EL7.AI
StocksMedium•26 October 2026•
4 min read

Anthropic Files IPO Prospectus as Losses Rise to $80.7 Billion

Key Facts

1Anthropic recorded a net loss of $80.7 billion in the first half of 2026, compared with $13 billion in the same period of 2025.
2The company plans to list Class A shares on Nasdaq under the ticker ANT and has not specified the number of shares or price range.
3The first-half loss included a $72 billion accounting charge tied to an increase in the value of bonds convertible into shares.
4The company spent about $9 billion on computing and infrastructure in the first half of 2026, compared with $2.3 billion a year earlier.
5Anthropic has committed to spending at least $518 billion on cloud services, computing and infrastructure over a decade.

Anthropic said on October 26, 2026, that it had filed an S-1 registration statement with the U.S. Securities and Exchange Commission for an offering of Class A shares, moving its IPO plans from preparation to a public filing. The company plans to list the shares on the Nasdaq Global Select Market under the ticker ANT. It has not yet specified the number of shares on offer or the price range, so the size and final value of the offering remain unknown. The company also said the registration statement has not yet become effective, and that the securities cannot be sold and offers to buy them cannot be accepted before it does. That caveat clearly defines what can be considered final IPO terms at this stage.

The offering document showed a net loss of $80.7 billion in the first half of 2026, compared with a loss of $13 billion in the same period a year earlier, according to the Associated Press. The 335-page document pointed to rapid revenue growth as the company continued to post losses. But the widening loss includes a large accounting charge: Reuters said $72 billion of it stemmed from an increase in the estimated value of Anthropic bonds convertible into shares. The amount is an accounting charge, not cash costs directly tied to the company's operations, according to the document as cited by Reuters. These details help distinguish the reported loss from actual operating spending without diminishing the scale of the recorded loss.

Infrastructure costs are a prominent part of the company's financial picture as it expands its purchases of computing capacity and cloud services. Anthropic spent about $9 billion on computing and infrastructure in the first half of 2026, up from $2.3 billion in the corresponding period of 2025, according to Reuters. It has also committed to spending at least $518 billion on cloud services, computing and infrastructure over a decade. The long-term commitment puts financing and expansion needs at the center of any assessment of the business, alongside continuing reported losses. The spending figures provide context for the financial burdens accompanying the growth of a company expanding its computing resources.

The valuation remains a possibility under discussion, not a final figure for the offering. Anthropic was valued at $965 billion earlier in 2026, based on private-investor estimates cited by the Associated Press. Reports have discussed a potential valuation of between $1.5 trillion and $2 trillion, but the company has not set an official value. Reuters reported that some investors were considering a valuation of about $1.5 trillion following the latest financial disclosures. The Associated Press also reported that the offering could raise as much as $100 billion, but that figure is based on media reports and is not a target announced by Anthropic. These estimates therefore remain separate from the share price and number of shares, neither of which has been announced.

On another aspect of its corporate structure, Anthropic said it would allocate 5% of its shares to its public-benefit fund, subject to shareholder approval. The company said the stake could increase as it grows. It had previously allocated $200 million to study the broader economic effects of artificial intelligence, according to the Associated Press. The company said combining that commitment with the new share allocation would direct about 20% of its shares to public benefit. Another portion could be added if the company reaches specified valuation milestones, according to the announcement cited by the news agency. The arrangement places public-benefit commitments among the terms disclosed alongside preparations for the offering.

The filing could pave the way for the company's shares to begin trading the following month, according to the Associated Press, and the offering could become the largest initial public offering ever if that happens. But the company has not announced a confirmed trading date, and the reference to the following month is a media estimate, not an official timetable. Earlier reports had said Anthropic was preparing for a possible November offering, without setting a final date. In the United States, the Federal Reserve's Federal Open Market Committee meets on October 27 and 28, with a news conference scheduled for October 28. The Bureau of Economic Analysis has also set October 29 at 8:30 a.m. local time for the release of its advance estimate of third-quarter 2026 gross domestic product. These two economic dates fall in the days after the filing, but that does not establish a causal link between them and the offering terms.