Anthropic filed to go public on October 26. The company submitted a Form S-1 registration statement to the Securities and Exchange Commission and plans to list its Class A shares on the Nasdaq Global Select Market under the ticker ANT, according to its announcement. It hasn't set a share count or a price range yet, and the registration isn't effective right now. Goldman Sachs, Morgan Stanley, and J.P. Morgan lead a list of more than 20 banks on the cover of the prospectus.
The filing puts Anthropic's books on the record.
Revenue was $41 million in 2023, $386 million in 2024, and $4.6 billion in 2025. In the first six months of 2026 it was $16.3 billion, up from $1.2 billion a year earlier, a 1,300 percent jump. The second quarter alone brought in $11.6 billion, about two and a half times what the company made in all of 2025.
The headline loss is $80.7 billion for those same six months. The S-1 says $72.4 billion of it came from changes in the fair value of convertible notes, derivatives, and SAFEs, mainly because Anthropic's valuation kept rising, which raises the value of the notes it owes.
The operating loss is $693 million in the first half of 2026, on $16.3 billion of revenue against $17 billion of operating costs. For all of 2025 the operating loss was about $8.1 billion, which included a $1.5 billion payment to settle the Bartz copyright case brought by book authors. So the company went from losing $1.76 for every dollar of revenue in 2025 to losing about 4 cents per dollar this year.
Compute is still the biggest cost by far. Anthropic spent $8.9 billion on compute and infrastructure in the first half, about 55 cents of every revenue dollar, running on Amazon's Trainium chips, Google's TPUs, and Nvidia and AMD GPUs. Sales, marketing, and partnerships grew from $120 million to $3.2 billion year over year. The S-1 also says the company has signed long-term compute deals with take-or-pay terms, meaning it pays whether or not it uses the capacity. The total committed amount is left blank in this version of the filing.
Business customers are where the growth shows. As of September 30, more than 11,900 customers had spent at least $100,000 over the past year, up from more than 950 a year earlier. More than 1,900 spent $1 million or more, and about 250 spent at least $10 million.
Claude Code gets its very own section. The prospectus calls it "the product we believe has most concretely defined what autonomous AI work looks like," and cites NASA engineers using it to plan commands for the Mars Perseverance rover. If you were hoping it would settle whether Anthropic loses money on a $200 Max plan, it doesn't. The filing doesn't break out profit by subscription plan.
Who controls Anthropic after the IPO
Buying ANT won't buy much say. The S-1 describes five share classes. Class A, the one sold to the public, gets one vote per share. Class N gets no vote on most matters. Amazon's convertible notes, $6.2 billion of debt as of June 30, convert into Class N at the IPO. Class E goes to employees other than the co-founders.
Then there are two single shares that run the company. One share of Class T is held by the Long-Term Benefit Trust, the independent body Anthropic set up in 2023 to keep its public benefit mission in the balance. It elects four of the board's seven directors. One share of Class F goes to an LLC owned by the seven co-founders, including CEO Dario Amodei and President Daniela Amodei. That single share carries 50.1 percent of the total voting power on general matters, including electing the other three directors and approving any merger or sale.
The founders' share stays until it's redeemed or until a transition period runs its course, and that period only starts once fewer than three co-founders have remained for 90 days in a row. The S-1 says together the trust and the founders can elect the entire board, and that the founders' LLC can decide stockholder votes "for the foreseeable future." Anthropic also warns that the structure may keep the stock out of some indexes, which would keep index funds from buying it. Separately, it put 5 percent of its fully diluted shares into a subsidiary called the Anthropic Public Benefit Fund.
The risk factors read like a list of things we've covered here. In June, the Commerce Department put worldwide export restrictions on Fable 5 and Mythos 5, and Anthropic disabled both for every customer until the restrictions were lifted. Mythos itself launched in April only as a gated preview for cybersecurity work. The filing says a court adopting the reasoning in Bartz could hurt the business, says revenue growth may not continue, and notes Anthropic has never paid a dividend. Money raised goes to general corporate purposes, mostly compute and hiring.
Next comes an amended filing with the price range and share count, then a roadshow, then pricing. Yahoo Finance pointed to SpaceX, which went public on June 12, as the other giant listing of the year. Several fields in today's filing, including Anthropic's run-rate revenue as of October 31, are still blank.
Sources
Anthropic, PBC Form S-1, filed with the SEC on October 26, 2026 - Revenue for 2023 through the first half of 2026, the income statement including compute, personnel, sales and marketing, and the Bartz settlement, the $72.4 billion fair value change, customer counts as of September 30, 2026, the Claude Code section, the five share classes, the Class T and Class F shares and board composition, the Class F sunset trigger, the index warning, the Public Benefit Fund, Amazon note conversion and indebtedness, take-or-pay compute commitments, the June 2026 export restrictions, Mythos and Project Glasswing, the dividend policy, use of proceeds, and the underwriters.
Anthropic: Anthropic files S-1 with the SEC for proposed initial public offering - The Nasdaq Global Select listing under ANT, Class A common stock, and the share count and price range not yet determined.
Yahoo Finance: Anthropic publicly files IPO prospectus - Coverage of the filing and SpaceX's June 12 listing.
