Anthropic IPO: S-1 Filing Reveals $16.3bn Revenue and Nasdaq Listing Plan

Anthropic, the San Francisco company behind the Claude AI models, has publicly filed for an initial public offering, revealing first-half 2026 revenue of $16.3 billion and setting up what is expected to be one of the largest stock market debuts ever. The S-1 registration statement, filed with the US Securities and Exchange Commission (SEC) on Monday 26 October, says the company intends to list its Class A shares on the Nasdaq under the ticker “ANT”.

The filing does not yet give a share price or the number of shares on offer, which is normal at this stage. Fortune reported that Anthropic is expected to target a debut in Thanksgiving week, and that media reports have put its target valuation at between $1.5 trillion and $2 trillion.

What Does Anthropic’s S-1 Reveal?

The prospectus gives the first detailed public look at the company’s finances. The headline figures, as reported by Fortune, Yahoo Finance and StockAnalysis, are:

• Revenue: $16.29 billion in the six months to 30 June 2026, up about 1,304% from $1.16 billion a year earlier, and well above the $4.59 billion it made in all of 2025.
• Net loss: $80.7 billion for the half-year, of which $72.4 billion was a non-cash accounting charge tied to the rising value of convertible notes.
• Operating loss: $693 million, narrowing from $2.1 billion in the first half of 2025.
• Adjusted operating income: $1.6 billion, about a 10% margin, on the company’s own adjusted measure.
• Operating cash flow: positive $3.9 billion, the first time it has generated cash from operations over a half-year.
• Staff: about 5,300 employees at the end of September.

Anthropic also said that in the second quarter it spent $5.6 billion on computing power while generating $11.6 billion in revenue, or about $2.08 of revenue for every dollar spent on compute.

Why Is the Net Loss So Large?

The $80.7 billion figure is among the largest half-year losses any company has reported, but most of it is an accounting effect rather than cash going out of the door. When the value of a company rises sharply, convertible notes it has issued become more valuable to holders, and that change is booked as a charge. Anthropic’s value has risen steeply: in May it raised $65 billion at a post-money valuation of $965 billion, according to StockAnalysis.

The real cost pressure is computing. Yahoo Finance reported that Anthropic spent $9 billion on AI infrastructure in the first half, more than the $7.3 billion it spent in all of 2025, and has committed to more than $430 billion in locked-in cloud computing deals with companies including Amazon and Google in the years ahead.

Who Will Control Anthropic After the IPO?

Anthropic will remain tightly controlled by its founders. Fortune reported that a multi-class share structure concentrates voting power with its seven co-founders, who include chief executive Dario Amodei and his sister, president Daniela Amodei. Goldman Sachs and Morgan Stanley head the list of underwriters, the same two banks that led SpaceX’s IPO in June.

What Risks Does the Filing Flag?

Like every prospectus, the S-1 contains a long list of risk factors. Anthropic warns that its costs will increase and that losses will continue as it invests in growth. Yahoo Finance said about one-fifth of revenue came from just two customers, a concentration investors will watch. The filing also discusses the possibility that AI models could develop capabilities the company does not anticipate and cause real-world harm, and Yahoo noted Anthropic’s frosty relationship with the Trump administration.

What Does It Mean for Investors and the AI Industry?

The listing would put Anthropic on the public markets before its rival OpenAI and test investor appetite for another trillion-dollar debut after SpaceX, which listed at a valuation of $1.77 trillion in June. It is also a bellwether for the AI spending boom that is reshaping big tech budgets and jobs.

IPO valuations can move sharply before and after pricing, and none of the figures above is investment advice. If you are new to investing, our explainers on index funds vs ETFs, bull vs bear markets and angel investors vs venture capital cover the basics. For more on the AI economy, read about AI-linked job cuts at American Express and Barclays and the AI chip race between Google, Amazon and Nvidia.

Featured image: TechCrunch / Wikimedia Commons, CC BY 2.0. Anthropic CEO Dario Amodei at TechCrunch Disrupt 2023; file photo.

Sources

• U.S. Securities and Exchange Commission — Anthropic, PBC Form S-1 (26 October 2026).
• Anthropic — Anthropic files S-1 with the SEC for proposed initial public offering (26 October 2026).
• Fortune — Anthropic’s IPO prospectus shows $16.3 billion in revenue, and an $80.7 billion net loss (26 October 2026).
• Yahoo Finance — Anthropic publicly files IPO prospectus, noting strong revenue growth and massive spending (26 October 2026).
• StockAnalysis — Anthropic files for IPO, plans Nasdaq listing under “ANT” (26 October 2026).