Anthropic files to go public on Nasdaq as ANT, eyeing up to $2T

Anthropic has publicly filed its S-1 to list Class A shares on the Nasdaq under the ticker ANT. Goldman Sachs and Morgan Stanley are leading the deal. It hasn't set a share count or price range yet. The Wall Street Journal reports a valuation of $1.5–2 trillion under discussion, more than double the $965B Anthropic was valued at in May. The listing is reportedly targeted for mid-to-late November.

The numbers are huge. Revenue hit $16.3B in the first half of 2026, compared with $4.6B for all of 2025. Q2 alone brought in $11.6B. The headline $80.7B net loss looks alarming, but about $72B of it is a non-cash charge tied to convertible notes and other financing. Operations actually turned profitable in Q2, with roughly $974M of operating income after a $1.7B operating loss in Q1.

The filing also shows how much compute costs. Anthropic has committed up to $120.5B with SpaceXAI through 2029 and is building its own data centers under Anthropic Direct. Employee lockups are unusual: some insiders can sell on day one, and other unlocks are spread across 20+ windows over about a year.

Why it matters: this is the first time public investors can buy into a frontier AI lab directly, and Q2's operating profit gives the bulls their best argument yet.