The maker of the Claude chatbot is finally heading for the stock market. Anthropic submitted its registration statement to the US Securities and Exchange Commission on Monday, putting an end to weeks of leaked drafts and naming Nasdaq as its future home, with the ticker ANT. The two figures investors care about most, the price range and the number of shares, are still blank and are expected in an amended filing once bankers at Goldman Sachs and Morgan Stanley have sounded out demand.
What the document does offer is the first official look inside one of the fastest-growing companies on record. Sales in the six months to June reached about $16.3 billion, against roughly $1.2 billion a year earlier. Compute and infrastructure swallowed close to $9 billion of that. Even so, the operating loss narrowed to $693 million. The bottom line looks far scarier: a net loss of $80.7 billion, driven overwhelmingly by non-cash revaluations of convertible notes and similar instruments rather than money leaving the bank. The company was sitting on about $131.7 billion in cash and short-term investments at the end of June.
Business customers are the engine. At the end of the third quarter, some 11,900 companies each paid Anthropic at least $100,000 annually, and roughly 250 of those paid it eight-figure sums.
Governance is where the debate starts. The seven co-founders, including siblings Dario and Daniela Amodei, will jointly hold 50.1% of the votes, and a long-term benefit trust picks most of the board, a setup the company says protects its safety mission but which leaves outside shareholders with little say. The risk section is unusually blunt, warning of “catastrophic or existential risks to humanity” and admitting the firm may never turn a lasting profit. The next milestone is the price range.
