Anthropic Files for Nasdaq IPO Under Ticker ANT, Revealing $16.3 Billion in First-Half Revenue

Anthropic, the San Francisco company behind the Claude chatbot, has made its plans to go public official. The AI developer filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission on Monday, Oct. 26, 2026, and said it intends to list on the Nasdaq Global Select Market under the ticker ANT. The Anthropic IPO filing does not yet include a share count or a price range, so the size of the offering and the valuation remain open questions.

The document is the first detailed public look at the finances of one of the two best-known independent AI labs, and the numbers are striking in both directions: revenue that has multiplied many times over in a single year, and an accounting loss measured in the tens of billions of dollars.

Revenue growth in the Anthropic IPO filing

According to the S-1, Anthropic booked about $16.29 billion in revenue in the first six months of 2026, compared with roughly $1.16 billion in the same period of 2025. For full-year 2025, revenue came to about $4.59 billion. Going further back shows how quickly the business took off: the filing lists 2024 revenue of about $386 million and 2023 revenue of about $41 million.

Much of that money comes from businesses. The company reported more than 11,900 customers that each spent at least $100,000 over the prior twelve months, more than 1,900 spending at least $1 million and around 250 spending $10 million or more. It also put its net revenue retention, a measure of how much existing customers increase their spending, at roughly 900% as of Sept. 30. Anthropic told prospective investors that trailing revenue per employee topped $6.6 million, up from about $1.4 million a year before.

The filing also argues that sales are outpacing the cost of the computing power behind its models. In the second quarter, Anthropic said, revenue grew 1,368% year over year while compute expenses rose about 300%. It trains and runs models on several kinds of chips, including Amazon’s Trainium, Google’s TPUs and processors from Nvidia and AMD.

Losses, cash and the convertible-note charge

The operating picture improved: first-half operating losses shrank to about $693 million from roughly $2.14 billion a year earlier. The bottom line looks very different. Anthropic reported a first-half net loss of about $80.7 billion, up from roughly $13 billion, and the filing attributes most of it to a $72.4 billion non-cash charge tied to changes in the fair value of convertible notes, derivatives and SAFE agreements. Those instruments are revalued as the company’s worth climbs, so a rising valuation shows up on paper as a loss.

The balance sheet is unusually deep for a company heading to market. As of June 30, Anthropic held about $112.4 billion in cash and another $19.3 billion in short-term investments, after raising $141.1 billion in total. CNBC noted that the cash pile is larger than that of any non-bank U.S. company except Berkshire Hathaway and Alphabet. The company also carried out a 10-for-1 stock split on Sept. 17, 2026, and the filing discloses the $1.5 billion settlement it reached in 2025 in the Bartz copyright case brought by authors.

Who will control Anthropic after it lists

Buyers of ANT shares will have little say over how the company is run. Anthropic is a public benefit corporation, and its S-1 lays out a layered share structure. A single Class F share held by a Founder LLC controlled by the seven co-founders, including chief executive Dario Amodei and president Daniela Amodei, carries 50.1% of the voting power. Separately, the company’s Long-Term Benefit Trust, which has five trustees, elects Class T directors who make up a majority of the board. Employees hold Class E stock, and Class N shares carry no vote.

Because of that arrangement, Anthropic will be a “controlled company” under Nasdaq rules, which lets it skip some board-independence requirements. The filing also says 5% of fully diluted shares, about 847 million Class N shares, are set aside for an Anthropic Public Benefit Fund, and that the co-founders have pledged 80% of their equity to philanthropy.

Underwriters and what happens next

Goldman Sachs and Morgan Stanley are leading the deal, with J.P. Morgan, Citigroup, Barclays and Wells Fargo among the other banks named. The next step is an amended filing that sets a price range, followed by a roadshow with institutional investors. Timing will depend on SEC review and market conditions.

The listing would test how public markets value frontier AI companies that are growing quickly but still spending heavily on computing. Anthropic has been widening its product line ahead of the filing; we covered its Claude Duet agent preview last week, and the company’s push into workplace software has run into resistance in some places, such as the Swedish government’s block on ChatGPT and Claude. For the wider market backdrop, see our business report for Oct. 26.

Sources

• U.S. SEC: Anthropic PBC Form S-1 registration statement
• Anthropic: Announcement of S-1 filing
• Stock Titan: Anthropic PBC files S-1 registration statement
• CNBC: Technology summit live updates