Anthropic IPO filing was made public on 26 October, when the developer of the AI model Claude submitted its registration statement (S-1) to the US Securities and Exchange Commission and applied to list on Nasdaq under the ticker symbol ANT, according to multiple reports of the filing on 27 October. Goldman Sachs and Morgan Stanley are serving as underwriters, according to Aju Press and other reports of the prospectus.
The filing comes about five months after Anthropic filed a draft confidentially in June, according to Aju Press, revealing its financial statements and risk factors to investors for the first time and allowing the performance of an AI firm that has relied on private market valuations to be validated in the public market. The number of shares to be offered and the pricing have yet to be determined and will be disclosed in a subsequent prospectus, according to the filing reports.
$16.3 billion revenue, $80.7 billion net loss
The prospectus reports about $16.3 billion in revenue for the first half of 2026, up from $1.2 billion in the same period a year earlier, according to the S-1 summaries. That is approximately 14 times higher than the same period last year, according to Aju Press. The operating loss for the half-year was $693 million, according to the detailed S-1 summaries.
The half-year net loss was $80.7 billion, of which $72.4 billion is a change in the fair value of convertible notes, derivative liabilities and SAFEs, the S-1 says, driven mainly by the rise in Anthropic’s enterprise valuation. Excluding stock-based compensation, non-cash charitable expenses and specific litigation costs, adjusted operating profit was approximately $1.618 billion, according to one summary, with the second quarter alone reaching about $974 million.
Founders keep control, compute bill looms
Anthropic disclosed more than $500 billion in multi-year compute and cloud commitments with major providers such as Amazon, Google and Microsoft, many of which are non-cancellable, according to Particle’s summary of the prospectus. The company will remain a public benefit corporation, with founders retaining 50.1 percent of voting power through special share and trust arrangements, according to the summaries. A Long-Term Benefit Trust elects a majority of the board through Class T stock, and a Class F share held by a founders’ LLC carries 50.1 percent of general voting power.
Market talk places a possible valuation between about $1.5 trillion and $2 trillion, according to the prospectus summaries, though neither figure has been confirmed by the company. Holders of substantially all existing stock have agreed not to sell for up to 180 days, or up to a year for co-founders and biggest holders, according to Barron’s-style analysis of the filing. Reports suggest a potential listing as early as mid-November, though no trading date has been announced and the registration statement has not yet become effective.
