(CNN) -- Anthropic filed for an initial public offering Monday in what could become one of the largest stock market debuts in history — detailing its surging business growth, along with a vast multitude of warnings about how it could all go wrong.
Anthropic’s filing with the Securities and Exchange Commission sets the stage for the company to go public and begin trading on the stock market as soon as November 16. The IPO could reportedly value the company at up to $2 trillion, which would make it one of the largest public companies in the world.
The company’s stock will trade under the ticker ANT and will be listed on the Nasdaq exchange.
The San Francisco-based company did not disclose how many shares it intends to sell nor at what price. That information will be determined in the coming weeks ahead of the stock market debut.
In the filing, Anthropic’s founders penned a letter to potential shareholders laying out their vision for the value of AI, while also disclosing what they see as the major risks for the business. Those risks include everything from competition from other AI labs to “catastrophic or existential risks to humanity.”
The IPO filing offers insight into how Anthropic views the future of its business despite those concerns and uncertainties.
Anthropic’s revenue grew 1,300% year-on-year in the first six months of 2026, to $16.3 billion. The company’s business is largely dependent on companies using its Claude AI system. Anthropic said it has more than 14,000 enterprise customers, with approximately 250 of those contributing $10 million or more in annual revenue.
But the company reported an overall net loss of over $80 billion, according to the SEC filing. Still, just shy of $9 billion of that loss was due to spending on AI infrastructure and computing, while more than $72 billion was attributable to “change in fair value of convertible notes, derivative liabilities, and SAFEs.” That means only a fraction of the loss was actual spending during the first half of the year.
The company did not include results for the most recent financial quarter, which ended on September 30.
Anthropic’s IPO will test Wall Street’s appetite for AI, as the general public, policymakers and the industry’s own technologists raise major questions about the risks posed by AI — and whether the rapidly advancing research and data center buildout should be slowed.
The filing also addresses many of the same themes that have sparked concerns of an AI bubble, including the possibility of AI demand growing more slowly than expected.
Anthropic was last valued at $965 billion after raising $65 billion from investors in May.
Anthropic’s decision to move forward with its IPO signals “a willingness to face heightened public scrutiny,” said Jacob Bourne, an analyst with Emarketer.
“Anthropic’s IPO filing comes at a pivotal moment for the AI industry, as an anticipated wave of fall public offerings has failed to materialize amid rising concerns over debt-fueled infrastructure investments, uncertain returns, and AI safety risks that have reportedly contributed to rival OpenAI delaying its own IPO until next year.”
Anthropic’s risk factors
Anthropic’s filing lays out four major categories of risk from artificial intelligence: misuse, such as being used to design and implement bioweapons or cyberattacks; loss of human control; authoritarian abuse, such as its potential use to create surveillance states; and economic disruption.
The filing includes 93 pages of risk factors for Anthropic’s business. That’s significantly more than other tech companies that have filed to go public over the last decade, like Snap, which had around 30 pages of risk factors, and Uber, which had about 50.
If Anthropic’s models cause extreme harm, the company could face liability exceeding what its insurance can cover, the filing states.
The company also said its AI models may behave in unintended or “misaligned” ways and may take “harmful actions that no user or third party directed.”
Anthropic sought to reassure potential investors by writing that it believes “frontier AI companies must invest in safety and alignment to help ensure the responsible diffusion of this technology.” But the company could face conflicting pressures to balance safety versus returns for investors once it goes public.
Anthropic sees a wave of other potential risks to its business in other areas as well, from whether it’s able to secure enough computing resources to uncertain regulatory and political environments. It also said much of its revenue relies on a limited number of products and customers.
But Anthropic’s growth will likely overshadow concerns about the company’s losses, challenges and potential risks to its business, according to Dan Ives, partner and senior managing director at Yorkville & Ives Co.
Anthropic and the AI race
Tech giants including Meta, Google, OpenAI and Anthropic are pouring billions of dollars into the AI race, all hoping to become the dominant player in what they promise will be a society-changing industry. Global spending on AI across services, software, infrastructure and other areas is expected to reach roughly $3.6 trillion in 2027, up from $1.8 trillion in 2025, according to market research firm Gartner.
OpenAI had an early lead following ChatGPT’s launch in November 2022, but the competition has intensified in the last four years. Anthropic’s Claude Code tool quickly became a favorite among software developers after launching in early 2025, and the company sought to replicate that success for other office jobs earlier this year with its Cowork agent.
Claude Cowork helped kickstart the shift from AI chatbots to agents — and rattled software stocks in the process over anxieties that it could make other businesses’ software tools obsolete. Fintech firm Ramp reported that 43.8% of US businesses paid for services from Anthropic in September, compared to OpenAI’s 40.6% share.
The Claude app has also seen a surge in growth this year. Market intelligence firm Sensor Tower estimates that it has more than 67 million monthly active users as of the third quarter of 2026, compared to 9.4 million a year ago.
But OpenAI also beefed up its own agents this year by launching its Codex coding app in February and ChatGPT Work agent in July for accomplishing multistep tasks like writing a brief or analysis.
Anthropic claimed in the S-1 that its own employees have made huge efficiency gains using Claude — pointing to a growth in revenue per employee from $1.4 million in September 2025 to more than $6.6 million in September 2026, mirroring sharp overall revenue growth during the period.
Now, tech companies are racing to create AI agents that will become the gateway to our entire digital lives, handling everything from shopping to booking restaurants and messaging friends. Anthropic is challenging Meta and OpenAI in this space with its new Duet agent, designed to complete tasks that require taking multiple steps across several apps.
At the same time, Anthropic has landed at the center of ongoing concerns over the breakneck pace of AI advancement.
Last month, CEO Dario Amodei called for an industry-wide slowdown to allow time for safety research, industry standards and regulation to catch up, a sentiment echoed by some other top AI leaders. His essay came after an employee resigned over fears that AI could pose a threat to humanity, and follows reports from Anthropic and its rivals of AI models hacking into other companies during testing.
Anthropic has also had a rocky relationship with the White House. The company temporarily revoked all access to its most capable models when the Trump administration ordered it to prevent foreign nationals from using the technology in June. But Anthropic CEO Dario Amodei was one of several AI CEOs who met with President Donald Trump in September and signed a voluntary commitment to self-police AI models.
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