Anthropic has filed to go public on Nasdaq under the ticker ANT. The Anthropic IPO filing, a Form S-1 lodged with the US Securities and Exchange Commission on 26 October 2026, reports $16.3 billion of revenue for the first half of 2026 and an $80.7 billion net loss. Most of that loss is non-cash.
What Anthropic Filed With the SEC
Anthropic, PBC filed a registration statement on Form S-1, the document a company must file before selling shares to the public in the United States. The filing was accepted by the Securities and Exchange Commission, the US agency that regulates securities markets, at 09:00 Eastern Time on 26 October 2026 under file number 333-299633.
The company said it intends to list its Class A common stock on the Nasdaq Global Select Market under the symbol ANT. In its own announcement of the filing, Anthropic said the number of shares to be offered and the price range have not yet been determined, and that the registration statement is not yet effective.
Anthropic had filed confidentially with the regulator earlier in 2026, and reporting at the end of September had already put its 2025 operating loss at about $8.1 billion, a figure the public filing puts at $8.06 billion. Monday’s filing is the public version, which is why the financial statements became readable in full for the first time. The main document runs to roughly 14 megabytes and sits alongside 77 exhibits on the SEC’s EDGAR record of the filing.
Why the $80.7 Billion Loss Is Mostly Non-Cash
The $80.7 billion net loss is not $80.7 billion of spent money. The great majority of it is a fair-value remeasurement — an accounting adjustment that restates the carrying value of certain financing instruments without any cash leaving the company.
Anthropic raised much of its money through convertible notes, which are loans that can turn into shares. When the company’s estimated value rises, the accounting value of those notes rises with it, and the increase is booked as a loss even though nothing was paid out.
| Measure, six months to 30 June 2026 | Amount |
|---|---|
| Net loss | $80.7 billion |
| Of which: fair-value changes on convertible notes and related instruments | $72.4 billion |
| Operating loss | $693 million |
The operating loss — what the business lost actually running itself — was $693 million for the half year. Within that half, the second quarter produced operating income of $974 million, against an operating loss of about $1.7 billion in the first quarter. Figures are as reported in the S-1 and summarised consistently by The Next Web and SQ Magazine on 26 October 2026.
What the Revenue Figures Show
Revenue grew roughly fourteenfold year on year in the first half. The filing shows revenue of $16,286 million for the six months to 30 June 2026, against $1,163 million for the same period of 2025, and $4,585 million for the whole of 2025.
| Period | Revenue | Net loss |
|---|---|---|
| Full year 2025 | $4.59 billion | $42.0 billion |
| Full year 2025 operating loss | — | $8.06 billion |
| Six months to 30 June 2025 | $1.16 billion | Not separately reported |
| Six months to 30 June 2026 | $16.29 billion | $80.7 billion |
The filing also sets out how many large customers Anthropic has. More than 11,900 customers generated at least $100,000 of trailing-twelve-month revenue as of 30 September 2026, up from more than 950 a year earlier, and about 250 generated at least $10 million.
Who Controls Anthropic After the Listing
Buyers of Class A stock would not be able to decide shareholder votes. Control is held through two special share classes described in the filing.
- Class F share: A company whose members are Anthropic’s seven co-founders holds a single Class F share carrying 50.1% of the total voting power on matters put to stockholders generally. Issuing new shares does not dilute it.
- Class T share: The Long-Term Benefit Trust, a body separate from the shareholders, elects a majority of the board through a Class T share.
- Class A stock: This is the class being offered to the public, and it carries the remaining votes.
Anthropic remains a public benefit corporation, a US company form whose directors must weigh a stated public purpose alongside shareholder returns. The filing also records a pledge of about 5% of the company’s shares to the Anthropic Public Benefit Fund.
What the Filing Does Not Say
As of 27 October 2026, the price, the size and the date of the offering are all still unknown, and the registration statement has not become effective. Three specific items are blank in the document:
- The price range: No indicative price per share has been set.
- The share count: The number of Class A shares to be sold is not stated.
- Third-quarter revenue: The figure for the quarter to 30 September 2026 is left blank.
Reports of a valuation have not come from the filing. The Wall Street Journal reported that the offering could raise $100 billion or more at a valuation between $1.5 trillion and $2 trillion, and that the listing is targeted for the week of 16 November 2026. Anthropic has not confirmed any of those figures, and the S-1 contains no target valuation. Its last disclosed private valuation was about $965 billion, set in May 2026.
Its closest rival, OpenAI, ruled out a 2026 listing in September, leaving Anthropic as the first of the frontier AI developers to put a prospectus on the public record.
Goldman Sachs and Morgan Stanley are leading the underwriting syndicate. Reports differ on the total number of banks involved, with counts of 22 and 24 both published on the day.
Risks Anthropic Disclosed
The risk-factor section is unusually long, running from page 26 to page 119 of the prospectus. Two themes stand out because they are uncommon in a technology listing.
The filing warns of the possibility of catastrophic harm arising from advanced artificial intelligence, and states that available insurance may not be sufficient to cover the company’s liability in such an event. It also discloses model behaviour observed in testing that included resisting shutdown.
On regulation and litigation, the filing records a civil investigative demand issued by the Federal Trade Commission, the US consumer-protection and competition regulator, in October 2026, and a $1.5 billion copyright settlement. These items are reported from the filing by The Next Web; the primary text is on EDGAR.
Frequently Asked Questions
What Ticker Will Anthropic Trade Under?
Anthropic intends to list its Class A common stock on the Nasdaq Global Select Market in the United States under the symbol ANT. As of 27 October 2026 the shares are not trading and the registration statement is not yet effective.
Did Anthropic Lose $80.7 Billion in Cash?
No. The $80.7 billion is a net loss for the six months to 30 June 2026, of which $72.4 billion was a fair-value accounting adjustment on convertible notes rather than money spent. The operating loss for the same period was $693 million.
When Is the Anthropic IPO?
The filing gives no date. The Wall Street Journal reported a target of the week of 16 November 2026, which Anthropic has not confirmed.
How Much Will Anthropic Shares Cost?
That has not been set. The S-1 leaves both the price range and the number of shares blank, so no share price exists yet.
Who Controls Anthropic After the IPO?
A company owned by the seven co-founders holds a Class F share with 50.1% of the voting power on general shareholder matters, and the Long-Term Benefit Trust elects a majority of the board through a Class T share.
