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Anthropic made its S-1 registration statement public on October 26, 2026, setting up an initial public offering on Nasdaq under the ticker "ANT." The filing does not yet state the number of shares or a price range. It reports $16.3 billion in revenue for the first half of 2026 and an $80.7 billion net loss.
Key facts
- Revenue: $16.3 billion in the first half of 2026, up from about $1.2 billion a year earlier. Second-quarter revenue was $11.6 billion, according to TechSpot and The Next Web.
- Losses: The net loss was $80.7 billion, while the operating loss was $693 million, per TechCrunch.
- Cash: As of June 30, 2026, Anthropic had raised $141.1 billion in total and held $112.4 billion in cash and $19.3 billion in short-term investments, as Engadget reports.
- Customers: More than 11,900 customers pay at least $100,000 a year, and about 250 pay more than $10 million.
- Underwriters: Goldman Sachs and Morgan Stanley lead a group of 22 banks.
Why the loss looks so large
Most of the net loss is an accounting item, not cash spent. The Next Web says $72.4 billion comes from the rising value of convertible notes, with another $8.8 billion tied to note purchase agreements with Google and Amazon. The notes gained value because Anthropic's own valuation rose, and accounting rules require that increase to be booked as a loss.
The Next Web also reports a first operating profit of $974 million in the second quarter, though the half-year operating result was still a loss. TechSpot notes that second-quarter revenue grew 1,368% year over year while compute and infrastructure expenses grew 300%.
The filing still warns that the company "may not achieve or sustain profitability in the future," TechCrunch reports.
Control and compute commitments
The seven co-founders will hold control through a single share that carries 50.1% of shareholder votes, according to TechCrunch and The Next Web. The Long-Term Benefit Trust will appoint most of the board. The Next Web says the filing concedes that buyers of Class A stock will in practice not be able to decide shareholder votes.
Compute spending is large. The Verge lists commitments of at least $114.5 billion with Google through 2033, $110 billion with Amazon over ten years and $44.9 billion with Microsoft through 2033. It also cites about $3.1 billion per month to SpaceX for Nvidia GPU access, totaling as much as $120.5 billion by 2029. TechSpot adds a $161.2 billion Broadcom lease and puts total commitments above $600 billion.
Risks the filing spells out
The risk section is long. Wired says it covers misuse by cyber attackers or authoritarian governments, loss of control over models and the possibility of "catastrophic or existential risks to humanity." It also flags the government's supply chain risk designation. The Next Web adds that an appeals court ruled 2-1 against Anthropic on September 25 and that the company has sought a full-court rehearing. It also reports an FTC civil investigative demand in October.
What to watch next
The valuation and raise are not in the filing, and the sources differ on the details. Engadget cites a possible $2 trillion valuation with a debut in mid-November. The Next Web, citing the Wall Street Journal, reports a $1.5 trillion to $2 trillion range, a raise of $100 billion or more and a target of the week of November 16, with timing subject to change. TechSpot says earlier reporting points to a raise of up to $100 billion. The Next Web has not verified the figures.
