According to the Wall Street Journal, the company is aiming to go public the week of November 16, though the timing could change.
Anthropic has committed up to US$120.5b with SpaceX for computing capacity. Photo / Getty Images
The offering could raise as much as US$100 billion ($175b) in an initial public offering (IPO) that could value Anthropic at between US$1.5 trillion ($2.6t) and US$2t, the Wall Street Journal added, citing people familiar with the matter.
The 400-page prospectus devotes more than 90 pages to risks specific to an industry that has faced a string of reports in recent months of AI systems behaving in unexpected and harmful ways.
It also reflects the dominant belief among researchers inside Anthropic that AI needs to be developed by a safe pair of hands, or otherwise see its extraordinary powers misused, with China having the edge.
The filing cited concerns that advanced systems “could pose catastrophic or existential risks to society if not developed and deployed responsibly”.
Anthropic also warned that its “engagement with policymakers and public positions on AI regulation and safety could subject us to heightened scrutiny, political backlash, or disproportionate regulatory action”.
The company has been targeted in recent months by the administration of US President Donald Trump for refusing to lift restrictions on how the Pentagon could use its technology, and the Defence Department has since labelled it a national security risk and barred it as a supplier.
Despite these challenges, Anthropic’s business has grown quickly. Sales reached US$11.6b in the April-June quarter, up from US$787 million ($1.39b) a year earlier. That compares with US$4.6b in sales for all of 2025.
The company made its first operating profit in that quarter, close to US$1b. It still reported an overall loss of US$80b for the first half of the year, mostly because of accounting charges linked to its rising value rather than cash spent.
Much of the growth comes from businesses using Claude to write software and handle office work.
Nearly 12,000 organisations now spend at least $100,000 a year with Anthropic, up from fewer than 1000 a year ago.
Slowdown risks
Anthropic warned its growth is likely to slow, possibly sharply, and investors will be eyeing the company’s third-quarter figures to be released before the IPO.
To power its AI, Anthropic has committed hundreds of billions of dollars to computing capacity, including up to US$120.5b with SpaceX, about US$110b with Amazon and an estimated US$125b to US$150b with Google.
The company warned if demand falls short of its projections, many of these payments must be made regardless of how much capacity it uses.
The company will have a governance structure that gives power to the founders, not investors.
The company’s seven co-founders, led by chief executive Dario Amodei and his sister, company president Daniela Amodei, will keep control of just over half of shareholder votes after the listing, meaning outside investors cannot outvote them.
Anthropic is registered as a “public benefit corporation,” which requires it to weigh its goal of developing AI safely alongside making money for shareholders.
The co-founders have each pledged to give 80% of their shares to charity, though the filing notes these pledges are not legally binding.
– AFP