Anthropic Files for Nasdaq Listing as ANT, Reporting $16.3 Billion in First-Half Revenue and an $80.7 Billion Net Loss

Anthropic, the company behind the Claude family of AI models, filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission on October 26, 2026, for a proposed initial public offering. The company plans to list its Class A common stock on the Nasdaq Global Select Market under the symbol ANT, according to Decrypt, which reviewed the filing. The number of shares to be offered and the price range have not yet been set, and both Anthropic and existing shareholders will sell shares, with Goldman Sachs and Morgan Stanley named first among 24 underwriters.

The filing gives the fullest public picture yet of the company’s finances. Anthropic reported revenue of $16.29 billion for the six months ended June 30, 2026, compared with $1.16 billion in the same period a year earlier, according to Neowin. Full-year revenue was $4.59 billion in 2025, up from $386 million in 2024 and $41 million in 2023. The net loss for the first half of 2026 was $80.75 billion, compared with $12.97 billion a year earlier, but about $72.39 billion of that loss came from changes in the fair value of convertible notes and other financial instruments, Neowin reported. The operating loss for the period was $693 million, according to Decrypt. As of June 30, the company had raised $141.1 billion in total and held $112.4 billion in cash and cash equivalents, plus $19.3 billion in short-term investments.

Compute bills and customer concentration

One of the filing’s largest items is the cost of computing power. Anthropic has agreements worth hundreds of billions of dollars with cloud providers and hardware partners, some of them non-cancellable, Neowin reported. They include $161.2 billion in equipment leases involving Broadcom and Google TPUs, $114.5 billion with Google Cloud, $110 billion with Amazon, and $44.9 billion with Microsoft. It also has GPU capacity deals worth up to $120.5 billion with SpaceXAI, $44.6 billion with Nscale, and $41.3 billion with Lambda, and it expects to spend another $125 billion to $150 billion on TPUs and more than $20 billion on AMD-based systems. About 80 percent of first-half revenue came from consumption-based pricing, and about 48 percent of revenue came through cloud marketplaces including Amazon Web Services, Google Cloud, and Microsoft Azure. About 20 percent of first-half revenue came from just two customers, and the five largest customers accounted for about 25 percent of revenue for the nine months ended September 30.

The customer base widened as revenue grew. As of September 30, 2026, 11,900 customers generated at least $100,000 in annual revenue for Anthropic, 1,900 generated at least $1 million in trailing annual revenue, and 250 spent at least $10 million a year, according to Neowin. The company also warned that stock-based compensation expenses will rise substantially when the IPO is completed, with about $26.6 billion in unrecognized stock-based compensation tied to restricted stock units as of June 30.

Control stays with founders and a trust

Public investors will not hold majority voting control after the listing. Anthropic’s seven co-founders will collectively retain 50.1 percent of voting power through a single special Class F share held by a founder-controlled entity, Neowin reported, and the company’s Long-Term Benefit Trust will retain the ability to elect a majority of the board of directors. Holders of Class A shares will get one vote per share, and the filing warns that the structure may effectively eliminate the ability of Class A holders to influence decisions, including a change in control, according to Decrypt. Anthropic is incorporated as a public benefit corporation, which requires its directors to balance shareholders’ financial interests with its stated purpose of developing advanced AI for the long-term benefit of humanity.

What remains undecided is the offering itself. The filing leaves the share count, the price range, and a trading date blank, and reports cited by Neowin put a possible raise of about $100 billion at a valuation of between $1.5 trillion and $1.75 trillion. The public filing follows a confidential draft submitted to the SEC in June, according to Decrypt. The S-1 also devotes more than 90 pages to risk factors, including competition, computing constraints, cybersecurity, and the possibility of advanced AI systems behaving in unintended ways, Neowin reported.

Reporting based on coverage by Neowin and Decrypt.