Anthropic, the company behind the Claude AI models, has publicly filed for an IPO. Its S-1 registration statement, made public with the U.S. Securities and Exchange Commission on October 26, 2026, says it plans to list Class A shares on the Nasdaq Global Select Market under the ticker “ANT.” The filing shows revenue of $16.3 billion in the first half of 2026, a net loss of $80.7 billion, and a share structure that leaves the company’s seven co-founders with majority voting control. No share price or offering size has been set yet.
Here is what the Anthropic IPO prospectus actually says, what the big numbers mean, and what to watch before shares start trading.
Anthropic IPO key details
- Exchange and ticker: Nasdaq Global Select Market, “ANT.”
- Filing: Public S-1 made available on October 26, 2026. According to The Verge, the company had first filed confidentially in June.
- Price and share count: Not set yet. The price range in the prospectus is still blank.
- Lead underwriters: Goldman Sachs, Morgan Stanley, J.P. Morgan and Citigroup head a long list of banks.
- Expected timing: Fortune reports the company is expected to aim for a debut in Thanksgiving week. That date has not been confirmed in the filing.
- Who sells shares: Anthropic and some existing shareholders. Anthropic only gets money from the shares it sells itself.
What the Anthropic IPO filing shows about its finances
The filing gives the first audited look at how fast Anthropic has grown. Revenue went from $41 million in 2023 to $386 million in 2024 and then $4.585 billion in 2025. For the six months ended June 30, 2026, revenue was $16.286 billion, up from $1.163 billion a year earlier.
Why the net loss is $80.7 billion
The headline loss for the first half of 2026 is $80.748 billion. That looks shocking, but most of it is an accounting entry, not cash going out the door. Fortune reports that about $72.4 billion came from a non-cash charge tied to the higher value of convertible notes the company issued to raise money. In the S-1’s income statement, “other income (expense), net” alone was a loss of $80.0 billion for the period.
The operating picture is very different. According to Fortune’s reading of the filing, the operating loss shrank to $693 million in the first half of 2026, down from $2.1 billion a year earlier. Anthropic also says it was profitable on an adjusted basis, with about $1.6 billion in adjusted operating income. Operating cash flow turned positive at $3.9 billion. Keep in mind that adjusted figures leave out costs such as stock-based pay, so they flatter the result.
Compute is still the biggest bill
Compute and infrastructure costs were $8.945 billion in the first half of 2026. The Verge highlights the long-term compute deals listed in the filing. They include as much as $120.5 billion with SpaceX for access to Nvidia GPUs by 2029, at least $114.5 billion with Google through 2033, $110 billion with Amazon over ten years, and $44.9 billion with Microsoft through 2033. As of June 30, Anthropic had about $131.7 billion in cash, cash equivalents and short-term investments.
Customers: big growth, some concentration
Most of Anthropic’s revenue comes from businesses using Claude, including its coding agent, Claude Code. As of September 30, 2026, the S-1 lists:
- More than 11,900 customers paying $100,000 or more a year (trailing twelve months)
- More than 1,900 customers paying $1 million or more
- About 250 customers paying $10 million or more
- Net Revenue Retention of about 900%, which means existing customers spent roughly nine times as much as they did a year earlier
The filing also points out the risks. No single customer brought in more than 10% of revenue in the first nine months of 2026, but the top five together brought in about 25%. Fortune notes that almost half of revenue comes through cloud marketplaces run by Amazon, Google and Microsoft. Those companies are partners, but some are also rivals. For background on Anthropic’s product push, see our explainer on Claude Docs and Slides.
Who controls Anthropic after the IPO?
Buyers of Class A shares will get one vote per share, but they will not control the company. Anthropic is a Delaware public benefit corporation, and the S-1 sets out a layered share structure:
- Class F: A single share held by an LLC owned by the co-founders, including CEO Dario Amodei and President Daniela Amodei. It carries 50.1% of total voting power on general shareholder matters and has no economic rights.
- Class T: Held by the Long-Term Benefit Trust, an independent body of trustees. It lets the trust elect and remove the Class T directors, who will make up a majority of the board.
- Class E: Issued to employees other than the co-founders. It can vote only on certain limited matters and has no economic rights.
- Class N: Non-voting shares held mainly by strategic business partners. They generally convert to Class A when sold to an unaffiliated party.
As a result, Anthropic will be a “controlled company” under Nasdaq rules. That exempts it from some board-independence requirements. The filing links this setup to its focus on AI safety, a theme Dario Amodei has stressed before. Read our earlier coverage of his call for slower AI development.
Philanthropy pledges built into the stock
The S-1 says each co-founder has pledged 80% of their personal Anthropic equity to philanthropic causes. The company also describes planned “Public Benefit Issuances,” which are further share issuances each time the stock rises 50% above the previous price milestone, starting from the IPO price.
Risks Anthropic flags for investors
Fortune counts about 94 pages of risk factors in a document more than 300 pages long. Some of them go far beyond what a typical tech IPO would mention:
- Continued losses: The company says it expects costs to rise and losses to continue.
- Catastrophic AI risk: The filing says advanced AI could pose “catastrophic or existential risks” without proper safeguards. The Verge reports that Anthropic also warned no single insurer may be able to cover a catastrophic AI incident.
- Government pressure: The S-1 says the U.S. Department of War suggested in early 2026 that it could use the Defense Production Act to force Anthropic to remove limits on using its models for autonomous weapons and mass surveillance.
- Litigation: The company faces copyright disputes over training data and an antitrust suit on behalf of buyers of paid consumer subscriptions. Anthropic says it will fight the antitrust suit. A $1.5 billion “Bartz settlement” appears in its 2025 expenses.
- Policy violations: Fortune reports that Anthropic estimated 5% to 7% of this year’s revenue came from customers later found to be breaking its usage policies.
Why the Anthropic IPO matters
The Anthropic IPO would put the company on the public market before its biggest rival, OpenAI, whose founders Anthropic’s team left in 2021. Fortune cites recent media reports that Anthropic is aiming for a valuation of $1.5 trillion to $2 trillion. That figure is not in the S-1, and the final number will depend on pricing.
The IPO also comes as AI companies are raising money at a huge scale. On the same day, Meta announced plans to raise up to $95 billion through stock sales to fund AI infrastructure, CNBC reported. The money is going toward products like its Muse AI agent. Earlier, we covered how SoftBank turned to an $11 billion bond sale tied to OpenAI. Anthropic’s numbers will be one of the clearest public tests yet of whether investors think spending this much on AI can pay off.
What happens next for the Anthropic IPO
- SEC review and amendments: Anthropic will update the S-1 with a price range and the number of shares to be sold.
- Roadshow: The banks will market the shares to institutional investors.
- Pricing and first trade: The final price is set the night before trading starts on Nasdaq under “ANT.”
FAQ
When does Anthropic stock start trading?
There is no official date for the Anthropic IPO yet. Fortune reports the company is expected to aim for a debut in Thanksgiving week, but the timing depends on SEC review and market conditions.
What is Anthropic’s stock ticker?
Anthropic has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol “ANT.”
Is Anthropic profitable?
Not under standard accounting. It reported an $80.7 billion net loss for the first half of 2026, mostly from non-cash charges on convertible notes. On an adjusted basis, the company says it was profitable, and its operating cash flow was positive.
Can retail investors buy Anthropic shares?
Once the stock is listed, anyone with a brokerage account that offers Nasdaq stocks can buy Class A shares. Access to shares at the IPO price itself usually depends on your broker. This article is not investment advice.
Sources: Anthropic, PBC Form S-1 (SEC); Fortune; The Verge; CNBC.
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