Anthropic, the maker of the Claude chatbot, filed paperwork Monday for what could become the largest initial public offering in history, setting up a Wall Street debut that bankers say could value the AI company above $1.5 trillion — and by some estimates, north of $2 trillion.

The filing confirms the company will list on the Nasdaq under the ticker ANT, with the underwriting roster led by Goldman Sachs, JPMorgan and Morgan Stanley. Under SEC rules governing the standard waiting period, the earliest Anthropic could begin trading is the week of November 16, according to Yahoo Finance's reading of the filing timeline.

The Numbers Inside the Filing

Anthropic's prospectus discloses $16.3 billion in revenue against an $80.7 billion net loss — a scale of spending that underscores just how much capital the AI arms race is consuming. The filing lays out the stakes in strikingly blunt language, describing the company's mission in terms of ushering in what executives call an "age of miracles," while separately warning investors, as Fortune's review of the S-1 details, that advanced AI carries what the company itself labels a "catastrophic risk" to humanity if safety work fails to keep pace with capability.

That dual message — generational opportunity paired with an explicit warning about its own technology — is almost unheard of in IPO prospectuses, which are typically scrubbed of anything that could spook investors.

A $2 TRILLION VALUATION WOULD MORE THAN DOUBLE SPACEX'S PREVIOUS RECORD IPO RAISE OF $75 BILLION.

Context: A Crowded AI Race Goes Public

The filing lands as rival OpenAI is also reportedly working through its own confidential IPO process, and as questions mount on Wall Street about whether AI valuations have run ahead of the industry's actual profitability. CNN's coverage of the filing notes growing unease among some investors about the safety of the underlying technology even as money pours toward it — a tension this IPO will test in real time once shares start trading.

Anthropic's last private funding round valued the company at $965 billion following a $65 billion raise, meaning the targeted IPO price would represent a dramatic markup in a matter of months — typical of the AI sector's compressed timelines but still eye-popping even by Silicon Valley standards.

What's Next

Anthropic has not yet disclosed the number of shares it intends to sell or a final price range; both typically come later in the roadshow process, closer to the actual listing date. Analysts expect the company to face pointed questions from institutional investors about its path to profitability given the scale of its current losses, as well as about the safety disclosures embedded directly in its own prospectus.