By Andrew Moran

Anthropic, the company behind Claude, is set to make its long-awaited Wall Street debut as soon as November.

The artificial intelligence (AI) giant filed its Form S-1 registration statement with the Securities and Exchange Commission on Oct. 26, setting the stage for its initial public offering—also known as an IPO.

It plans to list on the Nasdaq under the ticker symbol “ANT,” according to the prospectus.

Anthropic offered a deep dive into its first six months of financial results. It posted $16.3 billion in revenue in the first half of 2026, up from $1.16 billion in the same period a year ago—or 1,300 percent year-over-year growth—driven by heavy spending from leading AI hyperscalers.

The prospectus is absent an IPO valuation, but the company had previously targeted up to $2 trillion. Anthropic was last valued at $965 billion in a funding round this past spring.

“We are at an early stage of our revenue growth, we have experienced rapid growth in recent periods, and our historical growth rates are not indicative of future performance or our ability to sustain or forecast future revenue growth,” the San Francisco-based firm said in the document.

Because many firms rely on its technology, Anthropic reported that its client base is far more diverse than that of other companies in the industry.

“No single customer represented more than 10% of our revenue for the nine months ended September 30, 2026,” Anthropic said in the filing.

The top five of its customers represented approximately 25 percent of its revenues.

The company acknowledged its net losses, noting that it might not “generate sufficient revenue to achieve or sustain profitability in the future.” It reported a net loss of almost $81 billion in the first half of the year, from $42 billion in all of 2025.

Growth prospects could “slow or stall” if demand for its applications, models, or platforms is slower than expected or declines, the company said. If so, its financial conditions and earnings results “could be adversely affected.”

Other risks, according to Anthropic, are its dependence on advanced chip manufacturing in Taiwan, particularly at Taiwan Semiconductor Manufacturing Company. Natural disasters, geopolitical tensions with China, trade strife, and disruptions to the power grid were identified as some of the key threats.

Additionally, Anthropic warned that its AI models might “behave in unintended, misaligned, and autonomous ways.” These actions could include “harmful actions that no user or third-party directed,” which could harm its brand, reputation, and financial results.”

Scores of tech companies, including Anthropic, have raised alarm bells this year about autonomous agents violating restrictions, committing hacks, and going rogue.

In a blog post earlier this month, Anthropic said that AI models could be “months away” from replicating themselves across internet-connected home devices. While there is no “fully rogue replicator yet,” it noted that it would be “challenging to shut down” as there is “no centralized point to shut off.”

Wall Street’s AI Bellwether

Anthropic’s highly anticipated filing comes as competitors struggle to raise capital to fund their ambitious AI-linked spending.

SpaceX CEO Elon Musk, in a weekend social media post, noted that “debt marks have almost entirely shut off access to money” for businesses that lack enormous revenue “independent of AI data centers.

Neoclouds have become the latest pocket of the tech industry that is struggling to raise capital. These companies, which rent access to large numbers of AI chips for training and running models, have seen their stocks tank this month.

“That means the 200+ neoclouds are going to see guppy-level death and consolidation,” Musk said. “Some will make it through, but not many.”

But market watchers say that Anthropic will become a bellwether for Wall Street’s value estimates for the wider AI trade.

“A successful Anthropic IPO would provide capital to fund its expansion and make many of the revenue projections supporting the hardware and data center companies more achievable,” Joe Tigay, portfolio manager at the Rational Equity Armor Fund, told The Epoch Times in an emailed note.

“That matters for the entire AI trade.”

The IPO market has calmed down since SpaceX’s mega debut in June.

Since then, there have been several high-profile IPO cancellations or postponements, including Oura, SK Hynix’s Solidigm, and Holtec Nuclear Corporation. Most notably, OpenAI has pushed back its market debut until sometime next year.

Traders cheered the prospectus as tech shares logged modest gains to start the trading week. Shortly after the opening bell, the tech-heavy Nasdaq Composite Index rose more than 100 points, or 0.6 percent.