Anthropic, the artificial intelligence company behind the Claude chatbot, has filed paperwork with the US Securities and Exchange Commission to list on the Nasdaq Global Select Market under the ticker symbol ‘ANT’, according to CNBC and Yahoo Finance. The filing confirms what had been widely rumoured in Silicon Valley for months: one of the world’s most valuable private AI labs is going public.

The company was valued at $965 billion in a private funding round in May 2026. Reports from Fortune, cited by techloy.com and KuCoin News, suggest the IPO could value Anthropic at between $1.5 trillion and $2 trillion, a jump that would place it among the largest public listings in corporate history.

Fast growth, faster losses

Anthropic’s S-1 filing shows revenue of $16.3 billion for the first half of 2026, a year-on-year increase of roughly 1,258%, according to KuCoin News. But the company also reported losses of about $80 billion over the same period, underlining how heavily AI labs are spending to build and run the computing infrastructure behind large language models. The IPO is reported to be led by Goldman Sachs and Morgan Stanley.

Why Amazon, not the VCs, wins biggest

Venture capital firms that backed Anthropic early stand to make substantial returns. Menlo Ventures, which led the company’s Series D round and has invested more than $1 billion over time, holds a stake reported at around $14 billion, about 1.5% of the company, according to TechCrunch and mezha.net. Spark Capital, the only VC firm with a board seat at Anthropic, put in $75 million during the 2023 Series C round when the company was valued at just $5 billion. Sound Ventures, founded by Guy Oseary and Ashton Kutcher, invested $35 million at the same stage and has since added $400 million more.

“The place to invest” — Matt Murphy, Partner, Menlo Ventures, speaking to CNBC

None of these firms, however, holds the 5% stake required for inclusion in the S-1’s principal stockholders table. Amazon does. Its stake is capped at 12% of the company under the terms of its deal with Anthropic, and it holds nonvoting shares with no board or observer seat, according to CNBC. On top of that stake, Amazon holds $6.2 billion in outstanding convertible notes that could convert into up to 1.84 billion Anthropic shares, and it has committed up to $15 billion in further financing, released in $5 billion tranches as Anthropic hits compute capacity targets.

The two companies’ relationship runs deeper than equity. In April 2026, Amazon invested $5 billion in Anthropic and secured a pledge of $100 billion in cloud spending in return, a deal covering Amazon’s Trainium2 through Trainium4 chips, TechCrunch reported. Anthropic has disclosed at least $114 billion in cloud commitments in total. Alphabet, Anthropic’s other major strategic backer, has seen its stake diluted by subsequent funding rounds to an estimated 5.6%, according to PitchBook analyst Harrison Rolfes.

Taken together, the structure of Amazon’s involvement, equity, convertible debt and a long-term cloud contract, means that even a capped ownership stake can translate into outsized financial upside compared with venture firms that invested earlier but hold smaller or more diluted positions. Reported timing for the listing itself has varied, with some outlets pointing to mid-November and others, citing Fortune, to the week of US Thanksgiving around November 23. Anthropic is led by chief executive Dario Amodei.

This article was researched and drafted with AI assistance and reviewed by Lasse Pedersen before publication. How we use AI

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