Anthropic publicly filed its S-1 for a Nasdaq IPO under ticker ANT with H1 revenue of 16.29 billion dollars and valuation hopes of up to 2 trillion dollars.
Anthropic files S-1 - H1 revenue of 16.29 billion dollars - valuation hopes up to 2 trillion dollars
Anthropic publicly filed its Form S-1 registration statement with the U.S. Securities and Exchange Commission on October 26, moving a step closer to becoming the first publicly traded company built around frontier AI models. The Claude developer plans to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol ANT, with Goldman Sachs and Morgan Stanley leading a syndicate of 24 underwriters. The filing does not yet set the share count or price range, but The Wall Street Journal reports the debut could land in the week of November 16, and backers hope for a valuation of up to 2 trillion dollars — a figure that would surpass SpaceX's 1.77-trillion-dollar listing in June as the largest IPO in history. Some investors are already marking expectations closer to 1.5 trillion dollars.
Revenue up roughly 14x while accounting losses dominate headlines
The prospectus offers the first detailed look at Anthropic's finances. Revenue reached 16.29 billion dollars in the first half of 2026, up from 1.16 billion dollars in the same period last year, after climbing from 41 million dollars in 2023 to 386 million dollars in 2024 and 4.59 billion dollars in 2025. Second-quarter revenue alone was 11.56 billion dollars, and the company posted its first quarterly operating profit of 974 million dollars. Roughly 80 percent of revenue is usage-based, paid per token consumed. Net revenue retention stands at about 900 percent, and Reuters has reported third-quarter revenue of 16.8 billion dollars, up about 45 percent quarter over quarter.
The headline net loss of 80.7 billion dollars for the first half looks alarming but is mostly an accounting artifact: about 72.4 billion dollars came from fair-value changes on convertible notes and other instruments as Anthropic's own valuation climbed, which the company stresses is a non-cash charge. The operating loss was 693 million dollars, while operating cash flow turned positive at 3.93 billion dollars. On the company's own non-GAAP basis, adjusted operating profit for the half was 1.618 billion dollars, a margin of roughly 10 percent. Cash and short-term investments totaled 131.7 billion dollars as of June 30.
Compute commitments anchor the balance sheet
Anthropic spent nearly 9 billion dollars on compute and infrastructure in the first half and has committed to at least 518 billion dollars of future infrastructure spending, with total signed compute contracts reported at 657 billion dollars running as far out as 2045. The company has agreed to spend at least 110 billion dollars with Amazon through April 2036 and at least 114.5 billion dollars with Google through July 2033. About 48 percent of revenue flows through the clouds of Amazon, Google and Microsoft, a structure the prospectus flags as both a distribution strength and a dependency risk. The enterprise base is scaling quickly: more than 1,900 customers each generated at least 1 million dollars in trailing annual revenue by September 30, up from 950 a year earlier, and more than 11,900 customers crossed the 100,000-dollar mark.
Governance stays with the founders — and so do the risks
Public investors will be able to buy shares but will not steer the company. A single Class F share held by the seven co-founders carries 50.1 percent of every stockholder vote, a long-term benefit trust will elect a majority of the board, and a Public Benefit Fund will hold 5 percent of the company in non-voting shares. Each co-founder has pledged to give 80 percent of personal Anthropic equity to philanthropy. The risk-factor section runs more than 90 pages and warns that advanced AI could pose catastrophic or existential risks to humanity, that liability from extreme harm could exceed what any insurer can cover, and that the company may be unable to achieve or maintain profitability. Anthropic raised 65 billion dollars in May at a 965-billion-dollar valuation; a debut above 2 trillion dollars would rewrite the record books. On the same day, Bank of America, Blackstone, Citi and Morgan Stanley also lined up a 63-billion-dollar special purpose vehicle to buy Broadcom AI chips and lease them to Anthropic from 2027 — another sign of how much capital the frontier now consumes.
Sources: Anthropic announcement, SEC Form S-1, Xinhua, Reuters, CNBC, The Wall Street Journal, China Economic Net, Sina Finance, threerouter
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