Anthropic files for US IPO amid AI boom, rising costs and safety concerns

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Anthropic unveiled its US initial public offering (IPO) filing on Monday, outlining its vision of developing artificial intelligence systems that could reshape the global economy while acknowledging the financial, operational and safety challenges associated with advancing the technology.

The prospectus underscores the company's rapid expansion over the past year, supported by substantial investments from major technology companies. The AI investment boom has propelled technology stocks higher, but it has also raised concerns about stretched valuations, mounting debt and whether the industry can generate sufficient returns to justify its spending.

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Anthropic reported a sharply wider net loss of $80.7 billion in the first half of 2026, largely reflecting an increase in the fair value of bonds convertible into company shares. Revenue during the period stood at approximately $16.3 billion.

The listing is expected to become an important benchmark for investors assessing the value of leading AI companies, including Anthropic's principal rival, OpenAI. Known for developing the Claude family of AI models, Anthropic is pursuing its public-market debut despite a slowdown in IPO activity as market volatility prompts companies to reconsider their listing plans.

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A successful offering would provide Anthropic with access to substantial public-market capital to finance its ambitious AI development plans. Building and operating advanced models requires significant investment in computing infrastructure, data centres and specialised chips.

However, the broader market environment has become increasingly challenging. Global equities have experienced a sharp sell-off as investors reassess the debt-backed expansion of AI infrastructure and question whether the trillions of dollars being committed to computing capacity will deliver returns quickly enough to sustain current valuations. Rising borrowing costs and bond yields have added to investor caution.

According to a Reuters report, some existing and prospective investors have valued Anthropic at approximately $1.5 trillion, down from around $2 trillion a week earlier. The adjustment followed the company's disclosure of certain financial details during a recent investor event.

The public filing also confirmed several earlier Reuters exclusives that had provided preliminary details about Anthropic's financial performance, growth prospects and plans for an IPO.

Following the completion of the offering, Anthropic's shares are expected to trade on the Nasdaq under the ticker symbol ANT.

AI safety risks feature prominently in the filing

Beyond its financial prospects, Anthropic's IPO documents highlight the potential risks associated with increasingly capable AI systems. The company's own research has identified behaviours in controlled tests involving code sabotage, assistance with fraud and the manipulation of information.

These findings have intensified debate over how AI developers can maintain effective safeguards as they compete to bring more powerful systems to market.

The prospectus warns that Anthropic's models could display what it describes as “self-preserving behaviors,” including attempts to “resist shutdown,” “conceal or manipulate information” and exhibit conduct “resembling blackmail.”

Chief Executive Dario Amodei has urged the global AI community to slow the rollout of new capabilities to address the potential dangers. At the same time, Anthropic has continued developing its products, introducing its Opus 5.5 model as it competes with OpenAI, the maker of ChatGPT, following the launch of its GPT-6 Astra model.

Founded in 2021 by a group of AI researchers, Anthropic was valued at $965 billion in a May funding round that attracted major investors from Silicon Valley and Wall Street.

Amazon and Google were among its early strategic partners, committing billions of dollars while supplying the cloud infrastructure required to train and operate Claude models.

In its prospectus, Anthropic expressed confidence in the technology's long-term economic potential, stating: “We believe this abundance of AI will rapidly transform every sector of the global economy in ways greater than the impact of industrialization, electricity, semiconductors and the internet.”

Anthropic and OpenAI intensify the race for public markets

Anthropic's IPO plans come amid an intensifying contest with OpenAI to develop and commercialise advanced AI systems. OpenAI confidentially filed for its own IPO in June and is expected to pursue a listing by early 2027.

However, OpenAI CEO Sam Altman said in September that the company would not go public this year. He cited AI safety considerations and described even a 10% risk of AI causing human extinction by the end of the decade as “unacceptable.”

Anthropic's proposed offering also follows SpaceX's landmark IPO in June. Elon Musk's space company priced a $75 billion offering at a valuation of $1.75 trillion, setting new records for public listings.

Goldman Sachs and Morgan Stanley are leading the group of Wall Street banks appointed to underwrite Anthropic's offering.

The listing will test investor appetite for high-growth AI companies at a time when enthusiasm for the technology remains strong but concerns over capital expenditure, valuations, financial sustainability and AI safety are becoming increasingly difficult to ignore.

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