Anthropic has taken its biggest step yet toward Wall Street. The maker of the Claude chatbot filed its public registration paperwork on Monday for an initial public offering that could rank among the largest ever. The 335-page document gives investors their first detailed look at the company’s finances. The company plans to list on the Nasdaq Global Select Market under the ticker symbol “ANT.” A debut could come as soon as November. If it does, Anthropic would beat OpenAI to the public markets. A Record-Setting Offering in the Making Reports suggest the offering could raise as much as $100 billion. That figure would top the record set by SpaceX in June, when it raised $86 billion. However, the filing does not say how many shares Anthropic will sell or at what price range. Valuation talk is just as striking. Private investors valued Anthropic at $965 billion earlier this year. Now, reports say the figure could climb to between $1.5 trillion and $2 trillion. At the lower end, Anthropic would sit alongside Tesla among the world’s most valuable public companies. Notably, SpaceX was valued at around $1.8 trillion when it listed in June. Anthropic would therefore enter the same league only five years after its launch. In addition, the listing could add billions of dollars to the wealth of CEO Dario Amodei and his sister and co-founder, Daniela Amodei. Rapid Revenue Growth, Staggering Losses The numbers in the filing tell two stories at once. On one hand, Anthropic generated $16.3 billion in revenue during the first half of 2026. That total already exceeds its sales for all of last year. On the other hand, the company has yet to turn a profit. It reported a net loss of $80.7 billion in the first six months of 2026. By comparison, it lost $13 billion in the same period a year earlier. Spending on computing explains part of the gap. Anthropic spent nearly $9 billion on computing and infrastructure during those six months. Furthermore, the company has committed to spending roughly $450 billion on cloud computing in the coming years. That commitment includes agreements with Amazon and Google. Google and Amazon Hold Big Stakes The filing also reveals how deeply Anthropic’s two biggest backers are tied to its fortunes. Alphabet, Google’s parent company, has a financing agreement that could provide up to $20 billion in additional funding. That amount could shrink by as much as $10 billion if Google buys nonvoting stock in a private placement alongside the IPO. The purchase would happen at the offering price. Google’s agreement carries a 14.99% ownership cap, which the company can waive. As of June 30, Anthropic had drawn no funds under the arrangement. Similarly, Amazon has agreed to provide up to $15 billion in additional financing tied to computing capacity milestones, and Anthropic had not drawn on that facility either. Amazon also holds about $6.2 billion in outstanding convertible notes. These could become roughly 1.84 billion nonvoting shares once the IPO is complete. A 12% ownership cap applies to that conversion, and Amazon can waive it. Any notes that cannot convert because of the restriction would remain outstanding and could convert into additional shares after the offering. Moreover, a July disclosure put the carrying value of Amazon’s various Anthropic investments at $190.4 billion. Anthropic is also a major customer of Amazon Web Services. That unit provides cloud computing capacity and distributes the company’s AI models to customers. “Amazon is going to be the biggest beneficiary because it can win twice,” said Harrison Rolfes, a senior analyst with PitchBook, who spoke to Yahoo Finance last month. Safety Concerns and a Volatile Market The timing is delicate. Investors in AI-related stocks have swung between exuberance about the technology’s economic benefits and worry about safety and the tsunami of investment pouring into the sector. As a result, AI stocks have faced notable volatility. Anthropic’s own story adds complexity. A group of breakaway OpenAI researchers, led by Dario Amodei, founded the company. They worried that OpenAI, run by Sam Altman, was not on a path to develop AI safely. Since then, Anthropic has become OpenAI’s biggest competitor. Controversy has followed that growth. The company has had a conflict with the Pentagon over how its models can be used. Meanwhile, weeks before the filing, Amodei argued in an essay for slowing the development of the most advanced AI models. His warnings that advanced AI could pose an existential threat to humanity have drawn questions. The contrast is hard to miss. Anthropic’s top executive urges caution, yet an IPO could hand the company enormous resources to accelerate its expansion. Even so, the final amount raised, the valuation, and the offering price all remain uncertain. What Experts Say About the Risks OpenAI is also planning an IPO, but those plans are temporarily on ice. Altman has ruled out a listing this year as “ill-advised” amid swirling AI safety concerns. Consequently, Anthropic stands to go first in what many expect to be a pair of blockbuster debuts. “Going public has a lot of advantages. It brings in capital for growth. It makes it easier for you to raise additional capital elsewhere. And it makes it possible for your existing investors to cash out,” said Jim Angel, an associate professor and markets specialist at Georgetown University. But, he added, “there’s concern that we may be in an AI bubble. We’re in a very dynamic industry, to say the least, and we can expect a lot of volatility in the markets.” Angel’s comments capture the central tension. Anthropic offers explosive revenue growth and backing from two of the largest companies in tech. Yet it also carries massive losses and a valuation that rests on expectations rather than profits. For now, investors must wait for the pricing details. Once Anthropic sets its share count and price range, the market will deliver its verdict on the biggest bet yet on the future of artificial intelligence. Post navigation Stocks Rally Ahead of Busy Week as Crude Oil Prices Ease