Anthropic files for Nasdaq IPO under ticker ANT, revealing $16.3B in first-half revenue

Anthropic, PBC filed a Form S-1 on 26 October 2026 to sell Class A shares on Nasdaq under the symbol ANT. [1]

What does the S-1 leave blank?

First-half 2026 revenue was $16,286 million, and the price range, share count and Run-Rate Revenue are blank. Anthropic, PBC applied to list Class A common stock on the Nasdaq Global Select Market under the symbol ANT. The company and selling stockholders would sell the shares. The accession number on the filing index is 0001628280-26-067168. [1] [2]

How large is the first-half revenue?

Revenue was $41 million in 2023, $386 million in 2024 and $4,585 million in 2025. First-half 2025 revenue was $1,163 million, against $16,286 million in the first half of 2026. Quarterly revenue rose from $376 million in the first quarter of 2025 to $11.6 billion in the second quarter of 2026. [1]

Customers with at least $100,000 of trailing-twelve-month revenue rose from more than 950 on 30 September 2025 to more than 11,900 on 30 September 2026. More than 1,900 customers had at least $1 million of trailing-twelve-month revenue as of 30 September 2026. [1]

Why is the net loss so much larger than the operating loss?

The first-half net loss was $80,748 million, mostly a non-cash fair-value change, and the Q2 operating margin was 8%. The 2025 net loss was $41,965 million. The filing attributes most of those net losses to a non-cash change in the fair value of convertible notes, derivative liabilities and SAFEs: $34.3 billion in 2025 and $72.4 billion in the first half of 2026. [1]

Operating loss shrank. It was $551 million in 2023, $2,980 million in 2024 and $8,060 million in 2025, and the 2025 figure includes a $1.5 billion Bartz settlement. The first-half 2026 operating loss was $693 million. The second-quarter 2026 operating margin was 8%, against a margin of -152% in the second quarter of 2025, and second-quarter revenue rose 1,368% year over year. [1]

Compute and infrastructure expense in the first half of 2026 was $8,945 million, equal to 55% of revenue, against 201% of revenue in the first half of 2025. [1]

Who controls the votes after the IPO?

Anthropic is a Delaware public benefit corporation. A Long-Term Benefit Trust elects Class T directors, a board majority, through Class T stock. Founder LLC, held by Dario Amodei, Daniela Amodei and five other co-founders, holds one Class F share with 50.1% of the voting power. The filing says Anthropic would be a controlled company under Nasdaq rules. [1]

Class E shares are for employees and carry limited votes. Class N shares are non-voting and are held mostly by strategic partners. The company contributed 846,840,960 Class N shares, 5% of fully diluted shares as of 30 June 2026, to the Anthropic Public Benefit Fund subsidiary, and the board may add up to another 2%. The earlier pledge is at trends/anthropic-commits-5-percent-of-shares-to-public-benefit-fund. [1]

Where does Claude run, and who holds notes?

Claude is available on AWS, Google Cloud and Microsoft Azure. Anthropic has convertible note agreements with Google, Amazon and Broadcom. A Google 2026 note purchase agreement from March 2026 and an Amazon 2026 note purchase agreement from April 2026 price Series G-2 shares at $259.1364 per share. [1]

Goldman Sachs & Co. LLC and Morgan Stanley are the lead underwriters, and Morgan Stanley is the lock-up agent. The syndicate also includes J.P. Morgan, Citigroup, Barclays, Wells Fargo, BofA and Deutsche Bank, among others. [1]

Our read

Opinion: The headline figure of $16.3 billion is $16,286 million of first-half 2026 revenue, rounded. The net loss of $80,748 million in that half, and $41,965 million in 2025, is mostly a non-cash fair-value change on convertible notes, derivative liabilities and SAFEs, not the operating result. Operating loss narrowed to $693 million in the first half, and the second-quarter operating margin was 8%. The S-1 does not state a price range, a share count, a raise size or a listing date, and Run-Rate Revenue is blank.

What we could not verify

• The price range, the share count and the Run-Rate Revenue figure. The S-1 leaves each of them blank.
• A valuation, a raise size and a listing date. The filing does not state them.
• How much of the net loss is cash. The filing separates the operating loss from the non-cash fair-value change.