Anthropic may file its IPO prospectus as early as Friday, sources said. This S-1 document will show the company’s finances and risks to investors. While OpenAI pushed its debut to 2027, Anthropic plans to start marketing shares in November. The firm earned $16.3 billion in revenue during early 2026.
Synopsis
Anthropic IPO filing expected Friday: Anthropic’s books may open to the public as early as Friday, sources say. Its S-1 filing will give investors the first detailed look at finances and risks. Rival OpenAI is expected to list only in early 2027, and AI markets remain shaky.
Anthropic IPO filing could land tomorrow: Anthropic, the company behind the Claude AI models, may publicly file its IPO prospectus as early as Friday, three people familiar with the plans said. The document, known as the S-1, will give ordinary investors their first detailed look at the company’s finances and risks. If the listing goes ahead, it could be the biggest stock market debut ever, bigger than SpaceX’s June IPO. Anthropic has not responded to requests for comment on the timing.
Anthropic IPO: 5 key things to know about its planned stock market debut
Anthropic had quietly sent a draft registration statement to the US Securities and Exchange Commission (SEC) in June. Companies that take this confidential route must make their papers public at least 15 calendar days before the formal investor roadshow begins.
One person said Anthropic is expected to start marketing its shares during the week of November 9. That timeline fits a public filing in the last week of October and a listing around mid-November. Sources cautioned that dates and plans can change with market conditions.
Dario Amodei, CEO of Anthropic.
The Wall Street Journal reported on Tuesday that Anthropic earned $16.3 billion in revenue in the first six months of 2026. In the same period, it posted a net loss of over $80 billion.
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Last week, the company told investors at its San Francisco office that third-quarter revenue rose to $16.8 billion, from $11.5 billion in the second quarter, according to the Financial Times. It also said it is profitable on an adjusted basis. The gap between a very large net loss and an adjusted profit is something investors will want explained, and the S-1 is where they will look for it.
The spending behind those losses is heavy. Anthropic is putting billions into the infrastructure needed to train and run Claude. It works with Google and Amazon, and also rents graphics processor capacity from SpaceX’s Colossus 1 data centre. On the business side, its strength is in the enterprise market, through Claude, the coding tool Claude Code, and Claude Cowork. Dario Amodei is CEO, and his sister Daniela, a co-founder, is president.
How big could the offering be
Wall Street expects Anthropic could raise as much as $100 billion at a valuation of about $2 trillion, going by an earlier Reuters report. Another report says the company is believed to see itself as worth around $1.5 trillion.
This year’s IPO market was strong, but it has turned difficult, especially for AI infrastructure firms. Rising interest rates have hit shares and bonds of AI operators like CoreWeave, and investors are asking whether the massive spending on data centres will pay off. Yahoo Finance noted that the cost of insuring CoreWeave’s debt has nearly tripled.
The fallout is visible. Nvidia-backed Firmus shelved its listing after investors balked at the valuation it wanted. Switch and Nscale have pushed their plans to later this year, and Nscale’s delay was partly due to the need to address SEC staff comments.
SoftBank-backed SB Energy has also postponed, and Blackstone-backed AirTrunk REIT has pulled or paused its offering.
Oura’s recent IPO drew little interest from long-only investors, which has made other issuers more nervous.
Some market participants do not expect a real slowdown in AI spending.
Despite the turbulence, many large investors remain bullish. They see Anthropic as one of the few ways to get exposure to a technology that long-term investors cannot afford to ignore. Other companies are also reluctant to go public at the same time, as they do not want to compete with Anthropic for the attention and money of institutional investors. A fall calendar that once looked crowded with technology IPOs has now shrunk to just Anthropic.
There are worries too, including competition from open-source models and concerns around AI safety. Rival OpenAI, once expected to list this year, is now projected to go public in early 2027.
The first thing to watch is whether the S-1 actually lands on Friday. After that, the focus will be on the roadshow in the week of November 9, the price range, and how investors respond. The outcome is also likely to decide when other companies waiting in the wings decide to list.
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