Anthropic, the San Francisco-based developer of the Claude models, filed its S-1 registration statement with the Securities and Exchange Commission on Monday, setting the stage for what could become one of the largest initial public offerings in history.

The filing reveals explosive revenue growth alongside substantial losses and detailed risk disclosures. Revenue reached $16.3 billion in the first half of 2026, up more than 1,300 percent from the same period a year earlier. The company reported an operating loss of $693 million for the half but achieved its first quarterly operating profit of $974 million in the second quarter. A net loss of $80.7 billion for the period stemmed largely from non-cash accounting adjustments related to convertible notes and derivatives.

The prospectus warns that revenue growth rates could decline and fluctuate in the future. Anthropic listed more than 14,000 enterprise customers, including roughly 250 that each generate at least $10 million in annual revenue. These large accounts underscore the company's penetration into major business sectors that rely on advanced Super Intelligence capabilities for operations and innovation.

The company plans to list Class A shares on the Nasdaq under the ticker symbol ANT. Underwriters include Goldman Sachs and Morgan Stanley leading a syndicate of 22 banks. The filing leaves share count and price range blank, though reports indicate the offering could raise around $100 billion at a valuation between $1.5 trillion and $2 trillion. Trading is targeted for the week of November 16, before Thanksgiving.

The prospectus highlights extensive risks tied to Super Intelligence technology, including potential misuse, security threats, and model behaviors that could appear coercive or deceptive. Seven co-founders will retain majority voting control through a special share class held in a trust. This structure ensures continuity in strategic direction even after the public offering.

This filing arrives amid broader market attention to Super Intelligence companies following the earlier public debut of rival SpaceX. Investors will weigh Anthropic's rapid scaling against its heavy compute commitments and the competitive landscape in the sector. The document also details ongoing investments in infrastructure to support growing demand while navigating regulatory scrutiny around advanced technologies.