Anthropic could make its initial public offering paperwork public as early as Friday, October 23, moving the maker of Claude one step closer to what could become the largest stock market debut ever. Yahoo Finance reported the timing on Wednesday, citing three people familiar with the plans. Anthropic did not respond to a request for comment.
The company confidentially sent a draft registration statement to the Securities and Exchange Commission in June. Under SEC rules, a company that files confidentially must make its documents public at least 15 calendar days before it starts pitching the deal to investors. A public S-1 filing would therefore clear the way for a possible listing in November, and it would give ordinary investors their first detailed look at Anthropic's finances, customer base and risks.
The draft figures already reported show growth that is hard to overstate. Anthropic generated 16.3 billion dollars in revenue in the first half of 2026, up from 1.1 billion dollars a year earlier, according to reporting by The Wall Street Journal on a draft version of the filing. The same draft showed a net loss of 80.7 billion dollars for the half, a headline number that needs context before it is read as cash burned.
Most of that loss was not an operating cost. About 72 billion dollars of it came from non-cash accounting adjustments tied to convertible notes and other financing instruments, whose value rises on paper as the company's own valuation rises. The more useful operating picture is in the spending underneath: Anthropic spent nearly 9 billion dollars on computing capacity and infrastructure in the first half alone, exceeding the 7.3 billion dollars it spent during all of 2025.
Growth has not slowed since June. The company reportedly told investors last week that third-quarter revenue rose to 16.8 billion dollars from 11.5 billion dollars in the second quarter, and that it was profitable on an adjusted basis. The filing is also expected to show concentration risk: two customers accounted for about 20 percent of first-half revenue. Its computing arrangements include partnerships with Google and Amazon, as well as rented GPU capacity at SpaceX's Colossus 1 data center.
That combination, explosive revenue alongside enormous computing bills, is why the debut is being watched as a test of the whole AI boom. Wall Street has expected Anthropic could raise as much as 100 billion dollars at a previously reported 2 trillion dollar valuation, and the offering is expected to top SpaceX's June IPO. Some investors are now discussing a lower valuation of about 1.5 trillion dollars, amid concerns over revenue growth and the cost of developing frontier models.
The timing is not entirely friendly. Investors have grown more wary of heavy AI spending, and the wider IPO market has turned tougher: South Korean data center firm Elice fell 32 percent on its first trading day, and Nvidia-backed Firmus Grid shelved its listing plans. Anthropic's public filing, whenever it lands this week or next, will let the market judge the trade-off directly, in audited detail, rather than on private fundraising headlines.