US artificial intelligence company Anthropic, the maker of Claude, has publicly filed its prospectus to list on the Nasdaq, targeting a mid November debut. Training and running AI models takes enormous computing power, and listing would give Anthropic a deeper pool of capital to pay for it, and Aussies the chance to own a slice of one of the world’s leading AI developers. It reportedly wants to raise $US100 billion at a valuation of up to $US2 trillion, which would make it the biggest IPO ever, overtaking SpaceX’s listing in June.
The filing shows a business growing at extraordinary speed. Revenue hit $US16.3 billion in the first half of 2026, nearly 14 times the same period last year, and the number of businesses spending more than $US100,000 a year jumped from 950 to 11,900 in twelve months. Investors are betting that if this pace continues, today’s valuation will look cheap. But the costs are just as staggering. Anthropic has signed more than $US500 billion in computing commitments and reported a $US80.7 billion net loss for the half, largely due to an accounting charge. That feeds a growing fear of an AI bubble, with investors questioning whether the trillions going into data centres and chips will pay off quickly enough to justify the valuations. More concerning, the prospectus even warns that its models may pose existential risks to humanity if misused.
For Australians, this is one of the first chances for everyday investors to own a leading AI developer directly, with CommSec planning to market the shares to local retail clients. But buyers will have limited say: a special trust elects most of the board, and the founders hold a single share guaranteeing majority voting power, a structure ASX rules generally prohibit. Anthropic has also committed to a data centre at Queensland’s Western Downs Digital Park, a plan that depends on the capital this IPO raises.
The timing is the real test. Weeks after Firmus pulled its ASX IPO and AI borrowing costs surged, Anthropic’s listing will show whether investors are still willing to fund the AI boom.
