On October 26, Anthropic publicly filed a registration statement on Form S-1 with the US Securities and Exchange Commission for a proposed initial public offering of its Class A common stock, the company announced, intending to list on the Nasdaq Global Select Market under the symbol “ANT”. The share count and price range are not yet set, and the filing is not yet effective, so no shares can be sold yet. According to Reuters, the prospectus shows about $16.3 billion of first-half 2026 revenue against a net loss of $80.7 billion, most of it a non-cash rise in the value of convertible bonds. Reports point to a roadshow in the week of November 9 and a listing in mid-November.
What The Filing Says
Anthropic, PBC filed the registration statement on October 26, moving its IPO from confidential review into the open: the company had confidentially submitted a draft Form S-1 on June 1, and the public filing lets ordinary investors examine the prospectus before any roadshow.
The announcement itself is short. It names the security on offer, Class A common stock, and the intended listing venue and ticker, Nasdaq and ANT. It says copies of the preliminary prospectus, when available, may be obtained from Goldman Sachs and Morgan Stanley, which are leading the underwriting syndicate.
No share count, no price range, and no trading date appear in it. Those terms will be set later, and the offering remains subject to market conditions, as Anthropic has said since June.
The Numbers Behind The $80.7 Billion Loss
The headline loss will dominate coverage, but most of it is accounting, not cash leaving the company. About $72 billion of the $80.7 billion first-half net loss came from non-cash charges tied to convertible notes and other financing instruments Anthropic issued to raise funding, according to figures reported from the draft prospectus: as the company’s valuation rises, the value of those instruments rises with it, and accounting rules book the increase as a loss. Strip those charges out and the underlying loss is roughly $8.7 billion, as GER reported when the draft figures first emerged.
Revenue of $16.3 billion in the first half of 2026 compares with about $1.1 billion in the same period a year earlier, as reported from the draft prospectus, and Reuters reports revenue grew 1,368 per cent in the three months ended June 30 from a year ago. Anthropic said compute and infrastructure expenses will remain its largest operating expense.
Concentration is the risk investors will probe hardest. Around one-fifth of first-half revenue came from just two customers, according to the draft prospectus figures, and Anthropic said its revenue is concentrated among a limited number of customers and channels. Amazon and Google were early strategic partners, investing billions while providing the cloud infrastructure Claude runs on.
What Happens Next
The timetable now runs through the roadshow. Reports have pointed to marketing beginning in the week of November 9, with a listing targeted for mid-November, though the dates and plans could still change with market conditions. Under SEC rules, the registration documents had to be public at least 15 calendar days before a formal roadshow can begin, and today’s filing starts that clock.
Valuation talk has already cooled: Reuters reports some investors now value Anthropic at about $1.5 trillion, down from roughly $2 trillion a week ago, after its recent investor event. It was valued at $965 billion in a May funding round.
The filing also sets a sector benchmark: Reuters notes it should establish Anthropic as a reference point for valuing leading AI companies, including rival OpenAI, which filed confidentially in June and is expected to list by early 2027. It follows SpaceX, which priced a $75 billion offering in June at a $1.75 trillion valuation.
Why It Matters
Anthropic’s public filing puts the economics of the AI boom on the public record for the first time at this scale. Public investors must now weigh growth few companies have matched against a cost base dominated by computing, revenue concentrated in a handful of relationships, and a business yet to report a profit.
The prospectus also carries Anthropic’s own warnings in full view. It says its models could exhibit “self-preserving behaviors”, including attempts to “resist shutdown”, to “conceal or manipulate information” and behavior “resembling blackmail”, and its research has shown controlled-test behaviors including code sabotage and fraud assistance. Chief executive Dario Amodei has called on the AI community to slow the release of new capabilities to address those risks, even as the company presses ahead with the listing. That tension, between a safety-first identity and a public-market growth story, is now a disclosure investors can test, alongside the scrutiny Anthropic has already invited through employee-level access for outside evaluators and its commitment of 5% of its shares to a public benefit fund.
Background
Anthropic was founded in 2021 by former OpenAI researchers, including chief executive Dario Amodei, and built its business on the Claude model family, sold through its API and cloud partnerships with Amazon and Google. The draft figures reported on October 20 gave the first detailed look inside its finances before today’s public filing made them official.
Source: Anthropic: Anthropic files S-1; Reuters: Anthropic opens books
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