value of its convertible notes. The company has also taken on hundreds of billions of dollars in multi-year computing and infrastructure commitments, many of which extend a decade or more into the future.
Beyond its financial disclosures, Anthropic devoted roughly 80 pages of its IPO prospectus to potential risks. Among them, it warned that advanced AI systems could pose “catastrophic or existential risks to humanity”, particularly if misused, weaponised or allowed to operate with a high degree of autonomy. The company also acknowledged growing regulatory and political scrutiny, including its ongoing dispute with the Pentagon. The Department of War designated Anthropic a national-security “supply-chain risk” after the company refused to permit uses of its models involving autonomous weapons and mass surveillance.
Anthropic’s seven co-founders are expected to retain 50.1% of shareholder voting power on key matters following the listing, held through a dedicated Founder LLC, maintaining control over major corporate decisions.
As investors weigh the company’s extraordinary growth against its capital-intensive business model, Anthropic’s proposed debut could become a defining test of whether AI’s soaring valuations can be justified by sustainable financial returns.