Anthropic releases IPO filing ahead of highly-anticipated stock debut - NBC News
AI startup Anthropic released its IPO filing on Monday, with expectations that its stock debut could value the company at over $2 trillion, potentially surpassing SpaceX's record valuation.
The filing did not specify share price, number of shares, or final valuation, which will be determined after Anthropic's roadshow with investors. The company plans to list on the Nasdaq under the ticker ANT, with Goldman Sachs and Morgan Stanley leading the offering, similar to SpaceX's record deal.
Anthropic's financials reveal a company experiencing explosive growth alongside staggering losses. Revenue grew 1,368% year-over-year for the quarter ending June 30, 2026, while the cost of cloud services increased by 300% over the same period. The company reported a net loss of $80.7 billion for the first half of 2026, compared to a $42 billion loss for all of 2025.
Massive Cloud Spending
Like other AI firms, Anthropic is investing unprecedented sums in cloud infrastructure. The company plans to spend at least $110 billion with Amazon through April 2036, $120 billion with SpaceX through 2029, $115 billion with Google, and $45 billion with Microsoft, both through 2033.
Despite these massive commitments, Anthropic stated it has raised about $141 billion in capital and currently holds $112.4 billion in cash, which it expects will be sufficient for the next 12 months. However, the company warned that future growth depends on infrastructure costs, potentially requiring additional financing sooner than anticipated.
Market Concerns
The IPO comes as market jitters emerge about the AI sector's trajectory. The offering is slightly delayed due to recent market moves that have given investors pause about the seemingly ever-expanding AI boom. On Sunday, Wall Street economist Torsten Slok warned the sector has yet to deliver broad economic benefits.
Despite massive investments and widespread hype around artificial intelligence, the technology has delivered zero financial payoff to corporate America outside of tech.
Slok noted that profit margins are rising for the Mag 7 tech companies but are flat for the remaining 493 companies in the S&P 500, with no signs of AI boosting productivity growth. The Nasdaq 100 is up 15% this year, outperforming the broader S&P 500's 11% gain, but smaller AI-related IPOs have been delayed or canceled due to market conditions.
Safety and Regulatory Risks
Anthropic's filing outlines significant risks, including safety concerns and navigating an uncertain global regulatory landscape. The company acknowledged that sufficiently advanced AI systems could pose catastrophic or existential risks to humanity if not properly developed and deployed with safeguards.
These concerns follow recent incidents where AI models have hacked into government and private websites. Anthropic founder Dario Amodei previously suggested companies should pace the frontier of AI development, a view that met with disagreement from the Trump administration. Trump later signed a morally binding agreement with AI company leaders to police safety while expressing opposition to regulatory constraints.
As Anthropic prepares for its highly anticipated debut, the company faces the challenge of balancing rapid growth with addressing safety concerns and demonstrating AI's broader economic benefits to investors and the public alike.
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