Anthropic Files Public S-1 for Nasdaq IPO, Showing $16.3 Billion Revenue and $80.7 Billion Loss

Anthropic publicly filed its Form S-1 registration statement with the US Securities and Exchange Commission on Monday, October 26, 2026. SEC records show it was accepted at 9:00:11 a.m. Eastern. The company has applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker ANT, in what could become one of the largest stock market debuts on record.

The numbers in the filing

The prospectus reports revenue of $16.3 billion for the first half of 2026, up about 1,300 percent from the same period a year earlier, CNN reported. Against that growth sits a net loss of $80.7 billion for the same six months, CoinDesk reported. Reports said about $72 billion of that loss came from non-cash accounting and financing charges tied to changes in the value of convertible notes and other fundraising instruments, rather than from cash spent in the business. CNN linked the size of the loss in part to the steep cost of the computing infrastructure needed to power the company AI models.

The filing also gives a picture of the customer base. As of September 30, 2026, Anthropic reported more than 11,900 customers generating $100,000 or more in trailing twelve month revenue, and about 250 at $10 million or more. As of June 30, 2026, it said it had raised $141.1 billion in capital in total and held $112.4 billion in cash and cash equivalents plus $19.3 billion in short term investments.

What the filing does not yet say

The number of shares to be offered and the price range are blank in the preliminary prospectus, and the document states the information is not complete and may change. The sale covers Class A shares sold by Anthropic and by selling stockholders named in the document. Goldman Sachs and Morgan Stanley lead a long list of underwriters named on the cover. CoinDesk reported that the Financial Times said investors expect a valuation of $1.5 trillion to $1.75 trillion, that earlier reports suggested a possible valuation near $2 trillion, and that Fox Business reporting said pricing on November 19 or 20 remains on track. Anthropic aims to take the company public in November, CoinDesk reported.

Ninety three pages of risk

The filing sets out four broad categories of risk from artificial intelligence itself: misuse, such as help in designing bioweapons or cyberattacks; loss of human control; authoritarian abuse, such as use in building surveillance states; and economic disruption. CNN reported the prospectus contains 93 pages of risk factors for the business, ranging from competition from other AI labs to what the filing calls catastrophic or existential risks to humanity. If Anthropic models cause extreme harm, the company could face liability beyond what its insurance can cover, the filing states. ## The road to this filing

Anthropic announced on June 1, 2026 that it had confidentially submitted a draft registration statement to the SEC. At a pre-IPO meeting on October 14, 2026, the company told prospective investors that third quarter revenue reached $16.8 billion, up 45 percent from the second quarter. The company was valued at $965 billion after raising $65 billion from investors in May, CNN reported. Anthropic was founded in 2021 by former OpenAI staff, including chief executive Dario Amodei and president Daniela Amodei, and it makes the Claude family of AI models. Chip stocks rose in premarket trading after the filing, with Nvidia up 1.4 percent, Broadcom up 1.5 percent and Micron up 2.3 percent, CoinDesk reported.