Anthropic's Public Prospectus: $16.3B First-Half Revenue, $80.7B Net Loss, Nasdaq Listing Planned

How it unfolded

Anthropic was founded in 2021 by several former OpenAI researchers, and its Claude models went on commercial sale in the first quarter of 2023. On May 28, 2026, the company closed a $65 billion Series H round at a $965 billion post-money valuation, led by Altimeter, Dragoneer, Greenoaks and Sequoia; on June 1, it announced it had confidentially submitted a draft registration statement to the U.S. Securities and Exchange Commission. On Oct 26 at 9:00:11 a.m. Eastern, the public S-1, comprising 87 documents, was accepted, and the company confirmed the proposed initial public offering in an announcement the same day.

The offering covers Class A common stock, planned for the Nasdaq Global Select Market under ticker ANT; the share count and price range are not set, and the prospectus cover notes the information is incomplete and may change. Goldman Sachs and Morgan Stanley lead the underwriting syndicate of 22 banks. The registration statement is not yet effective, so the securities may not be sold and offers to buy may not be accepted before effectiveness; the company said the announcement does not constitute an offer to sell. The $1 billion maximum offering figure in the fee table is only a placeholder used to calculate the registration fee, not the actual raise size. Several outlets report a mid-November listing, a date the company has not confirmed.

Revenue climbed year by year: $41 million in 2023, $386 million in 2024 and $4.59 billion in 2025; the first half of 2026 reached $16.3 billion, about 14 times the year-earlier period ($1.16 billion), including $11.56 billion in the second quarter alone. The first-half operating loss was $693 million, versus $2.135 billion a year earlier; second-quarter operating income was $974 million and first-half operating cash flow was $3.93 billion. The net loss of $80.7 billion includes about $72.4 billion of non-cash charges from rising fair value of convertible notes; the full-year 2025 net loss was about $41.9 billion. As of June 30, the company had raised $141.1 billion in aggregate, holding $112.4 billion in cash and equivalents plus $19.3 billion in short-term investments; first-half infrastructure spending was $8.95 billion, versus $2.33 billion a year earlier.

The control structure and the compute contracts became public together. The company is a Delaware public benefit corporation; its Long-Term Benefit Trust, set up in 2023, elects a majority of the board through Class T shares; before the offering closes, the company will issue one Class F share to Founder LLC, formed by its seven co-founders, carrying 50.1% of the votes on matters submitted to stockholders generally. Class A shares carry one vote each, Class N shares are held mainly by strategic business partners with no general voting rights, and Class E employee shares carry limited voting rights; Class T, F and E shares carry no economic rights. The company has transferred 846,840,960 Class N shares, 5% of fully diluted shares as of June 30, to its wholly owned subsidiary Anthropic Public Benefit Fund; the board has also approved further transfers of up to 2% each time the share price rises 50% above the prior milestone. The exhibits disclose compute contracts including: up to $42 billion of Broadcom notes (9% interest, 13% in a breach period) used only to pay rent on leased TPU8i chip pods; $30 billion from Google in two stages tied to delivered capacity and revenue targets, with a 14.99% ownership cap and an option to buy up to $10 billion of Class N shares at the IPO price; and an Amazon Web Services facility of up to $20 billion, opening in $5 billion steps as capacity is delivered, with interest-free ten-year notes.

What was said

In its Oct 26 announcement, Anthropic said it had filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering of its Class A common stock; the Class A shares are intended to list on the Nasdaq Global Select Market under the symbol ANT, and the number of shares and the price range have not yet been determined. The announcement added that the registration statement has been filed but has not yet become effective, so the securities may not be sold and offers to buy may not be accepted before effectiveness, and that the announcement does not constitute an offer to sell or a solicitation of an offer to buy.

The prospectus describes Claude's adoption as the fastest enterprise adoption of any technology in history, with revenue growing from the start of commercial sales. The filing states that as of Sept 30, 2026, there were more than 11,900 customers with trailing-twelve-month revenue of $100,000 or more, more than 1,900 at $1 million or more, and about 250 at $10 million or more. Claude comes in four tiers — Fable, Opus, Sonnet and Haiku — with most revenue from consumption-based income measured in tokens processed, plus Pro and Max subscription revenue.

The risk section takes up a large part of the filing. It says advanced AI could pose catastrophic or existential risks to humanity; models could show self-preservation behavior, including resisting shutdown, concealing or manipulating information, and blackmail-like behavior; and the company's precautions, including delaying model releases and limiting availability, could slow its capability gains. In an earlier Reuters Q&A on the draft, Reuters noted that risk factors made up about a third of the roughly 300-page document, compared with about 30 pages in SpaceX's prospectus. Anthropic chief executive Dario Amodei has previously called publicly for slowing the pace of new capability releases, as Reuters previously reported.

Voices from the market come through investor accounts. Reuters cited some current and prospective investors as valuing Anthropic at about $1.5 trillion, down from roughly $2 trillion a week earlier, after the company disclosed some financial details at a recent investor event. Thomas Hayes, chairman of Great Hill Capital, told Reuters that at $16 billion or $32 billion of annualized revenue and $80 billion to $160 billion of annual losses, a $1.5 trillion valuation looks rich. Reuters also noted deepening investor unease over the scale of debt-funded AI spending and a narrowing autumn listing window.

Two peers on the comparison line also appear in the coverage. Reuters previously reported that OpenAI confidentially filed listing documents in June and is expected to list in early 2027, and that SpaceX listed in June with a $75 billion offering at a $1.75 trillion valuation. Anthropic's share count, price and listing date are not yet announced, and the prospectus confirms no raise size or valuation; the reported mid-November listing and figures as high as a $100 billion raise are press reports, not filing terms.

Key facts

1. The offering: publicly filed Form S-1 on Oct 26, 2026, planned for the Nasdaq Global Select Market under ticker ANT; share count and price range not set, filing not yet effective.
2. Revenue: $16.286 billion in the first half of 2026 versus $1.163 billion a year earlier; $11.56 billion in the second quarter alone; $4.59 billion for full-year 2025.
3. Losses: first-half net loss of $80.7 billion, of which about $72.4 billion is a non-cash charge from convertible-note fair-value changes; first-half operating loss of $693 million, second-quarter operating income of $974 million.
4. Cash and compute: $141.1 billion raised in aggregate as of June 30, with $112.4 billion in cash and equivalents plus $19.3 billion in short-term investments; first-half infrastructure spending of $8.95 billion.
5. Control: the single Class F share held by Founder LLC carries 50.1% of votes on general matters; the Long-Term Benefit Trust elects a board majority through Class T shares; the company therefore qualifies as a Nasdaq controlled company.
6. Benefit arrangement: 846,840,960 Class N shares (5% of fully diluted shares) transferred to the Anthropic Public Benefit Fund; the board may transfer up to a further 2% each time the share price rises 50% above the prior milestone.
7. Compute contracts: up to $42 billion of Broadcom notes (9%, 13% in a breach period) used only for TPU8i pod rent; $30 billion from Google in two stages with a 14.99% ownership cap; up to $20 billion from Amazon Web Services, opening in $5 billion steps per delivered capacity.
8. Underwriting and timing: Goldman Sachs and Morgan Stanley lead a 22-bank syndicate; draft confidentially submitted June 1, public filing accepted Oct 26; listing date and raise size not set, mid-November is a press-reported timeframe.