Anthropic filing for US stock market listing reveals rapid revenue gains and even larger losses

Anthropic has publicly filed for a stock market listing in what is slated to be one of the largest debuts in history. The company’s float on the US market will serve as a test of the financial viability of the multitrillion-dollar AI boom.

Analysts and investors have valued the San Francisco-based company, founded in 2021, at more than $1.5tn. The company, which will will list under the symbol ANT, confidentially filed with US financial regulators for an initial public offering in June.

“We believe AI is one of the most consequential technologies in human history,” the company’s investor prospectus reads. Anthropic researchers and executives have trumpeted the transformative power of AI while simultaneously warning of its potential to cause human extinction.

A leader in the race to create powerful artificial intelligence models and a bellwether of the American AI boom, Anthropic’s chatbot Claude is its flagship product, which offers text generation features as well as advanced coding and cybersecurity capabilities. CEO Dario Amodei founded the company after quitting OpenAI, the maker of ChatGPT.

Anthropic’s audited filings will offer the first public glimpse of its financial health, which have been the object of intense speculation in recent months as questions of a potential AI bubble swirl.

The company detailed rapidly rising revenue in the prospectus: $41m in 2023, $386m in 2024, $4.585bn in 2025 (an increase of more than 1,000%), then $16.286bn in the first six months of 2026 alone. The company disclosed that, as of the end of June, it had raised $141.1bn.

Despite the increasing revenue, Anthropic disclosed a net loss of $80bn for the first half of 2026.

Anthropic has focused on businesses as its primary paying customers, unlike OpenAI, which has courted everyday consumers for ChatGPT. As of 30 September, Anthropic said it had more than 14,000 enterprise customers – 11,900 of which had $100,000 or more of revenue, more than 1,900 that had $1m or more revenue and about 250 enterprise customers that had $10m or more revenue.

“The speed and depth of our enterprise customer adoption are powerful evidence of Claude’s position at the frontier of AI,” Anthropic executives wrote.

The filing contains some of the hyperbolic language characteristic of AI companies predicting the miraculous potential of their technology. Describing the potential of AI agents, semi-autonomous chatbots that can carry out tasks on behalf of users, Anthropic executives wrote: “The result is something without historical precedent: what we refer to as a country of geniuses in a datacenter, available to every organization and sector of the economy.”

Investing in Anthropic and the development of a model that the company claims could revolutionize knowledge work across industries comes with a great deal of risk. Anthropic listed more than 90 pages of potential to its business. For one, a “substantial portion” of the company’s revenue comes from a limited number of customers, and losing any of them could put a huge dent in their revenue. A quarter of Anthropic’s revenue comes from its top five customers, though no single customer represents more than 10% of its business.

The company also has incurred $6.2bn in debt as it built out its infrastructure and spends billions yearly on computing power provided by third parties, according to the filing.

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The misuse of AI and Claude in particular also poses a considerable risk to Anthropic’s business. When it comes to AI, there are four categories of potential risk, executives wrote: misuse by bad actors, loss of control, authoritarian abuse and economic disruption. Anthropic’s most capable models have “capabilities that could provide meaningful assistance to malicious actors seeking to develop chemical, biological, or other dangerous weapons”, the company’s executives wrote. The company deploys technical safeguards, “but such safeguards are incomplete, may be outdated in light of evolving threat models, have been and may in the future again be circumvented, or may fail to operate as intended.”

Amodei has called for a slowdown of AI’s development, citing existential risk. Anthropic’s stock market listing may elicit a rush of investment in the company and the AI sector more broadly, which could speed up the pace of the industry further.

The company disclosed that in September 2025, staffers documented what they believe was the first large-scale cyber-attack that didn’t rely on significant human intervention. Anthropic “detected and assessed with high confidence that a Chinese state-sponsored hacking group manipulated our Claude Code tool into attempting infiltration into roughly 30 global targets, including large technology companies, financial institutions, chemical manufacturing companies, and government agencies”.

Donald Trump’s administration may also be a risk to the company. Anthropic has been embroiled in a feud with the Trump administration over the use of the startup’s products in warfare, which culminated in the designation of the company as a supply chain risk, a first for an American company. This prevents any military agency from contracting with Anthropic. The company has challenged the blacklisting.