Anthropic filed for an initial public offering on Monday morning, setting up a planned public listing in November.
The S-1 filing showed that the Claude maker generated $16.3 billion in revenue in the first half of 2026 and posted a net loss of $80.7 billion. The company did not disclose its share count or proposed price range.
Filing details revenue, losses and liquidity
According to the prospectus, Anthropic held $112.4 billion in cash and equivalents as of June 30, along with $19.3 billion in short-term investments. Even so, the company said infrastructure spending is expected to rise significantly, which would put pressure on future cash flows.
Its enterprise business has expanded quickly. By Sept. 30, more than 1,900 customers were generating at least $1 million each in trailing annual revenue, including about 250 customers contributing more than $10 million.
Valuation expectations and timing
Anthropic has not yet disclosed the number of shares it plans to sell or the price range for the offering. The Financial Times reported that investors expect a valuation between $1.5 trillion and $1.75 trillion. Fox Business reporter Liz Claman said pricing for Nov. 19 or 20 remains on track.
Previous reports had suggested the company could raise as much as $100 million at a $2 trillion valuation.
Company statement and market reaction
In the filing, Anthropic said: "We believe that AI is one of the most consequential technologies in human history. If managed well, it could rapidly accelerate scientific innovation, greatly increase economic growth rates, bring cures for major diseases within reach, and solve problems that have resisted generations of human effort."
Chip stocks rose in premarket trading after the filing. Nvidia gained 1.4%, Broadcom rose 1.5%, and Micron added 2.3%.
ANTH contract swings on Hyperliquid
On crypto exchange Hyperliquid, traders can already take positions on Anthropic’s expected share price before the listing through a contract called ANTH. The contract jumped to about $1,980 around 9 a.m. ET, when the S-1 was due out, then fell roughly 6% to about $1,857 within minutes.
Shortly after 12:05 UTC, ANTH was trading near $1,875. Over the past 24 hours, it was up 1.8%, with around $12 million in volume.
