Anthropic PBC, the AI company behind the Claude chatbot, filed publicly with the US Securities and Exchange Commission on Oct. 26 for an initial public offering, and is expected to list on Nasdaq in November. The company was founded in late 2020 by a group of senior OpenAI employees who were unhappy with what they saw as the company's failure to adequately prioritize AI ethics and safety. Just a few years later, it has become one of the most closely watched AI firms, and the IPO is expected to be among the largest in history.
The listing comes at a fraught moment for the AI sector. Multiple incidents in which AI models went rogue and attacked other organizations have intensified fears about the technology's capacity to escape human control. Growth at AI companies, including Anthropic, has also started to slow, even as the businesses generate massive revenue.
Anthropic's revenue has surged, driven by Claude Code, a system designed to streamline writing and debugging code that took off among software developers. The company has largely avoided costly flashy offerings such as video generators and has expanded into legal and financial services. Earlier in 2026 it unveiled Claude Cowork, a general-purpose AI agent. For the three months ended Sept. 30, Anthropic reported revenue of nearly $17 billion, a 12-fold increase from a year earlier. Pricing pressures, however, cut third-quarter revenue growth by about $600 million.
The filing also highlights enormous costs. Anthropic reported spending commitments of $895 billion in the coming years for computing power and infrastructure, with about $448 billion expected to be incurred by the end of 2030. Investors have told bankers their estimate of fair valuation has shifted to around $1.4 trillion to $1.5 trillion, though a valuation closer to $1.75 trillion is potentially achievable, Bloomberg News has reported. Details on the offering size and share sales are expected later.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing