Anthropic files its public S-1: Claude's maker heads for Nasdaq as ANT, with $16.3B in first-half revenue

• Who: Anthropic, PBC, the company behind the Claude family of AI models, founded in 2021.
• What: a public registration statement on Form S-1 for a proposed initial public offering of Class A common stock.
• When: October 26, 2026, following a confidential draft submission on June 1, 2026.
• Listing: Nasdaq Global Select Market under the symbol ANT; the number of shares and price range have not yet been determined.
• First-half 2026 revenue: $16.286 billion, versus $1.163 billion a year earlier; net loss of $80.748 billion, including $72.4 billion in fair-value charges on convertible notes and related instruments; operating loss of $693 million.
• Scale at September 30, 2026: more than 1,900 customers generating at least $1 million in trailing revenue each; cash and short-term investments of $131.7 billion at June 30, 2026.

Anthropic, PBC on Monday filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission for a proposed initial public offering of its Class A common stock, according to the company's announcement. Anthropic intends to list the shares on the Nasdaq Global Select Market under the symbol ANT. The number of shares to be offered and the price range have not yet been determined, and the registration statement has not yet become effective — meaning the securities may not be sold, and offers to buy may not be accepted, until it does.

The filing turns a process that has run in private since June 1, 2026, when Anthropic confidentially submitted a draft registration statement, into a public document investors can now examine. That distinction matters: the confidential phase produced months of reported leaks about the prospectus; the public S-1 is the filing itself, with terms still open and no trading date set.

The numbers in the filing

The headline figures cut both ways. First-half 2026 revenue reached $16.286 billion, compared with $1.163 billion a year earlier, and revenue grew 1,368% year over year for the three months ended June 30, 2026, according to a review of the filing. The net loss for the first half was $80.748 billion — but most of it is accounting, not cash burn: $72.4 billion reflects changes in the fair value of convertible notes, derivatives and SAFE agreements, whose value rose with the company's valuation, as reported from the filing. The operating loss for the same six months was $693 million, while second-quarter revenue reached $11.6 billion with operating income of $974 million.

The balance sheet is unusually large for a company that has never sold a public share. Anthropic had raised an aggregate of $141.1 billion in capital as of June 30, 2026, and held $112.4 billion in cash and cash equivalents plus $19.3 billion in short-term investments — $131.7 billion combined. On the customer side, more than 11,900 customers generated at least $100,000 in trailing-twelve-month revenue as of September 30, 2026, more than 1,900 generated at least $1 million, and approximately 250 generated at least $10 million, with net revenue retention of approximately 900% on the filing's definition.

A controlled company by design

Investors buying Class A shares should know what they are — and are not — getting in governance terms. Anthropic is a Delaware public benefit corporation whose stated purpose is the responsible development of advanced AI for humanity's long-term benefit. Its Long-Term Benefit Trust, set up in 2023 with five financially disinterested trustees, can elect a board majority through Class T stock. Separately, a single Class F share issued to a Founder LLC owned by the seven co-founders will carry votes equal to 50.1% of total voting power. Class A stock carries one vote per share.

The filing also records that Anthropic contributed 846,840,960 Class N shares — 5% of its fully diluted shares as of June 30, 2026 — to the Anthropic Public Benefit Fund, and that each co-founder has pledged to dedicate 80% of their personal Anthropic equity to philanthropic causes. The company expects to rely on only one Nasdaq controlled-company exemption, for its nominating and corporate governance committee, and says its board currently has a majority of independent directors.

What happens next

Nothing trades yet. The proposed sale is expected to commence as soon as practicable after the registration statement becomes effective, and the preliminary prospectus, when available, will be obtainable through Goldman Sachs and Morgan Stanley, the banks Anthropic names for prospectus requests. Anthropic's own announcement is deliberately short — it confirms the filing, the intended listing and the undetermined terms, and nothing more. The details that will decide this IPO — share count, price range, and the market's verdict on a company growing at this pace while carrying this governance structure — are all still to come.