Anthropic, the American 'startup' specialized in artificial intelligence, has submitted to the U.S. Securities and Exchange Commission (SEC) the prospectus for its initial public offering (IPO), a prerequisite for its imminent debut on the stock market. The documentation specifies that its shares will begin trading on Nasdaq under the identifier ANT, although for now the company has not finalized either the exact date of the debut or the price range at which the shares will be placed.
The firm aims to land on Wall Street with a minimum valuation of 2 trillion dollars (1.7 trillion euros), thus surpassing the 1.77 trillion dollars (1.5 trillion euros) with which SpaceX approached its IPO. If successful, the company responsible for Claude and Mythos would sign the largest initial public offering ever recorded.
Goldman Sachs and Morgan Stanley lead the syndicate of underwriting banks for Anthropic's IPO, joined by other major U.S. entities such as JPMorgan, Citigroup, Barclays, and Wells Fargo, which will also participate in the operation.
In the S-1 prospectus, the company reveals that it recorded net losses of 80.748 billion dollars (72.220 billion euros) in the first half of 2026, well above the 12.969 billion dollars (11.600 billion euros) in red figures from the 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 losses recorded for all of 2025.
This sharp increase in red figures is accompanied, however, by an equally intense growth in revenue. The AI 'startup' generated 16.286 billion dollars (14.566 billion euros) up to June, which represents a 14-fold increase in revenue compared to the same period in 2025 and places it around 3.5 times above the annual figure for that year.
In the first half, operating costs exceeded revenues, totaling 16.979 billion dollars (15.186 billion euros). Within this item, spending on computing and infrastructure stands out, amounting to 8.945 billion dollars (8.000 billion euros), more than half of the total operating costs.
The accounts of Anthropic until June also include a line item for variation in hybrid financing instruments with a negative impact of 72.388 billion dollars (64.743 billion euros) that, along with the line item for other expenses, of 8.757 billion dollars (7.832 billion euros), further pressures net income.
The company also indicates that it had 5,300 employees as of September 30, 2026, compared to the 940 workers it had 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 unprecedented corporate structure for a publicly traded company
Anthropic has drawn attention by opting for a corporate structure different from the usual among publicly traded companies. To this end, it has established a founders' trust with 50.1% of the voting rights and another vehicle called the Public Benefit Fund, already announced by the company to channel non-profit investments, which will have a decisive weight in the appointment of board members.
The firm led by Dario Amodei emphasizes that it has an "innovative capital and corporate governance structure, 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," the brochure states.
In practice, Anthropic will consider up to five classes of shares. Class A shares will be those that are placed and traded in the IPO, with one vote per share, following the usual scheme. Class N shares will be reserved for strategic partners.
The main novelty lies in the Class T shares, linked to the Public Benefit Fund trust, with the authority 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 concentrate the class F shares and 50.1% of the voting rights. The class E shares will be assigned to employees, although they will only have decision-making capacity on very specific issues.
The founding core is made up of Dario and Daniela Amodei, CEO and president; Tom Brown, chief information officer; Jack Clark, director of the Anthropic Institute; Jared Kaplan, chief scientist; Sam McCandish, chief architect, and Christopher Olah, responsible for research efforts on interpretability.
Massive infrastructure contracts with tech giants
In the brochure, Anthropic details multimillion-dollar AI infrastructure agreements with major tech companies such as Google, Amazon, Microsoft, Broadcom, and SpaceX, aimed at securing the computing capacity necessary for its models.
With Google, it maintains a firm contract of at least $114.5 billion (€102.43 billion), to which an additional $150 billion (€134.19 billion) in computing capacity with providers, including the Mountain View giant, could be added.
Amazon will receive nearly $110 billion (€98.40 billion) over the next decade, while SpaceX will receive $3.1 billion (€2.77 billion) monthly, until reaching a total of $120.5 billion (€107.79 billion). Additionally, Anthropic has signed a leasing contract with Broadcom for $161.2 billion (€144.20 billion).
Its rival Microsoft, developer of the Copilot chatbot, has commitments for which Anthropic will pay $44.9 billion (€40.17 billion). With Nscale, the agreements total $44.6 billion (€39.90 billion) and with AMD the volume could reach $20 billion (€17.89 billion).
Dependence on TSMC and geopolitical risks
The AI company warns in its brochure of the risks arising from the high concentration of global advanced chip production in Taiwan, and particularly in Taiwan Semiconductor Manufacturing Company (TSMC). Any serious disruption in this supply chain could directly impact its business.
"Any military conflict, tariff, trade restriction, economic coercion measure, blockade, natural disaster, or other incident affecting Taiwan could severely disrupt the global supply of advanced chips; the effects of such a situation could last for years, given the time required to build and certify alternative manufacturing facilities," reads the brochure.
Broad customer base, but with revenue concentration
Anthropic emphasizes that none of its customers exceeds 10% of total revenue, reflecting a diversified base. However, it warns that its five largest customers represent 25% of revenue, which increases exposure to potential issues with any of them.
"Any modification or termination of one of our key distribution relationships could negatively affect our business by disrupting customer access to our models, reducing their use, or increasing the costs of customer acquisition, onboarding, and migration," warns the company.