Exactly one year after Bank of America analysts valued Anthropic at just $183 billion and placed the Claude maker in their "Private Magnificent-7," the company is asking public markets to value it at up to 10 times that amount.
Anthropic publicly filed its S-1 registration statement with the Securities and Exchange Commission, seeking to list Class A shares on the Nasdaq Global Select Market under the ticker ANT.
Goldman Sachs Group Inc. (NYSE:GS) and Morgan Stanley (NYSE:MS) lead a syndicate of 22 banks.
The filing leaves the share count and price range blank. Yet, The Wall Street Journal reported that Anthropic is targeting a debut in the week of Nov. 16, raising $100 billion or more at a valuation of $1.5 trillion to $2 trillion.
At the top of that range, Anthropic would be worth roughly double the $965 billion post-money valuation of its $65 billion Series H round in May.
Polymarket Traders Lower the Bar for Anthropic
On Polymarket, where traders have wagered about $2.4 million on Anthropic’s closing market value on its first trading day, the most popular outcome early Monday was a value between $1.75 trillion and $2 trillion, at 26% odds.
However, the mood has cooled.
A month ago, traders priced about a 62% chance that Anthropic would close its first day above $2 trillion. That probability has now fallen to roughly 40%.
Meanwhile, the odds of a value below $1.75 trillion have climbed to about 32%, from roughly 10% a month ago.
The $1.5 trillion to $1.75 trillion bracket alone gained more than 13 percentage points over the period.
Traders see only a 2% chance of a $3 trillion debut.
Timing is less certain. In a separate market with $5.5 million in volume, traders gave 27% odds to a listing by Nov. 20, 52.5% by Nov. 25 and 82% by year-end.
What Anthropic’s S-1 Reveals About Its Growth
Anthropic’s revenue reached $16.3 billion in the six months to June 30, up from $1.2 billion a year earlier, according to the company’s S-1 filing. That compares with $4.6 billion for all of 2025.
The acceleration came in the second quarter. Revenue hit $11.6 billion, up from $787 million in the same quarter of 2025.
Annualized, that quarter implies about $46 billion in revenue. As a result, a $2 trillion valuation would equal roughly 43 times that run rate.
The same quarter also delivered Anthropic’s first operating profit in the six quarters disclosed: $974 million, an 8% operating margin, compared with a $1.2 billion operating loss a year earlier.
The Bottom Line Looks Different
Anthropic reported a net loss of $80.7 billion for the first half, but $72.4 billion of it came from changes in the fair value of convertible notes and other financing instruments. According to the filing, those changes were driven primarily by the rise in the company’s own valuation.
Meanwhile, customers generating at least $100,000 in trailing 12-month revenue rose to more than 11,900 as of Sept. 30, from more than 950 a year earlier.
In addition, Anthropic has committed to spend at least about $114.5 billion with Alphabet Inc. (NASDAQ:GOOGL) unit Google through July 2033 and at least $110 billion with Amazon.com Inc. (NASDAQ:AMZN) through April 2036, regardless of actual usage.
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