Anthropic files for a public listing: what its S-1 says about revenue, losses and control

What the filing says

Anthropic, the Artificial Intelligence (AI) company behind Claude, filed a public registration statement on Form S-1 with the U.S. Securities and Exchange Commission on October 26, 2026. It says it has applied to list its Class A shares on the Nasdaq Global Select Market under the symbol ANT.

The company was incorporated as a Delaware public benefit corporation in January 2021. Its products include the Claude models, Claude Platform, Claude Code and Claude Cowork. The document is a preliminary prospectus: the price range, the number of shares and the size of the offering are left blank.

Revenue and customers

Revenue was $41 million in 2023, $386 million in 2024 and $4,585 million in 2025. For the six months ended June 30, 2026 it was $16,286 million, against $1,163 million in the same six months of 2025.

The filing says revenue for the three months ended June 30, 2026 grew 1,368 percent year over year, while compute and infrastructure expenses grew 300 percent in the same period. That comparison is the company's own, and it covers one quarter.

As of September 30, 2026, the filing counts more than 11,900 customers with at least $100,000 in revenue over the trailing twelve months, and more than 1,900 with at least $1 million. No single customer was more than 10 percent of revenue for the nine months to that date, and the top five were about 25 percent.

The loss, and what is inside it

The net loss for the first six months of 2026 was $80,748 million. Of that, $72,388 million is a change in the fair value of convertible notes, derivative liabilities and SAFEs, a line the filing reports separately from operating results. The operating loss for the period was $693 million, down from $2,135 million a year earlier.

The filing also gives a company-defined adjusted measure that is not standard accounting. On that basis, adjusted operating income for the six months was $1,618 million, a 10 percent adjusted margin. The two views measure different things, and the filing presents both.

Cash and computing power

As of June 30, 2026, the company says it had raised $141.1 billion in total, and held $112.4 billion in cash and cash equivalents plus $19.3 billion in short-term investments.

It describes a multi-chip compute setup across AWS Trainium, Google TPUs, NVIDIA GPUs and AMD GPUs. Its purchase and lease commitments run as far out as 2045, with most of the later spending expected between 2031 and 2045. The dollar total of those commitments is blank in this draft.

Who controls the company

Anthropic is a public benefit corporation. A Long-Term Benefit Trust of five financially disinterested trustees can elect and remove a majority of the board through a special class of stock. Separately, a single Class F share held by an LLC of the seven co-founders carries 50.1 percent of the general voting power.

The filing warns that this structure may “effectively eliminate” the influence of Class A holders over important decisions, including a change in control.

Risks and the government dispute

The filing lists its main risks, including the need to keep building the most capable models, securing enough compute, competition (it names Google and OpenAI as primary competitors), misuse of its models, and models acting in unintended or autonomous ways.

It also describes a dispute with the U.S. government. In February 2026, after the company said its technology should not be used for mass domestic surveillance or fully autonomous weapons, federal agencies were directed to stop using it and the Department of War designated it a supply-chain risk. On August 27, 2026 a federal district court largely granted summary judgment in the company's favor. On September 25, 2026 the D.C. Circuit, in a 2-1 decision, denied its petition for review of the separate Section 4713 designation.

What is not in the filing yet

The price range, share count, offering size, third-quarter revenue and the total compute commitment are blank in this preliminary version, and the filing says the information may change. Later amendments are where those numbers would be filled in.

This is not investment advice.