Anthropic could make its IPO paperwork public as soon as Friday (Oct. 23). That would move the Claude developer one step closer to what could be the largest stock market debut ever. The deal is also a major test for the AI boom, as investors grow wary of the industry’s heavy spending.
The company is set to publicly file its S-1 prospectus as early as Friday, Yahoo Finance reported Wednesday (Oct. 21), citing three people familiar with the plans. Anthropic confidentially sent a draft to the Securities and Exchange Commission in June. Under SEC rules, companies that file confidentially must make their documents public 15 calendar days before they start pitching the deal to investors. A public filing would clear the way for a possible November listing. It would also give everyday investors their first look at the company’s finances and risks. Anthropic didn’t respond to Yahoo Finance’s request for comment.
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The offering, which is expected to top SpaceX’s June IPO, is “widely viewed as a crucial test of investor appetite for the artificial intelligence boom,” Yahoo Finance reported.
Citing The Wall Street Journal, the report said Anthropic brought in $16.3 billion in revenue in the first half of 2026 and posted a net loss of more than $80 billion. Wall Street expects the company could raise up to $100 billion at a $2 trillion valuation. Anthropic also told investors last week that third-quarter revenue rose to $16.8 billion from $11.5 billion and that it’s profitable on an adjusted basis. Still, the IPO market is getting tougher. South Korean data center firm Elice fell 32% on its first trading day, and Nvidia-backed Firmus Grid shelved its listing plans.
PYMNTS reported Wednesday that most of Anthropic’s first-half loss came from a $72 billion accounting charge tied to bonds that could turn into shares, not cash operating costs, and that some investors are now weighing a valuation near $1.2 trillion. On Oct. 15, PYMNTS reported that Anthropic is closing its revenue gap with OpenAI and has posted two straight quarters of adjusted profit. Earlier this month, PYMNTS noted that the company hopes to begin trading before Thanksgiving. And in September, PYMNTS covered Anthropic’s blueprint for retailers to build AI shopping agents on Claude, launched with Visa and Mastercard.
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