Anthropic has filed a public registration statement for a proposed initial public offering in the United States, giving investors their first detailed official view of the finances and governance of the company behind the Claude artificial-intelligence models. The Form S-1 was accepted by the U.S. Securities and Exchange Commission on October 26, 2026. Anthropic has applied to list its Class A shares on the Nasdaq Global Select Market under the proposed ticker “ANT.”
The filing starts a formal public-review process but does not mean the shares can already be sold. Anthropic’s preliminary prospectus leaves the number of shares and the expected price range blank. The registration statement must become effective before an offering can proceed, and the terms may change. The company also has not disclosed in the filing how much money it ultimately intends to raise.
Revenue accelerated sharply in 2026
Anthropic reported revenue of $16.286 billion for the six months ended June 30, 2026, compared with $1.163 billion in the same period of 2025. Full-year revenue had risen from $41 million in 2023 to $386 million in 2024 and $4.585 billion in 2025. The company warned that the pace reflects early adoption of a still-young AI market and said comparable growth should not be expected to continue indefinitely.
The income statement also shows the cost of scaling advanced AI. Anthropic recorded a first-half operating loss of $693 million, an improvement from $2.135 billion a year earlier. Compute and infrastructure expenses reached $8.945 billion during the first half, while personnel expenses were $3.152 billion. Those figures illustrate how rising demand can coexist with heavy spending on data centers, chips, engineering and commercial expansion.
The headline net loss was much larger at $80.748 billion for the six-month period. The filing attributes most of that gap to changes in the fair value of convertible notes, derivative liabilities and simple agreements for future equity, rather than ordinary operating expenses alone. Reuters, the Associated Press and TechCrunch likewise highlighted that the net-loss figure was heavily affected by accounting adjustments. The operating result therefore provides a different view of the underlying business than the bottom-line total.
Enterprise customers and control structure
Anthropic said that, as of September 30, it had more than 11,900 customers generating at least $100,000 in trailing-12-month revenue. More than 1,900 customers were at or above $1 million, and about 250 were at or above $10 million. The company presents this expansion as evidence that Claude is moving from experimentation into large-scale business use, though the prospectus also lists intense competition, infrastructure constraints, regulation and model-safety failures among its risks.
The proposed offering includes an unusual control structure. Immediately before the offering is completed, one Class F share is expected to be issued to a limited-liability company whose initial members are Anthropic’s seven co-founders. That share would carry 50.1% of the company’s voting power on matters submitted to stockholders generally. Separately, Anthropic’s Long-Term Benefit Trust generally has authority to elect and remove directors who make up a majority of the authorized board.
What the filing does not settle
The S-1 confirms Anthropic’s intention to pursue a Nasdaq listing, but major transaction details remain open. The final share count, price range, offering size, valuation and effective date have not been set in the public filing. Market estimates reported by news organizations are not official offering terms.
The next steps will include SEC review and potential amendments to the prospectus. Until the registration becomes effective and final terms are published, the filing should be read as the beginning of the public IPO process rather than a completed stock-market debut. It nevertheless provides a significant new benchmark for measuring the growth, costs and governance choices of one of the world’s largest private AI developers.
