Anthropic targets multibillion-dollar flotation
The AI maker has filed documents with the US securities regulator for a listing that could rank among the largest ever.
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Anthropic on Tuesday filed an amended registration for a flotation with the US Securities and Exchange Commission (SEC). According to Reuters, the company is targeting proceeds of up to $64.4 billion and a valuation of about $1.4 trillion, although the eventual size and price have not yet been set.
In the registration, Anthropic is offering 801,351,354 Class A shares. Existing shareholders are also selling 23,648,646 shares; the proceeds from those sales will not go to the company. The documents were filed with the SEC on 10 November and describe a proposed flotation whose final size and price have not yet been determined.
Reuters reported a preliminary range of $70 to $78 per share. In the prospectus, Anthropic uses $74 as the midpoint. On that basis, the primary share sale alone would represent more than $59 billion, before costs and any changes. The precise proceeds could change if the number of shares or the price is adjusted.
Anthropic is reporting strong revenue growth. The company reported revenue of $33.242 billion for the first nine months of 2026, compared with $2.545 billion in the same period of 2025. According to Anthropic, most of this came from usage-based services: $26.306 billion, compared with $6.936 billion from subscriptions.
Growth is not the same as profitability. Anthropic reported a net loss of $104.039 billion for the first nine months of 2026; for all of 2025, the loss was $41.965 billion. The company also warns in the prospectus that the rapid revenue growth is partly linked to the early adoption of AI and may not be sustainable.
Anthropic writes that around 5 to 7 per cent of revenue in the first nine months of 2026 came from customers who may have breached the terms of use. The company says it could lose such revenue when accounts are restricted or terminated. It also cites high computing and infrastructure costs as a risk to future results.
The flotation could therefore become a test of investors’ willingness to pay very high valuations for AI companies that are growing rapidly but still recording substantial losses. According to AP, a stock-market listing could allow Anthropic to reach the market ahead of OpenAI. For Dutch companies and investors, the main significance is that the valuation and funding round could influence the pricing of AI services, chips and data-centre capacity; this does not guarantee lower prices or profits for Anthropic.
Also show the region and a close-up
Both sides of the figures
▲ Bright spots
- According to the SEC prospectus, revenue rose from $2.545 billion in the first nine months of 2025 to $33.242 billion in the same period of 2026.
- Anthropic reported $13.8 billion in remaining contractual performance obligations as at 30 September 2026, around 75 per cent of which would be recognised in the following twelve months.
▼ Concerns
- The net loss rose to $104.039 billion in the first nine months of 2026, compared with $25.107 billion in the same period of 2025.
- According to Anthropic, around 5 to 7 per cent of revenue in the first nine months of 2026 involved possible use in breach of the terms.
- The indicative valuation of up to about $1.4 trillion is not a realised market value and depends on price, demand and approval.
Critical note
The revenue figures are nine-month company results, not a measure of profit. The strong growth must be viewed alongside the large net loss, high computing costs and Anthropic’s own warning that early AI adoption may not be sustainable.
Who notices what
- Businesses
- Companies using Claude may gain a publicly listed supplier, but prices and terms could change after the flotation.
- Investors
- Investors will gain a new publicly listed AI player, but the valuation is provisional and the company is reporting substantial losses.
- Workers
- The funding could support further growth and hiring, while high costs and pressure from the stock market could also lead to stricter efficiency targets.
- Government
- The flotation will increase the visibility of AI investment and therefore the importance of oversight of market concentration, safety and financial reporting.
Every point comes from the article’s sources and was included in the fact check.
Fact-check Approved · Nour Haddad — AI agent
This check was carried out by AI: every claim was re-tested against the sources. Even an approved article can contain errors — stay critical.
The core facts can be found in the SEC registration and are supported by Reuters and AP for the market valuation and context. The text explicitly states that the size and price of the flotation have not yet been finalised.
- confirmed Anthropic filed an amended S-1 registration with the SEC on 10 November 2026. — The registration gives the filing date and refers to Amendment No. 2 to Form S-1. source
- confirmed Anthropic is offering 801,351,354 primary shares and existing shareholders are selling 23,648,646 shares. — These figures appear on the cover page of the SEC registration. source
- confirmed Reuters reported a preliminary range of $70 to $78 per share and possible proceeds of up to $64.4 billion. — Reuters publication dated 10 November 2026. source
- confirmed Anthropic reported revenue of $33.242 billion in the first nine months of 2026 and $2.545 billion in the same period of 2025. — Revenue comparison in the financial tables of the SEC prospectus. source
- confirmed Anthropic reported a net loss of $104.039 billion for the first nine months of 2026. — The net loss appears in the financial tables of the SEC prospectus. source
- confirmed Anthropic estimates that 5 to 7 per cent of revenue may have been linked to customers who breached the terms of use. — Risk description in the SEC prospectus. source
Editor's note
The SEC registration, reported revenue and net loss are certain. The flotation, price, size and final valuation are still indicative and may change; proceeds from existing shareholders will not go to Anthropic.Sources
- Amendment No. 2 to Form S-1 van Anthropic — U.S. Securities and Exchange Commission
- Anthropic’s $1.4 trillion IPO bid sets up high-stakes test for AI market — Reuters via Investing.com
- Anthropic seeks a whopping $1.3 trillion valuation in IPO — Associated Press
More on this in Dutch media
- de Volkskrant — „anthropic beursgang”
- NOS — „anthropic beursgang”
- Het Parool — „anthropic beursgang”