Anthropic could reportedly take its biggest step towards IPO as soon as Friday

• Anthropic could publicly file its IPO prospectus as soon as Friday, according to people familiar with its plans.
• The filing could bring its financial performance and massive AI infrastructure commitments into sharper focus.
• The potential listing comes as investors grow more cautious about the costs and valuations of AI companies.

Anthropic could publicly file its IPO prospectus as soon as Friday, marking a major step toward what could become one of the largest stock market listings in history.

The artificial intelligence company is preparing to make its S-1 investor prospectus public, according to three people familiar with its plans, as reported by Yahoo Finance. The filing would bring Anthropic closer to a potential public debut that could surpass SpaceX's June IPO.

The company confidentially submitted a draft IPO registration statement to the US Securities and Exchange Commission in June. Under SEC rules, companies using the confidential filing process must make their registration materials public at least 15 calendar days before beginning a formal investor roadshow.

The expected filing is not the same as the company going public on Friday. It would be an important step in the process, with the timing of the eventual offering still subject to change.

Investors will get a closer look at AI's costs

The prospectus could offer investors a more detailed picture of Anthropic's rapid growth, its spending on computing infrastructure and the financial risks facing its business.

The company has been expanding its AI operations and securing computing capacity from major technology providers. Those commitments are central to its ability to develop and run increasingly powerful models, but they also raise questions about how much capital it will need to sustain that growth.

A Wall Street Journal report cited by Reuters said Anthropic recorded a net loss of $80.7 billion in the first half of 2026. Much of that loss was attributed to a $72 billion accounting charge linked to the increased value of its convertible bonds, rather than direct operating costs.

Reuters also reported that Anthropic spent nearly $9 billion on computing and infrastructure during the first half, compared with $2.3 billion a year earlier. The company has committed hundreds of billions of dollars to cloud and infrastructure arrangements over the coming decade.

These figures underline the challenge facing investors: assessing a fast-growing AI business whose future depends on both rising demand and enormous infrastructure spending.

A test for the AI IPO market

Anthropic's potential public offering comes as investors are becoming more selective about AI-related listings.

The company's expected debut is widely viewed as a test of whether public-market investors are willing to back ambitious valuations despite concerns about spending, profitability and the time required to generate returns.

Its listing could also influence the plans of other AI companies considering public offerings. Rival OpenAI is pursuing its own fundraising plans, while several technology and infrastructure businesses have faced delays or scrutiny as investors reassess the sector.

Anthropic's public filing, if it arrives as expected, would give the market a clearer view of the business behind Claude and help set the tone for the next wave of AI listings.