Anthropic Is Listing in New York. Where Would a European AI Giant List?

Anthropic, the company behind the Claude AI models, made its stock market filing public on 26 October. I built this site with Claude Code, one of Anthropic's tools, so I know its products well. The filing also raises a question closer to home. I live and work in the Benelux, and Europe's best-funded AI company, Mistral, has said it would rather go public than be sold. If it does, where would it list? And does it matter?

Quick Answer: Europe's tech champions have taken different routes. ASML is listed in Amsterdam and on Nasdaq, Arm chose Nasdaq in 2023, and Spotify went to the New York Stock Exchange in 2018. A 2025 study of 130 European companies that moved their listing to the US found that 70% were trading below their listing price, so a US listing is no guarantee of success. Where a European AI company lists will probably depend less on the exchange itself than on how much of Europe's savings reach growth companies.

01.Where would a European AI giant list?

Nobody knows yet, and the company itself hasn't said. Mistral's chief executive, Arthur Mensch, said in January 2025 that the company planned an IPO rather than a sale, without giving a date or an exchange. The past examples point both ways: some of Europe's largest technology companies list at home, others went to New York.

02.What does Anthropic's filing show?

Several outlets have reported the main figures from the filing:

• Revenue: $16.3 billion in the first half of 2026, against $1.16 billion a year earlier.
• Loss: a headline net loss of $80.7 billion for the half-year. Most of it, around $72 billion, is an accounting effect linked to the rising value of convertible notes and similar instruments, not cash spent. The operating loss was $693 million.
• Listing: Nasdaq, under the ticker ANT. According to Bloomberg, as reported by The Motley Fool, marketing to investors could begin as early as the week of 9 November.

The share price and the amount Anthropic will raise are not set yet. Reported estimates vary a lot, so I've left them out.

The difference in scale is large. Mistral raised about €3 billion in September 2026 at a valuation of about €21 billion, the largest venture round ever raised by a Europe-based company, according to Crunchbase. It is a strong result, and still much smaller than the US companies it competes with.

03.Where have Europe's tech champions listed?

I looked at three well-known cases:

• ASML, the Dutch chip machine maker, has been listed in Amsterdam and on Nasdaq since the 1990s. In June 2026 it became the most valuable European stock on record.
• Arm, the British chip designer owned by SoftBank, listed on Nasdaq in September 2023, at a valuation of about $54.5 billion. The UK government had hoped for a London listing as well.
• Spotify, founded in Stockholm and with its parent company registered in Luxembourg, went to the New York Stock Exchange in April 2018.

More European companies are making the same choice. ION Analytics counts about $6 billion raised by European companies listing in the US in 2026 so far, across four deals.

04.Does a US listing pay off?

The research gives a mixed answer. New Financial, a London think tank, studied 130 European companies that moved to the US market between 2015 and 2024. Its 2025 report, written with HSBC, found that 70% were trading below their listing price, fewer than a fifth had beaten the S&P 500, and three quarters had not beaten the European market since moving.

That doesn't mean a US listing is a bad choice. US markets are deeper and have more investors who specialise in technology. Researchers also disagree about how large the valuation gap between the US and Europe really is: one 2026 paper finds it is driven mainly by a small number of very highly valued companies, while New Financial argues that much of it reflects differences in growth and profitability. Euronext, which runs the Paris and Amsterdam exchanges, argues that companies listed with it do as well as those listed in the US.

The evidence suggests the right choice depends on the company. What is clear is that a listing decides more than where shares are traded. It affects who owns a company and where its later fundraising happens.

05.What could help Europe keep its AI companies at home?

From what I've read, the answer is less about stock exchanges than about money. When the European Commission presented its plan for a Savings and Investments Union in March 2025, it noted that about 70% of EU citizens' savings, some €10 trillion, sit in bank deposits. Only a small part of that reaches growing companies.

Two steps are already under way. The EU Listing Act, in force since December 2024, makes it simpler to go public in the EU. The Savings and Investments Union aims to channel more savings, including pension and insurance money, into European companies. I wrote earlier that Europe's funding gap is largest at the late stage, and the record funding quarter this summer showed how much of that money still comes from outside Europe.

I don't know where Mistral or any other European AI company will list. Watching Anthropic's listing over the coming weeks will show how much capital the US market can bring together for one AI company. The first big European AI listing will show how far Europe has come.

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Cover image generated with Krea AI.

Sources

• Anthropic, PBC, Form S-1, filed with the SEC on 26 October 2026. sec.gov
• Yahoo Finance, "Anthropic IPO live updates: S-1 filing discloses $16.3B in first-half revenue, plans to list as 'ANT'". finance.yahoo.com
• The Motley Fool, "Anthropic Could Begin Marketing Its IPO the Week of Nov. 9", 29 October 2026. fool.com
• Crunchbase News, "Europe Posted Its Strongest Quarter In Q3 In 4 Years", October 2026. news.crunchbase.com
• Dealroom News, "Mistral raises record €3bn as Europe strains to keep pace in AI race", September 2026. dealroom.co
• TechCrunch, "Mistral AI plans IPO", 21 January 2025. techcrunch.com
• New Financial, "A reality check on international listings", April 2025. newfinancial.org
• ION Analytics, "European issuers cross the Atlantic in search of deeper capital pools", 2026. ionanalytics.com
• Becker, Benmelech and Monteiro, "The Value Gap: Europe Cannot Scale", 2026. effibenmelech.com
• Investment Week, "Arm breaks with London for $70bn Nasdaq listing", 2023. investmentweek.co.uk
• AskTraders, "Arm prices its IPO shares at $51, valuing it at $54.5bn", 2023. asktraders.com
• Foreign Policy Journal, "ASML hits $674 billion market cap to become Europe's most valuable stock in history", June 2026. foreignpolicyjournal.com
• Euronext, "The European Advantage: Debunking Myths Surrounding US Listings". euronext.com
• European Commission, Savings and Investments Union strategy, March 2025, as summarised by Mondaq. mondaq.com
• Regulation Tomorrow, "Council adopts Listing Act package", October 2024. regulationtomorrow.com