Anthropic's IPO filing tests AI investor appetite as costs climb

Anthropic has filed its IPO prospectus, planning to list on Nasdaq under the ticker "ANT" with Goldman Sachs and Morgan Stanley leading the offering, testing investor appetite for AI companies amid rising development costs. The filing comes as scrutiny grows over debt-driven AI investment and whether infrastructure spending will justify high valuations. Anthropic reported approximately $16.3 billion in revenue for the first half of 2026, while its net loss widened to $80.7 billion, largely driven by increased fair value of convertible bonds. Third-quarter revenue rose nearly 50% quarter-over-quarter to $16.8 billion, with the company claiming adjusted profitability, though significant investment in computing infrastructure remains necessary. The IPO follows SpaceX's record $85.7 billion listing in June and may provide a valuation benchmark for competitors like OpenAI. Anthropic was valued at $965 billion in May, though some investors now estimate around $1.5 trillion, down from $2 trillion. The prospectus also warns of AI safety risks, including models exhibiting self-preservation behaviors.