Summary
[Follow-up/Update] On October 26, 2026, Anthropic formally filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC), planning to list A-class common stock on the Nasdaq Global Select Market under the ticker "ANT"; the prospectus discloses H1 2026 revenue of $16.286 billion (up about 13x year over year), a net loss of $80.748 billion, and at least $518 billion in cloud and compute spending commitments over the next decade.
Event Overview
- Date: October 26, 2026 (Anthropic official announcement).
- Company: Anthropic (U.S. AI company, developer of the Claude family of models).
- Event: Anthropic filed its Form S-1 registration statement with the SEC, taking a key step toward one of the largest IPOs in history. The number of shares, price range, and offering date have not yet been disclosed.
- Follow-up note: This site published an analysis of Anthropic's proposed IPO on October 23, 2026; this article is an update following the formal S-1 filing on October 26, focusing on the financials and listing arrangements disclosed in the prospectus.
Key Facts
| Item | Detail |
|---|---|
| Filing date | October 26, 2026 |
| Exchange | Nasdaq Global Select Market |
| Ticker | ANT |
| Underwriters | Goldman Sachs (lead), Morgan Stanley; plus JPMorgan, Citi, Barclays, Wells Fargo, BofA, Deutsche Bank, RBC Capital Markets, UBS |
| H1 2026 revenue | $16.286 billion (vs. $1.163 billion a year earlier, up ~13x) |
| H1 2026 net loss | $80.748 billion (about $72 billion from convertible-note valuation changes) |
| FY 2025 | Revenue $4.585 billion, net loss $41.965 billion |
| Long-term commitments | At least $518 billion in cloud and compute spending over the next decade (~80% non-cancellable) |
Prospectus Highlights
- Business structure: Anthropic divides its business into models, applications, and agents. Usage-based billing is the primary revenue source: $13.1 billion in H1 2026, 80% of total revenue, with subscriptions at $3.2 billion (20%).
- Margin improvement: H1 operating loss narrowed to $693 million from $2.135 billion a year earlier; adjusted operating profit turned positive at $1.6 billion (from a $1.8 billion loss), and operating cash flow was $3.9 billion (vs. a $1.5 billion outflow).
- Compute spending: H1 compute and infrastructure spending was nearly $9 billion (FY 2025: $7.3 billion). The filing also discloses commitments of up to about $44.6 billion under the NScale service agreement through 2033 and up to $120.5 billion related to SpaceX transactions.
- Capital structure: Anthropic plans five classes of stock (A, F, E, T, N). T-class shares would let a long-term benefit trust progressively elect board members within four years; F-class shares give seven founders 50.1% of shareholder voting power through their entities.
- Valuation expectations: The most recent private financing in May 2026 valued Anthropic at $965 billion; the Financial Times reports existing investors expect the company to seek a $1.5-1.75 trillion valuation, and the Wall Street Journal reported a target IPO window of the week of November 16.