Anthropic has taken the wraps off its US initial public offering (IPO) filing, bringing the Claude maker a step closer to a landmark debut that is set to test investor appetite for the rapidly growing AI industry.
The San Francisco-based developer behind AI chatbot Claude has now set the stage for one of the largest market debuts in history.
The company expects to target a market valuation between $1.5 trillion and $1.75 trillion, according to its regulatory filing.
The nearly 240,000-word prospectus showed that the firm recently told backers its third-quarter revenue surged nearly 50% from the previous quarter to $16.8 billion, reaching adjusted profitability.
The listing would be one of the largest debuts ever attempted, potentially reshaping benchmark indexes, investor flows, and the broader narrative driving US equities.
"A successful IPO from Anthropic could crack open or slam shut the IPO market, even well into 2027," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs.
Multi-class corporate governance
Anthropic reported a net loss of $81 billion in the first half of the year, driven primarily by more than $72 billion in charges related to changes in the valuation of convertible notes.
The remainder of the losses was largely tied to nearly $9 billion spent on computing power and cloud infrastructure, while the firm outlined plans to commit close to $800 billion toward computing capacity over the next decade.
Investment bank Goldman Sachs secured the lead advisory role for the public offering alongside Morgan Stanley.
The filing also detailed a multi-class corporate governance structure with five distinct share tiers.
Under the proposed framework, Anthropic's seven founders will retain 50.1% of total voting power through Class F shares, while its Long-Term Benefit Trust will hold Class T shares that let it appoint the majority of the board of directors.
Anthropic was founded in 2021 by former researchers and executives from OpenAI, including Chief Executive Dario Amodei.
The listing is scheduled for after the US midterm elections in November but before the Thanksgiving holiday.
