Anthropic could publicly file for its IPO as soon as Friday, opening the books on what may be the biggest listing ever

The next giant AI listing may be days from its first public paperwork. Anthropic, the company behind the Claude models, is preparing to publicly file its S-1 prospectus as soon as Friday, according to three people familiar with the plans cited by Yahoo Finance. The filing would be the first time ordinary investors get the company's full financial picture in one document, and it comes at a moment when the market is arguing about how much the AI industry is spending.

The timing is not locked. The New York Post, citing Wall Street sources, also pointed to Friday but said the filing could come early next week, or might not come at all if volatility in AI-linked stocks persists. Anthropic did not respond to requests for comment on the timing, Yahoo Finance and Benzinga reported.

Why a Friday filing matters

Anthropic confidentially submitted a draft registration statement to the Securities and Exchange Commission in June. Companies that use the confidential route must make their registration materials public at least 15 calendar days before they start the formal investor roadshow, the series of meetings where bankers take orders for the shares. A public filing on Friday would clear that procedural step and keep a November listing in play, though Yahoo Finance noted the timing remains subject to market conditions.

The offering is widely expected to be larger than SpaceX's June IPO, which would make it the biggest initial public offering on record, according to Yahoo Finance and Benzinga. The New York Post and PANews, the latter citing earlier Reuters reporting, said the sale could raise as much as $100 billion at a valuation of up to $2 trillion. Those figures are expectations from bankers and investors, not terms the company has set.

What the draft already showed

Parts of the confidential draft have already been reported. Anthropic took in $16.3 billion of revenue in the first six months of 2026 and recorded a net loss of $80.7 billion, according to Benzinga and PANews, with Yahoo Finance citing a Wall Street Journal report for the revenue figure and a loss of more than $80 billion. Benzinga reported that most of the loss, about $72 billion, came from accounting charges tied to changes in the value of convertible notes and other fundraising instruments rather than from day-to-day operations.

The cost side is dominated by computing. Anthropic is spending billions on infrastructure to train and run its Claude models, working with Google and Amazon and renting graphics-processor capacity from SpaceX's Colossus 1 data center, according to Yahoo Finance. The public S-1 is expected to lay out those commitments in more detail.

The man at the top

Anthropic is led by co-founder and chief executive Dario Amodei, who spoke at Salesforce's Dreamforce conference in San Francisco last month. The company was founded by former OpenAI researchers and has positioned itself around AI safety, while competing directly with OpenAI and Google for business customers and developers.

Questions investors will look for

The New York Post framed the central question as whether the official disclosures will build demand or make investors think twice. The S-1 should answer several practical points that leaks have only partly covered: how quickly revenue is growing quarter to quarter, how much of the loss is cash versus accounting, how large the long-term computing contracts are, and how voting control will be structured after a listing.

There is also the market backdrop. Investors have grown more concerned about the AI industry's spending, Yahoo Finance noted, and AI-linked stocks have been volatile this month, with Nasdaq futures down sharply on Thursday morning after Tesla's spending cut and a selloff in chip-equipment shares. Valuation expectations have also moved: KuCoin, citing Huo Xing Finance, reported that investor expectations had eased from about $2 trillion toward roughly $1.5 trillion, a figure that has not been confirmed by the company.

Why it matters

A company the size being discussed would become one of the most valuable listed businesses almost immediately, which matters for index funds and for the many public companies that sell Anthropic computing power. Until the S-1 is public, though, every number in circulation comes from leaks and people familiar with the matter. Friday, or whenever the filing lands, is when investors can check those figures against the company's own disclosures.