Anthropic has made its IPO filing public. The company behind the Claude family of AI models filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission on October 26, 2026, applying to list its Class A common stock on the Nasdaq Global Select Market under the symbol “ANT,” according to the filing. The document turns months of leaks and private-round headlines into a checkable public record — and it leaves the two numbers investors want most completely blank.
The filing reports revenue of $16.286 billion for the six months ended June 30, 2026, up from $1.163 billion in the same period of 2025, roughly a fourteenfold increase. Revenue for full-year 2025 was $4.585 billion, after $386 million in 2024 and $41 million in 2023. The growth curve is steep by any measure: the first half of 2026 alone brought in more than three times the company’s entire 2025 revenue.
That growth story is only half the document. Anthropic also reported a net loss of $80.748 billion for the first half of 2026. The figure looks alarming until it is broken apart. According to the filing, $72.388 billion of the loss is a non-cash charge from changes in the fair value of convertible notes, derivative liabilities, and SAFEs — an accounting item that grows as the company’s own valuation rises, rather than cash spent running the business. Strip that charge out and the operating picture is far narrower: an operating loss of $693 million for the half year, down from $2.135 billion in the first half of 2025. The second quarter alone produced $974 million of GAAP operating income, the filing shows.
What the filing does not say matters as much as what it does. Anthropic stated that “the number of shares of Class A common stock to be offered and the price range for the proposed offering have not yet been determined.” The share count, the price range, the total raise size, and the revenue line for the three months ended September 30, 2026 are all left blank, to be filled in by a later amended filing. The registration is not yet effective, which means no shares can be sold until the SEC declares it so. The S-1 also states no IPO valuation, despite the large figures discussed in press coverage of the company’s private rounds.
The filing also describes a business that is unusually concentrated in large accounts. As of September 30, 2026, Anthropic counted more than 11,900 customers generating at least $100,000 in revenue on a trailing-twelve-month basis, up from more than 950 a year earlier, including about 250 customers spending $10 million or more. The company reports a net revenue retention rate of approximately 900%, meaning existing customers expanded their spending roughly ninefold over twelve months on the company’s definition of the metric. Its model is primarily consumption-based, the filing says, metered in tokens through its API and cloud partners alongside Claude Pro and Claude Max subscriptions — and much of that consumption revenue is not covered by long-term contracts, leaving it exposed to changes in how customers use the product.
Governance will also look unusual for a public company. The filing shows that a Long-Term Benefit Trust holds Class T stock and elects a majority of the board, while a Founder LLC holds a single share of Class F stock. Goldman Sachs and Morgan Stanley are leading a group of 22 underwriters, according to the filing.
The costs behind the growth are large. Compute and infrastructure expense reached $8.945 billion in the first half of 2026, up from $7.326 billion for all of 2025. Against that, the company held $112.4 billion in cash and cash equivalents plus $19.3 billion in short-term investments as of June 30, 2026, with $3.2 billion available under a credit facility, and operating cash flow for the half year was positive at $3.929 billion.
The filing landed in a market primed to react. Reuters reported that AI-linked shares recovered after the document appeared, with traders citing it as the day’s main catalyst, and that the anticipated listing could be the first public offering by a frontier AI lab. A week earlier, Chip Current reported on the leaked draft filing that foreshadowed these numbers; the public S-1 now confirms them down to the decimal in several cases, while leaving the pricing questions open. Media reports point to a roadshow in the week of November 9, when the valuation argument will finally get priced. Until an amended filing fills in the blanks, the most consequential AI IPO in years remains a prospectus with its cover price missing — and a revenue line that explains why investors are paying attention anyway. The product at the center of it all, Claude, recently gained an agent that reaches out before being asked. The listing will also test whether public markets price AI labs like software companies or like infrastructure bets, a question OpenAI’s reported $30 billion raise at a $1.25 trillion valuation has already raised for its larger rival.
