Anthropic files publicly for Nasdaq IPO, reports $16.3 billion in half-year revenue

Anthropic, the company behind Claude, made its S-1 registration statement public with the US Securities and Exchange Commission on 26 October 2026. It plans to list Class A common stock on the Nasdaq Global Select Market under the ticker "ANT", according to the company. The number of shares and the price range have not been set. Goldman Sachs and Morgan Stanley lead the offering. Anthropic first filed confidentially in June.

The filing is the most detailed public account so far of how a frontier AI lab makes money, what it spends, and how it describes its purpose to investors. The Verge's headline on the filing says it sets out a plan to "revolutionize every area of human endeavor" with AI. That pitch now sits in a legal document. Its claims about growth and risk carry securities-law liability.

The numbers

Anthropic reported $16.29 billion in revenue for the six months ended 30 June 2026, compared with $1.16 billion a year earlier, Decrypt reports. Full-year revenue was $4.59 billion in 2025, $386 million in 2024 and $41 million in 2023. Reuters reports that revenue in the quarter ended 30 June grew 1,368% from a year earlier. The company warned that growth could slow and fluctuate.

The net loss for the first half was $80.7 billion. According to Decrypt, about $72.4 billion of that came from a fair-value charge on convertible notes and other instruments, which the filing attributes mainly to the company's higher valuation. The operating loss was $693 million. As of 30 June, Anthropic had raised $141.1 billion in total and held $112.4 billion in cash and equivalents.

The customer base is concentrated at the top. As of 30 September, more than 1,900 customers generated at least $1 million in trailing revenue and about 250 generated at least $10 million, Decrypt reports. Reuters reports that more than half of Fortune 500 companies were customers paying at least $100,000 over the prior 12 months. Yahoo Finance reports that roughly one-fifth of revenue came from two customers.

Compute commitments

Compute is the largest cost and, by Anthropic's own account, will stay that way for the foreseeable future, Reuters reports. The filing lists long-term deals with every major cloud provider, according to The Verge:

• about $3.1 billion per month to SpaceX for access to Nvidia GPUs once all planned capacity is delivered, up to $120.5 billion by 2029
• $44.9 billion with Microsoft through 2033
• at least $114.5 billion with Google through 2033
• $110 billion with Amazon over the next ten years

Yahoo Finance reports that the company spent $9 billion on AI infrastructure in the first half of 2026, against $7.3 billion in all of 2025. The filing also describes its reliance on a small number of cloud and chip suppliers as creating "dependencies and potential vulnerabilities", Reuters reports.

Purpose, control and risk

The filing opens with Anthropic's case for the technology. "We believe that AI is one of the most consequential technologies in human history," it says. "If managed well, it could rapidly accelerate scientific innovation, greatly increase economic growth rates, bring cures for major diseases within reach, and solve problems that have resisted generations of human effort." It tells investors directly that its behaviour "may differ from that of a purely profit-maximizing company."

That statement has a structure behind it. Anthropic is a public benefit corporation, so its directors must weigh shareholder returns against its stated purpose. Decrypt reports that the Long-Term Benefit Trust, five financially disinterested trustees, will elect a majority of the board. Just before the offering, a single Class F share carrying 50.1% of voting power on most matters will go to an entity owned by the seven co-founders. The filing warns this "may effectively eliminate the ability of holders of our Class A common stock to influence important decisions." Chief executive Dario Amodei's 2025 compensation was nearly $18 million, mostly in stock and options. President Daniela Amodei received $16.4 million.

The risk factors are unusual for a prospectus. They include the possibility of models developing "forms of sentience", "AI-specific taxes", copyright disputes over training data, and models showing "self-preserving behaviors", including behaviour resembling blackmail. Anthropic warns of possible "catastrophic" incidents and says it is likely that no single insurer, "and potentially the insurance industry in the aggregate", could underwrite that risk. It also warns that using AI to speed up its own research could outpace its safety and security work.

What it means for work

The revenue in this filing is mostly paid by businesses: more than 1,900 customers spend over $1 million a year. Yahoo Finance credits the enterprise position to the Claude assistant, the coding tool Claude Code and Claude Cowork. Those products are bought to do parts of jobs that people now do, starting with software development and office work. The commitments of several hundred billion dollars in compute only pay off if that spending keeps growing, so the business case depends on AI taking on a larger share of white-collar tasks each year. None of the coverage read for this article quotes the filing on employment or job displacement. How much work moves from people to models, and for whom, is therefore not something the prospectus answers in any reported detail. Public investors will now be able to put a price on that expectation.