Anthropic files publicly for Nasdaq IPO under symbol ANT; first-half revenue was $16.3 billion

Anthropic, PBC, the San Francisco developer of the Claude family of AI models, filed a registration statement on Form S-1 with the US Securities and Exchange Commission on October 26 for an initial public offering. The filing says it has applied to list Class A common stock on the Nasdaq Global Select Market under the symbol "ANT".

What happened

The preliminary prospectus leaves the number of shares and the price range blank. It says the offering includes shares sold by the company and by selling stockholders, and that there has been no public market for the Class A stock. Anthropic said it will not receive proceeds from shares sold by selling stockholders.

The company said it intends to use its proceeds for general corporate purposes, including working capital, investments in compute and infrastructure, and hiring, and to cover tax withholding and remittance obligations tied to the settlement of certain restricted stock units.

The prospectus gives these figures, in millions of dollars:

Item	2023	2024	2025	Six months to June 30, 2025	Six months to June 30, 2026
Revenue	41	386	4,585	1,163	16,286
Compute and infrastructure expense	433	2,522	7,326	2,334	8,945
Operating loss	(551)	(2,980)	(8,060)	(2,135)	(693)

Source: Anthropic Form S-1.

Revenue for the six months ended June 30, 2026 increased by $15.1 billion, or 1,300%, from the same period of 2025, the company said. For 2025 it rose by $4.2 billion, or 1,088%, from 2024. The company reported more than 6,000 customers with at least $100,000 of trailing-twelve-month revenue as of June 30, 2026, up from more than 600 a year earlier.

The background

The net loss was far larger than the operating loss because of non-cash accounting changes. The prospectus shows a net loss of $41,965 million for 2025 and $80,748 million for the first six months of 2026. It also reports changes in the fair value of convertible notes, derivative liabilities and SAFEs (simple agreements for future equity) of $34,308 million in 2025 and $72,388 million in the first six months of 2026. The company said these changes were mainly driven by increases in its enterprise valuation.

The 2025 expenses include a $1,500 million line for the "Bartz settlement". The prospectus describes the Bartz case in a risk factor on copyright and training data.

Anthropic is a public benefit corporation under Delaware law. Its Class A shares carry one vote each, Class N shares have no voting rights, and one Class T share and one Class F share exist with separate rights described in the filing.

The company said it expects operating margin to be volatile. In the prospectus it says that as significant incremental compute is brought online, the associated expense will be recognized in advance of the full revenue the compute supports, so margins may compress.

What to watch

The filing is a preliminary prospectus and says the information "is not complete and may be changed." Later amendments are expected to add the offering size, price range and third-quarter figures that are blank in this version. The SEC has to declare the registration statement effective before shares can be sold.