Anthropic Plans to Make IPO Filing Public at 9 a.m. ET Today, Bankers Target Up to $100 Billion

Anthropic is planning to file its registration statement publicly today, Monday, Oct. 26, at around 9 a.m. in New York, according to people familiar with the matter. The filing has not yet appeared as of this writing at 8:39 a.m. ET.

The Form S-1 is the document that formally opens the books on what could be one of the largest public offerings ever attempted. Anthropic gave the SEC a confidential draft on June 1, 2026.

The size of the deal

Bankers are reportedly aiming to raise as much as $100 billion at a valuation near $2 trillion. Morgan Stanley and Goldman Sachs are the joint bookrunners.

Those figures are reported targets, not a priced offer. People familiar with the matter say Anthropic wants to match or beat SpaceX, which raised $75 billion in June at $135 a share and a $1.77 trillion valuation, the largest IPO on record.

For reference, Anthropic's last private round came in May: a $65 billion Series H at a $965 billion post-money valuation. A $2 trillion listing would roughly double that mark in about six months.

Bloomberg has reported that formal marketing could begin as soon as the week of Nov. 9. Trading is likely to start before Thanksgiving, and people familiar with the plans say the debut is expected no later than year-end.

What the numbers show

A draft prospectus reported by Reuters on Sept. 28 put 2025 revenue at nearly $4.6 billion, about 12 times the roughly $386 million in 2024. The net loss for 2025 was about $42 billion. Roughly $34 billion of that reflects a rise in the estimated value of financing that can convert into shares, a figure that climbed with the company's own valuation.

The operating loss, which strips out that accounting item, was $8.06 billion in 2025, up from $2.98 billion in 2024. Computing and infrastructure spending hit $7.33 billion, about triple the prior year and larger than the year's total revenue.

The draft also lists at least $518 billion in cloud, computing and infrastructure obligations with six partners over about a decade.

Figures attributed to the newer draft cover the first half of 2026. They show $16.3 billion in revenue, up from $1.1 billion a year earlier, against a net loss of $80.7 billion. About $72 billion of that loss is described as non-cash, tied to accounting and financing.

Bloomberg separately reported preliminary second-quarter revenue above $11.5 billion, compared with $787 million a year earlier. Figures disclosed to investors, as relayed in Indian wire coverage, put third-quarter revenue at $16.8 billion, up from $11.6 billion in the second.

The non-cash framing is the company's side of the ledger. The cash costs are substantial: $7.33 billion in compute spending in 2025 alone, with far larger commitments ahead.

Cloud dependence and risk factors

Amazon and Google carry a lot of weight. In 2025, 47% of Anthropic's revenue, or $2.16 billion, flowed through the Amazon and Google cloud marketplaces.

The draft runs 261 pages, including about 80 pages of risk factors. Those disclosures name advanced AI as a potential source of existential threats. The figures could change in the version filed today.

Legal exposure and the public benefit fund

Anthropic also faces litigation. Music publisher Reservoir Media has filed a federal lawsuit alleging Anthropic copied copyrighted songs, including Joni Mitchell's "Big Yellow Taxi," Johnny Cash's "Ring of Fire" and Madonna's "Papa Don't Preach," to train its models without permission. Reservoir filed a separate suit against Suno.

An Anthropic spokesperson said: "We disagree with the allegations and intend to defend this case vigorously." The claims are allegations and unproven.

Separately, Anthropic said earlier this month it plans to commit 5% of its stock to a new public benefit fund, pending stockholder approval. The board could add 2% each time the company's valuation climbs another 50% beyond a fixed starting point. The company says that would put about 20% of its stock toward the public good, plus any added stake. It says its co-founders pledged at founding to donate 80% of their equity.

Who stands to gain

Bloomberg reports that former Google CEO Eric Schmidt first invested in Anthropic in 2021, when PitchBook data put its valuation at $461 million. Bloomberg puts his stake at about 1%. At $965 billion that would add nearly $10 billion to his $57.5 billion fortune, per Bloomberg's wealth index. At $2 trillion it would lift him to nearly $80 billion.

Schmidt and Anthropic both declined to comment. Bloomberg's index also values each of Anthropic's seven co-founders at about $8 billion on the last funding round.

Breitbart has framed the offering as a payday for Democratic donors and Effective Altruism-linked figures. It has also cast Anthropic as a leader of the "AI doomer" movement. CEO Dario Amodei has called for an AI slowdown, with a plan he says is meant to pace the industry's development without halting it.

What comes next

OpenAI is also working to raise money from many of the same institutional investors, including SoftBank and MGX, and has told them its annualized revenue reached $50 billion.

Today's filing will show whether the first-half figures hold in the final document. It should also show what Anthropic discloses about its compute obligations. The roadshow could start the week of Nov. 9, with pricing to follow depending on market conditions.