Anthropic’s IPO Prospectus Reveals What’s Under the Hood

LoaderSave StorySave this storyCommentLoaderSave StorySave this storyAnthropic filed key paperwork on Monday ahead of a highly anticipated initial public offering, providing new details about its finances and the risks facing its business.

According to the filing, the artificial intelligence company plans to go public on Nasdaq under the ticker symbol ANT. The IPO could come later in November, The Wall Street Journal reported. The S-1 prospectus does not include details on how much the company plans to raise or its targeted valuation; The New York Times reported in August that it was looking to raise more than $100 billion with a valuation around $2 trillion.

“The advent of machine intelligence is one of the seminal moments in human history,” Anthropic wrote in the filing. “We encourage you, as a prospective owner of our stock, not to think of your purchase in purely transactional terms. We hope you will see it instead as an opportunity to be part of something greater.”

The paperwork offers a window into the company’s finances through the first half of 2026. Its revenue grew to more than $16 billion, up from about $4.5 billion in 2025. The Claude maker emphasized its growing enterprise business, noting that more than 11,900 customers spent at least $100,000 in the past twelve months; more than 1,900 spent $1 million or more; and roughly 250 customers spent $10 million or more.

Despite its growing revenue, Anthropic has yet to turn a profit. It posted a net loss of $80.7 billion in the first half of 2026, compared to a net loss of $13 billion in the same period last year.

While it’s expected that a company accurately reports its risk factors, the prospectus also features a particularly thorough list of potential business quagmires, noting that investing in the stock carries “a high degree of risk.”

Those risks range from the ability to secure adequate compute to intense competition from rival labs to advanced AI systems’ potential to “pose catastrophic or existential risks to humanity.”

The filing warns about the possibility that sophisticated AI could be abused by threat actors to launch cyberattacks and develop novel biological weapons, or by authoritarian governments to surveil their citizens. Anthropic also pointed to the risk that it could lose control of the AI models it develops.

It also highlighted the volatility of government action, specifically noting the Trump administration’s decision to designate the company as a supply chain risk.

“While we continue to work with government agencies, we cannot be certain that the resolution of these lawsuits will not adversely affect our ability to sell to government agencies and other customers that sell products and services to the US government, and in turn adversely affect our business, financial condition, and results of operations,” the filing concluded.

In September, Anthropic’s rival OpenAI—which filed confidentially for IPO in the summer—announced that it no longer intended to go public this year, citing concerns over the risks posed to humanity by AI.

Anthropic was founded in 2021 by seven former employees of OpenAI, who had reportedly lost faith in the lab’s ability to develop advanced AI models safely. Anthropic markets itself as highly safety-conscious; its CEO, Dario Amodei, has repeatedly commented on the risk that AI could eliminate scores of jobs, and act against human interests.

The filings also outline Anthropic’s ambition to develop sophisticated AI models capable of accelerating scientific discovery, curing disease, and spurring economic growth.

“To build AI is to harness cognition itself, and anything so powerful can be used for ill as well as good,” the company wrote.

The company did not immediately respond to WIRED’s request for comment.