Anthropic files for Nasdaq IPO, posts $16.3 billion first-half revenue

Anthropic has taken the formal first step toward selling shares to the public. The AI company filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission on Oct. 26, 2026, for a proposed initial public offering of its Class A common stock.

The filing gives the first detailed look at the company's finances. It shows revenue of $16.3 billion in the first half of 2026, along with a net loss of $80.7 billion that TechCrunch said came largely from noncash accounting tied to convertible debt.

Key facts

• Anthropic says it intends to list on the Nasdaq Global Select Market under the ticker ANT.
• The share count and price range have not been set yet.
• Revenue for the six months ended June 30, 2026, was $16.3 billion, up from $1.2 billion a year earlier.
• The first-half net loss was $80.7 billion, mostly from noncash adjustments, TechCrunch reported.
• The seven co-founders will control 50.1% of shareholder votes through a founder entity.

Revenue and losses

Growth has been steep. The filing shows annual revenue of $41 million in 2023, $386 million in 2024 and $4.6 billion in 2025. The first half of 2026 alone brought in $16.3 billion.

The operating picture has improved. Anthropic's operating loss shrank to $693 million in the first half of 2026, from $2.1 billion in the first half of 2025.

The bottom line looks very different. Net losses were $1.5 billion in 2023, $8.3 billion in 2024 and $42.0 billion in 2025, according to the filing. TechCrunch said the $80.7 billion first-half loss was driven mainly by noncash accounting linked to convertible debt, rather than by day-to-day operations.

The company is direct about the risk. In the prospectus, Anthropic warns that it "may not achieve or sustain profitability in the future".

Customers, cash and staff

Large business customers are a big part of the story. As of Sept. 30, 2026, Anthropic had more than 11,900 customers producing $100,000 or more in trailing twelve-month revenue, up from more than 950 a year before.

The filing also lists more than 1,900 customers at $1 million or more and about 250 at $10 million or more. CNBC reported that the prospectus puts net revenue retention at around 900% as of Sept. 30.

The company has raised a large amount of money. As of June 30, 2026, Anthropic 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. It had about 5,300 employees worldwide as of Sept. 30, 2026.

Background

The public filing followed a private step. CNBC reported that Anthropic filed confidentially with the SEC in June, which gave regulators time to review the numbers before they were released.

Anthropic is a public benefit corporation under Delaware law, according to the prospectus. Its Long-Term Benefit Trust, created in 2023 to keep the company tied to its mission, will be able to appoint most of the board.

Control will stay with the founders. TechCrunch reported that the seven co-founders, including Dario Amodei and Daniela Amodei, will form a founder LLC holding 50.1% of voting power. CNBC reported that Goldman Sachs and Morgan Stanley are leading the offering as underwriters.

What it means for you

For people thinking about buying shares, the structure matters. Critics say public shareholders will have little real control, because voting power does not match the founders' economic stake, TechCrunch reported.

Insiders may be able to sell sooner than usual. CNBC reported that lock-ups on insiders' Class A shares lift in stages at 27, 48, 62 and 76 days after the IPO, rather than the usual 180 days. More shares reaching the market early can affect supply.

Employees will get a separate class of stock. The filing says Anthropic will create Class E common stock for employees other than the co-founders, which votes only on limited matters and has no economic rights.

Practical steps

• Read the full preliminary prospectus on the SEC's EDGAR site, which includes more than 90 pages of risk factors.
• Note that the shares cannot be sold until the registration statement takes effect, which has not happened yet.
• Watch for the share count and price range, which Anthropic has not set.

What happens next

The offering is not final. Anthropic says the registration statement has not yet become effective, and the shares cannot be sold before it does. The company has also not set a trading date.

Anthropic says it plans to use the net proceeds for general corporate purposes. CNBC reported that the filing shows future obligations of about $417 billion to compute providers, with contracts running from less than a year to as long as 20 years.

FAQ

What ticker will Anthropic use? Anthropic says it intends to list its Class A stock on the Nasdaq Global Select Market as ANT.

How much is Anthropic trying to raise? The company has not disclosed how much it hopes to raise or its share price.

Is Anthropic profitable? No. The filing says the company has posted net losses every year since its founding and may not reach or keep profitability.

How many people work at Anthropic? The prospectus says the company had about 5,300 employees worldwide as of Sept. 30, 2026.

Who is leading the deal? CNBC reported that Goldman Sachs and Morgan Stanley are the lead underwriters.

When will the stock start trading? No date has been set. The registration must first become effective.