What happened

Anthropic, PBC, the company that makes Claude, filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission on 26 October 2026 for a proposed initial public offering of its Class A common stock. In the filing, Anthropic says it has applied to list the shares on the Nasdaq Global Select Market under the symbol “ANT”. Its own announcement names Goldman Sachs and Morgan Stanley as sources of preliminary prospectus copies.

The filing leaves the number of shares and the price range blank, and Anthropic’s announcement says the registration statement has not yet become effective and is not an offer to sell securities.

Key details

All figures below are from the S-1 itself, read on 26 October 2026. Dollar amounts are in millions as the filing presents them.

  • Revenue: $16,286 million for the six months ended 30 June 2026, against $1,163 million for the same period of 2025 (about 14 times higher). Full-year 2025 revenue was $4,585 million.
  • Losses: net loss of $80,748 million for the first half of 2026 and $41,965 million for full-year 2025. Operating loss was $693 million in the first half of 2026 and $8,060 million in 2025. A footnote says changes in the fair value of convertible notes, derivative liabilities and SAFEs came to $72.4 billion in the first half of 2026, “primarily driven by an increase in the fair value of our outstanding convertible promissory notes”, which accounts for most of the net loss.
  • Cash: $131,651 million in cash, cash equivalents and short-term investments at 30 June 2026 ($112.4 billion in cash and equivalents plus $19.3 billion in short-term investments).
  • Customers: more than 11,900 customers with at least $100,000 of trailing-twelve-month revenue as of 30 September 2026.
  • Structure: Anthropic is a Delaware public benefit corporation. A single Class T share held by the Long-Term Benefit Trust lets the Trust elect a majority of the board; a Class F share issued to a founders’ LLC carries 50.1% of the total voting power on matters put to stockholders generally. Anthropic says it will be a “controlled company” under Nasdaq rules, though it does not expect to rely on the exemption except for its nominating and corporate governance committee.
  • Use of proceeds: “general corporate purposes”, plus tax withholding and remittance obligations on employee equity.
  • Left blank: the compute-commitment total is printed as “more than $ ” with no figure in the version we read, and the filing summary gives no run-rate revenue number in the part we could read. We read the first 100,000 of the document’s roughly 132,000 characters, so later sections may add detail.
  • Reported, not in the filing text we read: Forbes and PPC Land report a valuation range of $1.5 trillion to $2 trillion, citing press reports, and marketing the week of 9 November with a listing the week of 16 November. Anthropic has not confirmed either in the materials we read.

Why it matters

The S-1 is the first audited look at the finances of a company whose models many readers use daily. For the AI tools market, it puts hard numbers on how fast one frontier lab’s revenue grew and how much of its reported loss comes from accounting for its own rising valuation rather than operations. It also shows the governance model, a public benefit corporation steered by a trust, that investors would be buying into.

For people who build on Claude, a public listing means regular financial disclosure, and risk factors the company must publish, including a line in its summary that its “AI models may behave in unintended, misaligned, or autonomous ways.” Nothing in the filing changes Claude’s products or prices. Terms can still change before the offering becomes effective, so treat the IPO timing as unconfirmed until Anthropic sets a price range.

Disclosure: Claude, made by Anthropic, was one of the AI tools used to research and draft this article, and Anthropic is the subject of it. We have limited ourselves to the filing’s own text and clearly attributed reporting. This is not investment advice.

Sources

  1. Anthropic, PBC — Form S-1 registration statement (SEC EDGAR) Primary source , U.S. Securities and Exchange Commission
  2. Anthropic files S-1 with the SEC for proposed initial public offering Primary source , Anthropic
  3. Anthropic's IPO: What Its S-1 Reveals About The AI Boom Forbes
  4. Anthropic files for Nasdaq IPO with $16.3bn in first-half revenue PPC Land