Anthropic targets $2 trillion valuation in largest IPO ever

Anthropic, the developer of the Claude AI model, has published a public IPO prospectus for a planned Nasdaq listing, with market estimates valuing the company at around $2 trillion and targeting a raise of approximately $100 billion. If realized, this would be the largest initial public offering in history. The prospectus reveals first-half 2026 revenues of $16.29 billion against a net loss of $80.75 billion, which the company attributes largely to non-cash accounting items. Growth is driven by demand for its Claude Code tool and enterprise clients, while heavy investments continue in computing infrastructure and model training. Founded in 2021 by former OpenAI researchers, Anthropic would become the first publicly traded company focused primarily on advanced AI models. The IPO, led by Goldman Sachs and Morgan Stanley, is seen as a key test of investor confidence in the sector amid Wall Street concerns over AI infrastructure spending.