Artificial intelligence startup Anthropic announced its first public IPO filing on Monday, in what is expected to be one of the largest initial public offerings of stock in history.
The offering is widely expected to launch sometime in mid-November and could value Cloud Developers at more than $2 trillion. That could surpass the current record holder, Elon Musk’s SpaceX, which raised $75 billion in a June IPO, valuing the rocket artificial intelligence social media company at $2.1 trillion.
The filing did not include a potential share price, the number of shares proposed for the offering or a valuation of the entire company, all of which will be determined after Anthropic holds a “roadshow” with investors, potential investors and its bankers.
Anthropic, like other artificial intelligence companies, is spending an unprecedented amount of cash on cloud services to run its artificial intelligence models, according to filings with the U.S. Securities and Exchange Commission on Monday.
The company plans to spend at least $110 billion on cloud services through April 2036 with Amazon and at least $120 billion with SpaceX by 2029.
Anthropic also stated that it plans to spend US$115 billion in cooperation with Google and US$45 billion in cooperation with Microsoft on computing infrastructure by 2033.
The company’s revenue growth “increased 1,368% year-over-year for the three months ended June 30, 2026,” the filing said.
The cost of running its services in the cloud has increased by 300% during the same period.
Anthropic’s net loss for the first six months of 2026 will be $80.7 billion. For all of 2025, the company had a net loss of $42 billion.
Anthropic added that it expects current cash and sales to be sufficient to meet demand for the next 12 months, but warned that future revenue growth depends on a number of important factors, including infrastructure costs. As a result, it said “we may need to seek additional financing sooner than currently anticipated.”
The company said it had raised about $141 billion in funding as of the end of June and currently held $112.4 billion in cash.
The company plans to list on Nasdaq under the stock code “ANT”. Goldman Sachs and Morgan Stanley led the investment in the historic offering, as they did with SpaceX’s record-breaking deal.
But the offering has come a little later than expected as recent market moves have left investors hesitant about the trajectory of what appears to be an expanding artificial intelligence boom.
A top Wall Street economist warned on Sunday that the industry has yet to deliver broad benefits to the overall economy.
“Despite the massive investment and widespread hype around artificial intelligence, the technology has delivered zero financial returns to U.S. businesses outside of technology,” said Torsten Slok, chief economist at investment firm Apollo Global Management.
“Mag 7 margins are rising but S&P 493 margins are flat,” he wrote on Sunday, referring to the companies that remain in the benchmark S&P 500 index after subtracting Meta, Microsoft, Alphabet, Apple, Amazon, Nvidia and Tesla. “And there’s still no sign that AI will boost productivity growth.”
The Nasdaq 100 index, which tracks the largest developers of public artificial intelligence, is up 15% this year. That’s better than the S&P 500’s 11% gain so far this year.
Market jitters about potential cracks in the artificial intelligence boom have also led to shelving plans for smaller initial public offerings. Earlier this month, some smaller companies delayed or canceled plans to go public, citing “market conditions.”
But despite this, the largest AI companies continue to raise significant funding for their projects. On Monday, Meta Platforms announced a stock offering of up to $95 billion, while SpaceX said it had secured $40 billion in funding to buy Nvidia graphics processing units, calling it the largest such financing ever.
As part of every share offering, companies are asked to outline the risks and uncertainties facing their business. Some of the risk factors outlined by Anthropic include secure, reliable computing infrastructure and its ability to “respond to an ever-changing, uncertain and sometimes divisive global regulatory landscape.”
“Concerns have been raised within our organization and by other researchers, regulators, policymakers, and industry participants that sufficiently advanced AI systems could pose catastrophic or existential risks to humanity if they are not developed, deployed, and operated with appropriate safeguards, oversight, and safety measures,” the document states.
Some of these potential risks have recently become apparent as the companies have faced intense scrutiny over a series of incidents in which their models and agents hacked into government and private websites and services.
The companies, including Anthropic, say they are taking steps to strengthen security. But as these events unfold, Anthropic founder Dario Amodei wrote in September that the company should “get ahead of the curve,” meaning AI models are advancing faster than humans can master their capabilities.
Some in the industry qualified Amodai’s sentiments, but Washington sharply rebuked the idea. He and President Donald Trump met privately and again at an industry conference at the White House.
Trump later said he did not want any restrictions on the progress the industry was making. Trump signed what Trump called a “morally binding” agreement with the leaders of Google, Anthropic, Meta, OpenAI, Nvidia and SpaceX to regulate artificial intelligence safety.
“Look, I say, if you’re going to seek regulation, they could bankrupt you,” Trump told Time magazine. “But my attitude is, we’re beating the world a lot and I want to keep winning.”