Anthropic IPO filing shows $16.3B H1 revenue, ticker ANT

Anthropic filed a registration statement with the U.S. Securities and Exchange Commission on October 26 for an initial public offering. The company says it has applied to list its Class A shares on the Nasdaq Global Select Market under the symbol ANT, with Goldman Sachs and Morgan Stanley named as contacts for the prospectus. The Anthropic IPO filing is the first public look at the finances of a company that builds frontier models as its main business.

The number of shares and the price range are blank. The S-1 says the registration statement has not yet become effective, so nothing can be sold yet.

Revenue grew fast, and the loss is mostly an accounting entry

According to the S-1, Anthropic's revenue was $41 million in 2023, $386 million in 2024 and $4.6 billion in 2025. In the six months ended June 30, 2026 it was $16.3 billion, up from $1.2 billion in the same period of 2025.

The headline net loss for those six months is $80.7 billion. But $72.4 billion of that is a change in the fair value of convertible notes, derivatives and SAFEs, which the filing ties mainly to a rise in the company's valuation. The operating loss was $693 million, down from $2.1 billion a year earlier. The filing's own risk section says Anthropic has lost money in every year since its founding.

The filing also reports net revenue retention of about 900% as of September 30, 2026. That is Anthropic's own measure of how much more existing customers spend over time, and the filing says its operating metrics have not been independently verified.

Customers and the cloud channel

No single customer made up more than 10% of revenue in the first nine months of 2026, but the top five made up about 25%. Sales through cloud marketplaces, where the cloud provider bills the customer, were about 48% of revenue in the first half of 2026, up from 11% in 2023.

Most revenue comes from usage-based fees, metered in tokens. The filing says Claude Opus 5.5 cut customers' cost per task by about 40% compared with Claude Opus 5.

Compute commitments and governance

The S-1 says Anthropic has signed purchase commitments and leases, mostly for compute, with take-or-pay terms that require payment whatever the usage. The dollar total is blank in the filing text. The Financial Times, citing the document, put the commitments at nearly $800 billion over 10 years.

Anthropic will stay a public benefit corporation. A single Class F share, held by an LLC of the seven co-founders, will carry 50.1% of the voting power and no economic rights. The Long-Term Benefit Trust will keep electing a majority of the board through its own Class T stock.

What we don't know yet

There is no price, share count or listing date. The Wall Street Journal, citing sources, reported that Anthropic is aiming to list the week of November 16. Anthropic has not confirmed a date. The S-1 will be amended before the offering, and the first version with real terms is the next thing to watch.