Anthropic (ANTH.PVT) is set to publicly file its S-1 investor prospectus as soon as Friday, according to three people familiar with the artificial intelligence firm’s plans. The move would mark a crucial next step for what could be the biggest IPO in history.
The much-anticipated public debut, expected to surpass SpaceX’s (SPCX) June IPO, is widely viewed as a crucial test of investor appetite for the artificial intelligence boom, as investors have become more concerned about the industry’s massive spending.
Anthropic confidentially submitted a draft IPO registration statement to the Securities and Exchange Commission (SEC) in June. Under SEC rules, companies using the confidential process must make their registration materials available 15 calendar days before the start of their formal investor roadshow.
Anthropic did not respond to a request for comment on the timing of its S-1.
A public filing would clear a key procedural hurdle toward a potential November listing, though the timing of the offering remains subject to market conditions and other factors. Crucially, it would also give regular investors their first look at the financial details and risks around one of the AI industry’s fastest-growing companies.
Anthropic is spending billions on AI infrastructure to train and run its suite of Claude models. That includes working with Google (GOOG, GOOGL) and Amazon (AMZN), as well as renting out graphics processor unit (GPU) capacity from SpaceX’s Colossus 1 data center.
The company pulled in $16.3 billion in revenue over the first six months of 2026 and reported a net loss of over $80 billion, according to a Tuesday Wall Street Journal report. Wall Street is anticipating that the company could raise as much as $100 billion at a $2 trillion valuation, Reuters previously reported.
Last week, Anthropic told investors at its San Francisco office that its revenue climbed to $16.8 billion in the third quarter, up from $11.5 billion in the second quarter, according to the Financial Times, noting that the company is also profitable on an adjusted basis.
The colossal offering comes as this year’s banner IPO market is becoming more challenging. Earlier this week, shares of South Korean data center provider Elice plummeted a staggering 32% during its first trading day after raising $151 million. Nvidia-backed Firmus Grid abruptly shelved plans for a public listing earlier this month after investors balked at its proposed valuation, while several other companies have postponed plans to go public, citing market conditions.