Anthropic is said to be poised to publicly file its S-1 for an IPO as soon as this Friday

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"Largest IPO in history" on the horizon: Anthropic reportedly set to publicly file its listing application as soon as Friday

Cailianshe Bian Chun | Editor: Lin Qi | 2026-10-22 08:05

① According to media reports citing people familiar with the matter, Anthropic will publicly submit its S-1 prospectus as soon as this Friday; ② The move will mark a crucial next step for a project that could become the "largest IPO in history"; ③ Crucially, it will give ordinary investors their first look at the financial details and risks of one of the fastest-growing companies in the AI industry.

Cailianshe, October 22 (Editor: Bian Chun) — According to media reports citing people familiar with the matter, Anthropic will publicly submit its S-1 prospectus as soon as this Friday. The move will mark a crucial next step for a project that could become the "largest IPO in history."

Anthropic's highly anticipated listing is expected to be larger than SpaceX's IPO in June this year, and is widely seen as a key test of investors' appetite for the artificial intelligence (AI) boom — at a time when concerns about the industry's massive capital spending are heating up.

Anthropic confidentially submitted a draft IPO registration statement to the U.S. Securities and Exchange Commission (SEC) as early as June this year. Under SEC rules, companies must publicly file their registration documents 15 calendar days before formally launching a roadshow.

Publicly filing the listing application will clear a key procedural hurdle toward a potential November listing, though the final timing of the offering will still depend on market conditions and other factors. Crucially, it will give ordinary investors their first look at the financial details and risks of one of the fastest-growing companies in the AI industry.

To train and run its Claude series of models, Anthropic is investing heavily in AI infrastructure. This includes partnerships with Google and Amazon, as well as renting GPU computing power from SpaceX's Colossus 1 data center.

According to media reports on Tuesday, Anthropic's revenue in the first half of 2026 reached $16.3 billion, with a net loss of more than $80 billion. The vast majority of the first-half net loss — $72 billion — came from accounting charges related to changes in the value of convertible notes and other instruments issued by Anthropic.

Reports last week said Anthropic has told investors that its revenue in the third quarter of 2026 reached $16.8 billion, up nearly 50% from $11.5 billion in the second quarter, and that it achieved adjusted profitability and positive free cash flow.

According to earlier media reports, Wall Street expects Anthropic could raise as much as $100 billion at a valuation of perhaps $2 trillion.

But slowing monthly revenue growth at Anthropic has raised investor concerns about its valuation. Reports last week said that after the company disclosed its third-quarter results, some existing and potential investors lowered their IPO valuation expectations to the $1.5 trillion range, a marked decline from the roughly $2 trillion previously expected by the market.

Anthropic has established a foothold in the enterprise market with its Claude chatbot, the AI coding tool Claude Code and Claude Cowork. On Wednesday, the company announced the preview release of Claude Duet. It is an AI agent product aimed at small businesses and professionals, and is expected to compete with OpenAI's Dots and Meta's Muse.

The IPO market is showing signs of cooling

As this mega-IPO approaches, the IPO market that was hot earlier this year is showing signs of cooling.

Earlier this week, South Korean data center provider Elice saw its shares plunge 32% on its first day of trading after raising $151 million. Nvidia-backed Firmus Grid abruptly shelved its listing plan earlier this month amid investor skepticism about its target valuation, and several other companies have postponed listing plans citing market conditions.

In recent days, shares of already-listed AI-related companies have also swung sharply as investor concerns about AI financing risks have risen. CoreWeave in particular has come under intense market scrutiny, with investors strongly questioning whether its future revenue can cover its heavy debt burden.

According to people familiar with the matter, given its enormous size, the timing of Anthropic's listing is also seen as likely to have a significant impact on other companies seeking to list in the coming weeks.

Anthropic's main rival OpenAI initially planned to launch an IPO this year, but later postponed its IPO plans and is now expected to enter the public markets in early 2027. The company's CEO, Sam Altman, believes going public now would be unwise.

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Cailianshe statement: The content of this article is for reference only and does not constitute investment advice. Investors who act on it do so at their own risk.

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