Anthropic Files S-1 to List on Nasdaq as ANT

Anthropic publicly filed its IPO registration statement with the U.S. Securities and Exchange Commission on Monday, Oct. 26, and applied to list on the Nasdaq Global Select Market under the ticker "ANT." The Form S-1 shows $16.29 billion of revenue in the first half of 2026, about 14 times the $1.16 billion a year earlier.

Key takeaways

• Anthropic reported $16.29 billion in revenue for the six months ended June 30, 2026, versus $4.59 billion for all of 2025.
• A $72.4 billion non-cash charge tied to convertible notes pushed the first-half net loss to $80.7 billion, while the operating loss narrowed to $693 million.
• A five-class share structure leaves board control with a Long-Term Benefit Trust and a founder entity holding 50.1% of voting power.

Anthropic S-1 revenue: what the filing shows

The preliminary prospectus is the first public look at audited figures after the company confidentially submitted a draft S-1 in June. Revenue for full-year 2025 was $4.59 billion, meaning the first half of 2026 alone brought in more than three times that amount.

Demand is broad at the top end. As of Sept. 30, more than 1,900 customers had each generated $1 million or more in revenue over the trailing 12 months, and about 250 had generated at least $10 million, the filing says.

The company also warns that "our revenue is primarily consumption-based, and much of it is not subject to long-term contractual commitments." That means large customers can cut usage quickly.

Why the net loss hit $80.7 billion

The headline loss is mostly an accounting effect. The filing records a $72.4 billion expense for the change in fair value of convertible notes, derivative liabilities and SAFEs, which it attributes to "an increase in our enterprise valuation."

Operations tell a different story. The GAAP operating margin was negative 4%, while adjusted operating income, which excludes items such as stock-based compensation, came to $1.62 billion. For 2025, the same adjusted measure was a loss of $4.85 billion. The company held $112.4 billion in cash and equivalents plus $19.3 billion in short-term investments at June 30.

Anthropic share classes and the Long-Term Benefit Trust

Public investors would buy Class A stock with one vote per share. Class T stock, held through the Long-Term Benefit Trust, elects the Class T directors, who make up a majority of the board, and carries no economic rights.

The trust has five financially disinterested trustees with backgrounds in AI safety, national security, public policy and social enterprise. The filing says it has no authority over day-to-day management or strategy. Separately, Class F stock held by a Founder LLC carries 50.1% of voting power with no economic rights. Class N is nonvoting, and Class E gives employees other than co-founders limited voting on certain matters.

Context: from confidential filing to Nasdaq

Anthropic said in June that the confidential submission "gives us the option to go public after the SEC completes its review," according to NPR. A funding round announced a week earlier had valued the company at $965 billion. Our earlier report covered how its revenue run rate cleared $65 billion as listing talk grew.

Twenty-two banks appear on the cover, with Goldman Sachs and Morgan Stanley listed first. Markets reacted on Monday: the Nasdaq Composite closed up 0.82% and the S&P 500 rose 0.70%, with TheStreet linking part of the gain to the filing.

What's next for the Anthropic IPO

The S-1 leaves the price range and share count blank. Those figures typically arrive in an amended filing before a roadshow. Yahoo Finance reported that the company is targeting a listing "later this fall," with valuations of $1.5 trillion to $2 trillion under discussion; Anthropic has not confirmed a figure.

FAQ

What ticker will Anthropic use?
Anthropic applied to list on the Nasdaq Global Select Market under the symbol ANT.

Is Anthropic profitable?
Not on a GAAP basis. It posted a $693 million operating loss and an $80.7 billion net loss in the first half of 2026, though adjusted operating income was $1.62 billion.

When will Anthropic shares start trading?
No date is set. The price range and offering size have not yet been filed.

References

• Form S-1 Registration Statement, Anthropic PBC — U.S. SEC EDGAR (Oct. 26, 2026)
• AI giant Anthropic prepares to sell stock to the public; files preliminary IPO paperwork — NPR (June 1, 2026)
• Anthropic IPO live updates: S-1 filing discloses $16.3B in first-half revenue, plans to list as 'ANT' — Yahoo Finance (Oct. 26, 2026)
• Stock Market Today (Oct. 26, 2026) — TheStreet (Oct. 26, 2026)