Anthropic has spent the past year in court with publishers, at odds with the Pentagon, and in contracts for hundreds of billions of dollars in computing power. Today, it asked public investors to buy in anyway.
Anthropic has filed to go public for what could be one of the largest IPOs on record, opening its books for the first time.
The Claude maker told investors its revenue is now outpacing the cost of the computing power behind it. Revenue “grew 1,368% year-over-year for the three months ended June 30, 2026 compared to compute and infrastructure expenses that grew 300% during the same period,” per the filing.
Revenue reached $11.56 billion in the second quarter of 2026, up from $787 million a year earlier. Meanwhile, compute and infrastructure costs fell to 48% of revenue from 251% in the first quarter of 2025. The gap produced $974 million in operating income for the quarter, the only profitable quarter in the results the company disclosed.
Anthropic plans to list Class A shares on the Nasdaq Global Select Market under the ticker ANT, with Goldman Sachs and Morgan Stanley leading the offering. The other blockbuster stock offering of 2026, SpaceX, also listed shares on Nasdaq.
Anthropic’s seven co-founders will keep control after the IPO through a single Class F share, held by an LLC they own, that carries 50.1% of total voting power on most shareholder votes. The share has no economic rights.
The filing does not yet include a price range or share count. The Wall Street Journal reported that the offering could raise $100 billion or more and value Anthropic between $1.5 trillion and $2 trillion, with a listing targeted for the week of Nov. 16.
If the offering goes through, Anthropic will become the first standalone American frontier AI lab to trade publicly, ahead of its rival OpenAI, which is not expected to list until 2027. The filing also is careful about how durable that revenue is, and spells out what that growth depends on: a small group of large customers and a steady stream of new models.
Here’s what else the filing reveals.
Reliant on a few big spenders
Anthropic’s top five customers accounted for about 25% of its revenue in the nine months ended Sept. 30, though no single customer made up more than 10%, according to the filing.
Anthropic counts paying customers and doesn’t report on active users. The number of customers spending at least $100,000 a year grew “from more than 950 to more than 11,900” over the 12-month period that ended Sept. 30.
About 250 customers spend at least $10 million, and the rest of the revenue comes from “approximately 40 million customers, each with less than $100,000 of revenue on a TTM basis.”
