Anthropic, the American 'startup' specialized in AI, has submitted to the Securities and Exchange Commission of the United States (SEC) the prospectus for its initial public offering (IPO) ahead of its imminent debut in the markets, in which it specifies that its shares will be traded on Nasdaq with the identifier ANT. However, the document does not yet specify key elements such as the exact date of the debut or the price range at which the shares will be placed.
The company aims to debut on Wall Street with a minimum valuation of 2 trillion dollars (1.7 trillion euros), a bar that would exceed the 1.77 trillion dollars (1.5 trillion euros) achieved by SpaceX in its IPO and would position the stock market debut of the firm responsible for Claude and Mythos as the largest initial public offering ever recorded.
In the S-1 prospectus, Anthropic details that it suffered net losses of 80.748 billion dollars (72.220 billion euros) in the first half of 2026, compared to the 12.969 billion dollars (11.600 billion euros) in red figures recorded for the entire previous fiscal year. The negative result for the first six months of 2026 nearly doubles the 41.965 billion dollars (37.533 billion euros) in accumulated losses for all of 2025.
Nonetheless, the sharp increase in red figures is accompanied by a very significant rise in revenue. The AI 'startup' generated 16.286 billion dollars (14.566 billion euros) by June, which means multiplying the revenues of the same period in 2025 by 14 and raising them to 3.5 times above the total obtained in that entire year.
In parallel, the operating costs for the first half were above revenues, reaching 16.979 billion dollars (15.186 billion euros). Within this item, spending on computing and infrastructure stands out, reaching 8.945 billion dollars (8.000 billion euros), more than half of the total operating costs.
The accounts at the end of June also reflect a line of variation in hybrid financing instruments with a negative impact of 72.388 billion dollars (64.743 billion euros) which, added to the item of other expenses, amounting to 8.757 billion dollars (7.832 billion euros), further pressures the net result of the company.
The firm also reports that it had a workforce of 5,300 employees as of September 30, 2026, compared to the 940 workers registered at the end of 2024. "Since 2021, we have experienced rapid growth in our employee base, number of clients, geographic reach, and our operations, and we expect this growth to continue," the company states.
An atypical corporate structure
Anthropic has attracted market attention for adopting a corporate structure different from that of most publicly traded companies, based on the creation of a founders' trust, which will concentrate 50.1% of the voting rights, and another called the Public Benefit Fund, already advanced by Anthropic itself to channel non-profit investments, playing a decisive role in the appointment of board members.
The company led by Dario Amodei claims to have a capital and corporate governance scheme "innovative, with no direct precedents among publicly traded companies."
"Our governance structure is likely to have the effect of limiting the possibility of unsolicited merger proposals, unsolicited public acquisition offers, or proxy contests aimed at the removal of directors. Consequently, our governance structure could make it difficult to replace our directors and executives," states the brochure.
In this framework, Anthropic will articulate up to five distinct classes of shares. Class A shares will be those offered and traded in the IPO, with one vote per share, as is customary in other publicly traded companies. Additionally, the firm reserves Class N shares for strategic partners.
The most distinctive element lies in the Class T shares, linked to the Public Benefit Fund trust, which will have the ability to appoint and remove Class T directors, who "will constitute the majority of the authorized members of our board of directors."
For its part, the founders' trust will hold Class F shares and 50.1% of the voting rights, while Class E shares will be allocated to employees, although with decision-making power limited to very specific matters.
The founding group is made up of Dario and Daniela Amodei, CEO and president, respectively; Tom Brown, director of information technology; Jack Clark, director of Anthropic Institute; Jared Kaplan, scientific director; Sam McCandish, chief architect, and Christopher Olah, responsible for the research efforts on interpretability.