Anthropic Files for Nasdaq IPO ... Could It Be the Largest Ever?

Expected to list in mid-November; ticker symbol "ANT"
Infrastructure spending commitments over 10 years near $800 billion
IPO to test returns on AI investment

Anthropic, the maker of the generative AI model Claude, has set its initial public offering (IPO) process in motion. The listing is expected to serve as a test of investment demand for the AI industry and how the market values it.

According to the Financial Times (FT), The Wall Street Journal (WSJ) and other media outlets on Oct. 26 (local time), Anthropic filed a registration statement for an IPO with the U.S. Securities and Exchange Commission (SEC).

The size of the offering, the specific listing schedule and the target valuation have not yet been disclosed. The market expects the listing to take place around mid-November, after the U.S. midterm elections, with shares set to trade under the ticker symbol "ANT."

Some forecasts suggest that the offering could rival or surpass the largest IPO on record, SpaceX's. SpaceX raised about $85.7 billion through its IPO, setting an all-time record. Anthropic's IPO proceeds have not yet been finalized.

The registration statement highlights both Anthropic's explosive growth and its net losses. The company recorded revenue of $16.3 billion in the first half of this year, more than 13 times the $1.2 billion it generated in the same period last year.

Net losses over the same period widened to $80.7 billion, up from $13 billion a year earlier. However, most of the net loss came from valuation losses due to changes in the fair value of convertible bonds. Operating losses narrowed to $693 million, down from $2.1 billion in the first half of last year. This makes it difficult to assess the company's operating performance based on its accounting net loss alone.

The burden of AI infrastructure investment costs was also laid bare. Anthropic spent about $8.9 billion on computing power and infrastructure in the first half of this year. The FT reported that the company's spending commitments over the next 10 years are close to $800 billion.

Anthropic said in its registration statement that it had entered into new computing contracts worth at least $414.7 billion since the end of 2025. How quickly the company can turn the computing resources secured through massive investments into revenue and profits is expected to be a key criterion for evaluating it after its listing.

The registration statement also spelled out potential risks associated with AI technology. Anthropic warned that its models could bypass safeguards or disrupt monitoring systems, and that autonomous AI could cause catastrophic harm to humanity.

The WSJ reported that the registration statement devotes 94 pages to explaining AI risk factors, and that the company said potential damages could reach levels that would be difficult to cover with insurance. As a company that has emphasized AI safety pursues a listing, it has disclosed to investors the risks its own technology could pose.

Anthropic's valuation is also drawing attention. The company was valued at $965 billion when it raised private funding last May. Investors have recently forecast that its IPO valuation could be between $1.5 trillion (about KRW 1,989.6 trillion) and $1.75 trillion (about KRW 2,323.65 trillion).

This is lower than the more than $2 trillion valuation previously discussed. The offering price and final valuation will be determined after investor demand is assessed.

Meanwhile, news of Anthropic's IPO filing lifted U.S. stocks, led by AI-related shares. Buying also flowed into semiconductor stocks, including Nvidia, Micron, Intel and AMD.

This content was produced with the assistance of AI translation services.