Tuesday 3 November 2026
Anthropic files for the largest technology listing in years, with third quarter revenue of 17 billion dollars and a 23 billion dollar paper loss
Anthropic, the artificial intelligence company behind the Claude chatbot, filed an amended registration statement for its stock market listing on Monday. The filing puts third quarter revenue at 17 billion dollars as of September 30, up 1,127 percent from a year earlier and up about 47 percent from 11.6 billion in the second quarter, a slower pace than the 144 percent growth of the quarter before. Revenue for the first nine months of the year was 33.24 billion dollars. The company recorded a net loss of 23.29 billion dollars for the quarter, most of it noncash valuation charges, and an operating loss of 567 million dollars. Investors and underwriters are pushing the target valuation down to between 1.5 and 1.6 trillion dollars, from about 2 trillion discussed a month ago, according to Reuters and the Wall Street Journal.
The filing gives public investors their first full look at the cost of the artificial intelligence race. Anthropic held 146.6 billion dollars in cash and available funding as of September 30, and its spending commitments total about 895 billion dollars, with 70 billion due before September 2027. Those commitments are the price of the data centers and computing contracts the company has signed to keep up with demand for Claude. The growth is real, and so is the slowdown inside it. Quarterly growth fell from 144 percent in the first quarter and 132 percent in the second to about 47 percent in the third, and that deceleration is the reason bankers are trimming the valuation they expect the market to pay.
The syndicate behind the sale is 22 banks, led by Goldman Sachs and Morgan Stanley. The roadshow is expected in the week of November 9, and trading could begin before Thanksgiving on November 26, under the ticker ANT on the Nasdaq. The filing does not yet name a price, a share count or the size of the raise. Those numbers will set whether the listing becomes the largest technology debut on record or a smaller sale into a market that sold off artificial intelligence stocks again on Monday.
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