Anthropic has filed a Form S-1 with the SEC to list on the Nasdaq under the ticker symbol 'ANT,' setting up what could be the biggest initial public offering ever.

The San Francisco company, founded in 2021 by ex-OpenAI researchers including CEO Dario Amodei, is expected to hit the market next month, and reports cited by the Associated Press suggest the offering could bring in as much as $100 billion.

That would surpass the record $85.7 billion SpaceX raised in its June debut on the Nasdaq. The filing also puts Anthropic ahead of rival OpenAI in the race to go public, in what is expected to be a pair of blockbuster AI debuts.

Private investors valued Anthropic earlier this year at $965 billion, and the Associated Press reports that figure could rise to $1.5 trillion or possibly $2 trillion at the IPO, though the final valuation has not been established.

At $1.5 trillion, Anthropic would rank among the world's most valuable public companies, alongside Tesla.

The company's revenue is growing rapidly, but it has yet to turn a profit: it reported a net loss of $80.7 billion in the first half of 2026, versus a $13 billion loss in the same period a year earlier. Goldman Sachs and Morgan Stanley are the lead underwriters, according to CNBC's live coverage.

CNBC's breakdown of the filing shows just how infrastructure-heavy the business has become.

Anthropic's non-cancelable purchase commitments ballooned from $54.6 billion at year-end 2025 to $265.6 billion by June 30, 2026, while future undiscounted lease obligations grew from $50.2 billion to $321.4 billion over the same period.

Net property and equipment reached $1.19 billion, and the company carried $6.2 billion in debt, mainly convertible notes issued to Amazon since 2023, CNBC reports.

Sales, marketing and partnership costs rose 2,540% in the first half to $3.17 billion, with $2.7 billion in fees paid to channel partners like AWS, Google Cloud and Microsoft Azure, which accounted for 48% of revenue.

CNBC notes the company flags U.S. data center moratoriums as a key risk, with 16 states having weighed construction pauses as of last month, warning that disruption at any major compute facility 'may not be readily absorbed.'

Anthropic also warned of potential legal liabilities if its models are used to develop chemical or biological weapons, acknowledging its safeguards have been 'circumvented' before. Competitors named include OpenAI, Google and SpaceX's AI business.

Anthropic's safety-focused positioning has collided with Washington.

In February, President Trump and Defense Secretary Pete Hegseth designated the company a supply chain risk, and Anthropic sued the Pentagon in March, calling it an 'unlawful campaign of retaliation' over its refusal to allow unrestricted military use of its technology.

A California judge ruled for Anthropic in the first case while a Washington D.C. judge sided with the government in a second; both sides are appealing.

The debut lands at a nervous moment for AI equities.

CNBC notes so-called neoclouds like CoreWeave and Nebius have lost over 30% of their value in October as credit risk rises across the data center space, and Wall Street increasingly questions whether trillions in expected infrastructure spending will be justified.

Anthropic's own filings point to diversification: international revenue hit $4.5 billion in the first half — 27.8% of total revenue and more than 13 times the prior year — and the company has leased data center capacity in Australia and Canada to reduce U.S. concentration.