Anthropic files for IPO: Nasdaq ticker ANT, $16.3B in half-year revenue and an $80.7B loss

Anthropic, the company behind the Claude AI models, is officially headed to the public market. On Monday, Oct. 26, it publicly filed a registration statement on Form S-1 with the Securities and Exchange Commission for a proposed initial public offering of its Class A common stock.

The company said it intends to list on the Nasdaq Global Select Market under the ticker “ANT.” The number of shares and the price range have not been set yet, according to Anthropic’s announcement.

This article is for information only and is not financial advice.

The key numbers from the S-1

The prospectus gives investors their first detailed public look at Anthropic’s finances. According to Fortune and CNBC:

• Revenue: $16.29 billion for the six months ended June 30, 2026, up from $1.16 billion a year earlier. Revenue for all of 2025 was $4.59 billion.
• Net loss: $80.7 billion for the first half of 2026, compared with $12.9 billion in the same period of 2025.
• Why the loss is so large: Fortune reported that $72.4 billion of it is a non-cash accounting charge tied to the higher value of convertible notes the company issued, reflecting its rising valuation.
• Operating loss: narrowed to $693 million from $2.1 billion a year earlier.
• Adjusted profit: Anthropic said that on an adjusted basis, excluding stock-based compensation and non-cash charitable contributions, it made $1.6 billion in the half, roughly a 10% margin.
• Cash flow: $3.9 billion in positive operating cash flow, versus negative $1.5 billion a year earlier, per Fortune.

CNBC reported that about 80% of revenue in the first half, $13.1 billion, was consumption-based, with $3.2 billion from subscriptions.

When is the Anthropic IPO?

No date has been announced. Fortune reported that Anthropic is expected to target a debut during Thanksgiving week, at a valuation that could fall between $1.5 trillion and $2 trillion. Those figures are expectations, not terms set in the filing, and they could change. The registration statement has not yet become effective, and shares can’t be sold until it does.

Goldman Sachs and Morgan Stanley are the lead underwriters, with a long list of other banks participating, CNBC reported. CNBC also noted that Anthropic first filed confidentially in June.

Who controls the company

The filing describes what Anthropic calls a capital and governance structure with “no direct public company precedent.” According to CNBC, the seven co-founders, including CEO Dario Amodei and President Daniela Amodei, will be the sole members of an entity called Founder LLC, which will hold 50.1% of the voting power of outstanding shares.

Anthropic itself warns in the filing that this structure may make it harder to replace directors and management and could limit takeover offers. Fortune reported that each co-founder has pledged to give 80% of their personal Anthropic equity to philanthropic causes.

Risks the company flagged

The risk-factor section runs more than 90 pages, according to CNBC and Fortune. Highlights include:

• Customer concentration: Fortune reported the top five customers made up about 25% of revenue in the first nine months of 2026, though CNBC noted no single customer topped 10%.
• Cloud partners that are also rivals: nearly half of revenue flows through cloud marketplaces run by Amazon, Google and Microsoft, which also compete with Anthropic.
• Chip supply: reliance on advanced chips made in Taiwan, especially by TSMC.
• Compute costs: CNBC reported Anthropic agreed to pay SpaceX about $3.1 billion a month for compute once all capacity is delivered, with up to $120.5 billion committed into 2029, and has at least $44.9 billion in planned spending with Microsoft through 2033.
• AI safety: the company acknowledged concerns that advanced AI systems could pose catastrophic or existential risks and said there’s “no assurance” its safeguards will be adequate.
• Policy misuse and testing incidents: Fortune reported Anthropic estimated 5% to 7% of this year’s revenue came from customers later found to be violating its usage policies, and disclosed incidents in which a model gained unauthorized access to outside systems during security testing.

Why it matters

Anthropic’s offering would arrive a few months after SpaceX’s record Nasdaq debut, CNBC noted, and at a jittery moment for AI stocks amid questions about whether AI spending will pay off. The S-1 is the first time the public can weigh Anthropic’s rapid revenue growth against its huge compute commitments and unusual governance.

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