Anthropic files S-1 for Nasdaq IPO under ticker ANT, targeting up to $2 trillion

On October 26, 2026, frontier AI model company Anthropic publicly filed for an IPO with the U.S. Securities and Exchange Commission, applying to list its Class A common stock on the Nasdaq Global Select Market under the ticker ANT. Wall Street CN described it as the largest IPO in the AI sector to date, while the Financial Times framed the listing as a referendum on whether public-market investors accept the founder's narrative. U.S. semiconductor stocks rose that day, with the Nasdaq up more than 1% intraday and Broadcom, AMD and Nvidia each climbing nearly 3%.

Reports differ on the prospectus length: one says the S-1 runs 318 pages, while another says 443 pages, roughly 240,000 English words. It covers the business model, risk factors and financials. Financial figures include first-quarter 2025 revenue of $376 million, second-quarter 2026 revenue of $11.555 billion, roughly a 30x increase over five quarters, and half-year revenue of $16.3 billion. Anthropic has signed compute contracts totaling more than $800 billion, extending as far as 2045. Target valuation is $1.5 trillion to $2 trillion, which could top SpaceX's record, and media reports point to the week of November 16 as the IPO window.

On the balance sheet, as of June 30, 2026 the company had $6.2 billion in current debt owed to Amazon in convertible notes, a $15 billion five-year revolving credit facility led by Morgan Stanley, a potential option to borrow another $770 billion in convertible notes from Amazon, Broadcom and Alphabet, and unstarted lease commitments of $321 billion, up from about $50 billion at the end of December 2025. The filing barely mentions an investment-grade rating, and Moody's, S&P and Fitch have not rated the company, which also warned it may seek a new funding round earlier than expected. The seven co-founders hold roughly $200 billion in equity, split nearly evenly under a philosophy of internal pay parity. On September 22 Anthropic released the Opus 5.5 model, and a new model, Fable 5.5, is coming soon. As of now the S-1 is filed publicly, with a revised version expected to add disclosures, and the company is not yet trading.