Anthropic to Publicly File for IPO as Early as Friday, per Yahoo Finance
Anthropic is preparing to publicly file its S-1 as early as Friday, per Yahoo Finance, setting up a potential November listing that could raise up to $100 billion and become the largest IPO in history.
The biggest IPO in history is taking shape
Anthropic is preparing to publicly file its IPO prospectus as early as Friday, per Yahoo Finance, in a move that could set up the largest stock market debut in history.
The Claude developer confidentially filed a draft registration statement with the SEC in June. Companies that file confidentially must make their paperwork public at least 15 calendar days before starting their investor roadshow, so a public S-1 this week clears the last big procedural hurdle for a potential listing in November, ahead of Thanksgiving. The final timing still depends on market conditions, and Anthropic has not commented on the timeline.
The numbers inside the filing
A draft of the S-1 showed revenue of $16.3 billion in the first half of 2026, up from $1.1 billion a year earlier, alongside a net loss of $80.7 billion that included $72 billion in non-cash accounting adjustments tied to convertible notes and other financing instruments. The company has since told investors that third quarter revenue rose to $16.8 billion, from $11.5 billion in the second quarter, and that it was profitable on an adjusted basis.
The spending is just as striking. Anthropic spent nearly $9 billion on computing capacity and infrastructure in the first half of the year, more than the $7.3 billion it spent in all of 2025, and two customers accounted for about 20% of first half revenue. Wall Street has talked about an offering that raises as much as $100 billion at a valuation near $2 trillion, which would top SpaceX and its June IPO as the largest debut ever, though some investors are now discussing a lower figure around $1.5 trillion. Its latest reported private valuation was about $965 billion.
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Options market and stocks to watch
Anthropic does not trade yet, so the read-through runs through its backers and compute partners. Alphabet and Amazon both hold stakes in Anthropic and supply the cloud capacity behind Claude, and the company also rents GPU capacity at SpaceX and its Colossus 1 data center. A rich IPO valuation would support the broader AI complex, including Nvidia, while a weak reception would feed the growing skepticism about AI spending. Watch for the S-1 to drop, the chosen valuation range, and any November pricing date, and follow the story on the Unusual Whales news feed.
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