Anthropic files public S-1 for Nasdaq IPO under ticker ANT, showing $16.3B revenue

Anthropic has made its S-1 registration statement public, setting out plans to list on the Nasdaq exchange under the ticker "ANT." The company confidentially filed with the Securities and Exchange Commission in June. The public document runs 335 pages, about 100 of them devoted to risk factors, according to MIT Technology Review. Anthropic has not said how much it hopes to raise or what its share price will be.

The filing reports revenue of $16.3 billion for the first half of 2026, up from $1.2 billion in the same period last year. Operating loss was $693 million, improved from $2.1 billion a year earlier. Net loss reached $80.7 billion, which TechCrunch says was largely driven by noncash adjustments tied to convertible debt. The company says it "may not achieve or sustain profitability in the future."

The filing also lists large compute commitments: about $3.1 billion per month to SpaceX for Nvidia GPU access once planned capacity is delivered, totaling as much as $120.5 billion by 2029. It also lists $44.9 billion with Microsoft through 2033, at least $114.5 billion with Google through 2033, and $110 billion with Amazon over ten years.

On customers, Anthropic reports that as of Sept. 30 it had more than 11,900 customers spending at least $100,000 a year, more than 1,900 spending $1 million or more, and about 250 spending $10 million or more. It cites net revenue retention of about 900% as of the end of the third quarter.

The filing gives outside investors their first detailed look at the economics of a frontier AI lab. The revenue growth is steep, but the scale of the compute obligations shows how much capital the business depends on. The enterprise figures point to a cross-selling strategy: more than half of $100,000-plus customers now use both the Claude Platform and a first-party app such as Claude Code or Cowork, up from about 30% at the end of last year.

Governance is the most contested element. Seven cofounders, including Dario and Daniela Amodei, will form a "Founder LLC" with 50.1% of voting power, and the Long-Term Benefit Trust will appoint most of the board. Anthropic says this protects its safety mission. TechCrunch notes that it leaves public shareholders with little practical control, since voting power will not track economic ownership.

The risk factors are unusually frank. They include models developing "forms of sentience," copyright disputes over training data, and "catastrophic" incidents that the company says no single insurer could underwrite. The filing also warns that Amazon, Google and Microsoft, which both sell Claude and supply compute, increasingly see Anthropic as a competitor and may prioritize their own needs. MIT Technology Review's newsletter argues that the company's public narrative is carefully constructed, a view the company has not addressed in the coverage provided.

The next concrete disclosures are the price range and offering size. MIT Technology Review's piece refers to an IPO valuation above $1.5 trillion, but the other coverage does not state a valuation, so that figure should be treated as unconfirmed until Anthropic sets terms.

Also worth watching is whether investors push back on the founder-control structure, and how the cloud partners' dual role as suppliers and rivals shows up in later filings.