Anthropic filed a Form S-1 registration statement with the Securities and Exchange Commission on Monday for a proposed initial public offering of Class A common stock, and applied to list on the Nasdaq Global Select Market under the ticker ANT. The filing reports $16.29 billion in revenue for the six months ended June 30, 2026, up from $1.16 billion in the same period a year earlier.
The number of shares and the price range have not been set, and the registration statement is not yet effective, so no shares can be sold until the SEC declares it so. Anthropic submitted a confidential draft on June 1. Goldman Sachs and Morgan Stanley lead a syndicate of more than 20 underwriters on the deal.
The revenue ramp in the filing is steep by any measure: $41 million in 2023, $386 million in 2024, $4.59 billion in 2025, and $16.29 billion in the first half of 2026 alone. Anthropic describes business uptake of Claude as "the fastest enterprise adoption of any technology in history."
Key facts
- 01Anthropic filed its S-1 on October 26 and applied to list Class A shares on the Nasdaq Global Select Market under the ticker ANT.
- 02Revenue was $16.29 billion in the first half of 2026, up from $1.16 billion in the same period of 2025.
- 03The net loss was $80.7 billion, including about $72.4 billion in non-cash fair-value charges; the operating loss was $693 million.
- 04Anthropic has committed to spend upward of $450 billion on cloud computing, with Amazon and Google among its suppliers and investors.
- 05A single Class F share held by the seven co-founders carries 50.1% of voting power, making Anthropic a controlled company under Nasdaq rules.
The losses are larger than the revenue. Anthropic reported a net loss of $80.7 billion for the first half of 2026, of which roughly $72.4 billion is a non-cash fair-value charge on convertible notes and similar instruments, which the filing attributes mainly to the company's rising valuation. Setting that charge aside, the operating loss for the period was $693 million.
Spending on AI infrastructure reached $9 billion in the first six months of 2026, against $7.3 billion for all of 2025. The filing says Anthropic has committed to spend upward of $450 billion on cloud computing in the years ahead through agreements with Amazon, Google and other suppliers. Amazon and Google are also investors in the company.
Anthropic has raised $141.1 billion in aggregate and held $112.4 billion in cash and equivalents plus $19.3 billion in short-term investments as of June 30. Its most recent private round, in May 2026, raised $65 billion at a $965 billion valuation.
The customer disclosures show both depth and concentration. As of September 30, more than 11,900 customers generated at least $100,000 in trailing-twelve-month revenue, more than 1,900 generated at least $1 million, and about 250 generated at least $10 million. Net revenue retention was approximately 900%, and trailing-twelve-month revenue per employee was more than $6.6 million, up from $1.4 million a year earlier. Roughly one-fifth of revenue came from two customers.
Public investors would buy Class A shares carrying one vote each. A single Class F share, issued to a limited liability company owned by the seven co-founders just before the offering closes, carries 50.1% of the voting power on matters put to stockholders generally. A separate class elected by the Long-Term Benefit Trust, which has five financially disinterested trustees, controls a majority of board seats. The structure makes Anthropic a controlled company under Nasdaq rules, though it expects to use only the exemption covering its nominating and governance committee.
Anthropic contributed 846,840,960 non-voting shares, about 5% of fully diluted shares as of June 30, to a Public Benefit Fund subsidiary. The board may approve further issuances of up to 2% of outstanding shares each time the share price rises 50% above the prior milestone, starting from the IPO price. Each co-founder has pledged 80% of their personal equity to philanthropy.
The risk factors are not standard software-company boilerplate. The filing describes scenarios in which Anthropic models cause real-world harm beyond what the company could cover in damages, and says models may develop capabilities it does not anticipate. It also discloses that a US export control directive required Anthropic to suspend foreign nationals' access to its Fable 5 and Mythos 5 models, which effectively forced the company to shut those models down.
In February, Defense Secretary Pete Hegseth designated Anthropic a supply chain threat, and the company is suing the Department of Defense to reverse that designation. On the product side, the filing says Claude Opus 5.5 reduced customer costs per task by about 40% compared with Claude Opus 5.
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