Anthropic's IPO prospectus reveals the company's inner workings

Anthropic filed for an IPO on Monday, planning to list on Nasdaq under the ticker ANT; the prospectus disclosed the company's finances and business risks. According to The Wall Street Journal, the IPO may take place in late November; the filing did not disclose the amount to be raised or the target valuation, and The New York Times reported in August that it was seeking to raise more than $100 billion at a valuation of about $2 trillion. As of the first half of 2026, Anthropic's revenue grew to more than $16 billion (about $4.5 billion in 2025), with a net loss of $80.7 million in the first half, compared with a net loss of $13 billion in the same period last year. The risk factors section states that investing in its stock is highly risky, including compute acquisition, competition among labs, the possibility that advanced AI could pose catastrophic or existential risks to humanity, be used for cyberattacks and novel bioweapons, be used by authoritarian governments for surveillance, and the possibility of losing control of the models it develops; the filing also mentions that the Trump administration designated it as a supply chain risk.