Toronto and London, Ontario managers weigh a US$1.5 trillion price tag against 93 pages of risk
Anthropic’s initial public offering will be sold to investors in Canada alongside the United States, with no plan to list the shares on any Canadian exchange.
The Form S-1 filed with the US Securities and Exchange Commission on October 26 states that the offering includes public offerings in Australia, Canada, certain member states of the European Economic Area, Japan, Switzerland, and the United Kingdom.
The San Francisco company has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol ANT.
Trading could begin as soon as November 16, CNN reported, with the share count and offering price still undisclosed.
Revenue reached US$16.3bn in the six months ended June 30, a year-over-year growth rate of 1,300 percent, according to the filing.
Annual revenue was US$41m in 2023, US$386m in 2024, and US$4.6bn in 2025.
Net losses over those three years were US$1.5bn, US$8.3bn, and US$42.0bn, and reached US$80.7bn in the first half of 2026.
CNN reported that just shy of US$9bn of the half-year loss came from spending on AI infrastructure and computing, while more than US$72bn was attributable to “change in fair value of convertible notes, derivative liabilities, and SAFEs”.
CNBC reported second-quarter revenue of US$11.56bn, up from US$787m a year earlier, and US$974m in second-quarter operating income after five quarters of operating losses.
Reuters reported that some current and prospective investors are valuing Anthropic at about US$1.5tn, down from the roughly US$2tn expected earlier.
The company raised US$65bn at a post-money valuation of US$965bn in late May and is seeking to raise as much as US$100bn in the offering, Reuters reported.
Earnest Wong, portfolio manager and head of research at Toronto-based Baskin Wealth Management, told CBC News that the prospectus carries little of the warning language chief executive Dario Amodei has used publicly.
“Most of the risks are kind of just normal, vanilla legal disclosures that are included in most companies,” Wong said.
Wong told CBC News the exact valuation is open to debate. Either way, he said, “this is a large company that is a force to be dealt with.”
Mark Daley, chief AI officer at Western University in London, Ontario, told CBC News the figure resists a clean answer.
It is “really hard to value,” he said, and while investors are pricing the technology in the hundreds of billions, a technology can “transform our economy and also still be overvalued.”
Matt Kennedy, senior strategist at Renaissance Capital, told Reuters that “a successful IPO from Anthropic could crack open or slam shut the IPO market, even well into 2027.”
The filing runs to 93 pages of risk factors, CNN reported, against roughly 30 for Snap and about 50 for Uber.
The S-1 states that sufficiently advanced AI systems could, without appropriate safeguards, oversight, and security measures, “pose catastrophic or existential risks to humanity”.
CNN reported four categories of AI risk in the document: misuse, loss of human control, authoritarian abuse, and economic disruption.
Anthropic discloses four copyright actions in Canada, including class actions in British Columbia and Québec over the use of copyrighted books in model training, a July claim by Québec publisher La Presse Inc., and an October claim by a group of Canadian news publishers in the Ontario Superior Court of Justice.
The company disputes the allegations and states it intends to defend itself.
