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Anthropic Files for Nasdaq IPO as Crypto Markets Price It Near $1.9 Trillion
ANT Filing Reveals $80.7 Billion Net Loss and Speculative Trillion-Dollar Valuations
TL;DR
- Anthropic filed a Form S-1 for a proposed Nasdaq listing under the ANT ticker.
- Crypto derivatives implied a valuation around $1.87 trillion, while no official IPO valuation has been set.
- Anthropic reported $16.3 billion in first-half revenue and an $80.7 billion net loss dominated by noncash charges.
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Anthropic filed for an initial public offering on Oct. 26, formally advancing plans to list Class A common stock on the Nasdaq Global Select Market under the ticker ANT. The offering price, share count and final valuation have not been set, even as crypto derivatives and prediction markets are already pricing the Claude developer at well above $1 trillion.
“Today, Anthropic, PBC filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to its proposed initial public offering of its Class A common stock,” the company announced.
Anthropic’s registration statement has not yet become effective. Securities therefore cannot be sold and offers to purchase cannot be accepted. Goldman Sachs and Morgan Stanley are identified as contacts for obtaining the preliminary prospectus. Trading could begin in November.
The public filing follows a confidential IPO application submitted earlier this year.
Anthropic Reports Rapid Revenue Growth Alongside Heavy Losses
Anthropic’s filing showed sharply higher revenue alongside a large headline net loss. Most of that loss came from accounting adjustments tied to financial instruments rather than operating expenses.
The fair-value changes were primarily noncash accounting charges and reflected Anthropic’s rising private-market valuation. They did not represent payments of the same size to employees, suppliers or data-center operators.
Computing and infrastructure expenses approached $9 billion during the first half of 2026. Anthropic had previously reported an operating loss exceeding $8 billion in 2025, when infrastructure costs exceeded annual revenue. The Claude developer also reported third-quarter revenue of $16.8 billion.
Crypto Markets Put Anthropic Near $1.87 Trillion
Synthetic perpetual futures linked to Anthropic traded at implied valuations ranging from $1.86 trillion to $1.88 trillion across Binance, Bitget and other exchanges on Oct. 25 and Oct. 26. Binance contracts hovered near $1,874 using an assumed share count of about 1 billion.
These instruments provide speculative exposure rather than ownership of Anthropic shares. Their implied valuations depend on assumptions that can differ between trading venues and do not represent an official IPO valuation.
Polymarket Traders Favor a Trillion-Dollar Debut
Polymarket’s contracts tied to Anthropic’s first-day closing market capitalization had accumulated approximately $2.43 million in trading volume.
The $1.75 trillion to $2 trillion bracket carried a 26% probability. A $2 trillion to $2.25 trillion outcome stood at 21%, while the $1.5 trillion to $1.75 trillion range was near 17%. Together, those three outcomes represented approximately 64% of implied probability.
Traders assigned 4% probability to Anthropic failing to complete its IPO by Dec. 31, 2027, the market’s resolution deadline. The contracts settle based on Anthropic’s actual first-day closing market capitalization using its official listing price and shares outstanding.
Anthropic has yet to establish those official pricing inputs, keeping the crypto-derivatives and prediction-market figures separate from the valuation ultimately set through the IPO.
This article has been refined and enhanced by ChatGPT.
