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Anthropic IPO: Key Numbers From Its Nasdaq S-1 Filing

Future AI Wire Editorial Team · November 2, 2026 · 7 min read
Anthropic IPO: rising stock chart above an AI neural core beside a stock exchange building

The Anthropic IPO is officially in motion: the Claude developer filed a registration statement (Form S-1) with the U.S. Securities and Exchange Commission on October 26, 2026, and has applied to list its Class A shares on the Nasdaq Global Select Market under the ticker “ANT,” according to the filing.

This article reflects the S-1, the amended S-1 filed on November 2, and reporting available as of November 3, 2026. The share price range and offering size have not been set.

Anthropic IPO: Key Financials From the S-1

  • Revenue: $16.29 billion for the six months ended June 30, 2026, up from $1.16 billion a year earlier.
  • Net loss: $80.75 billion for the first half of 2026, compared with $12.97 billion a year earlier.
  • Why the loss is so large: $72.39 billion of it came from a change in the fair value of convertible notes, derivative liabilities and SAFEs. The filing says this was mainly driven by a rise in the value of its outstanding convertible notes. This is an accounting charge, not cash spent.
  • Operating loss: $693 million, narrower than $2.14 billion a year earlier. On a non-GAAP basis, Anthropic reported adjusted operating income of $1.62 billion.
  • Cash: As of June 30, 2026, Anthropic 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.

Built In also reported that operating cash flow turned positive at about $3.9 billion in the first half of 2026.

Enterprise Customers

As of September 30, 2026, the filing says Anthropic had:

  • More than 11,900 customers generating $100,000 or more in trailing-12-month revenue
  • More than 1,900 customers generating $1 million or more
  • About 250 customers generating $10 million or more

Anthropic also reported net revenue retention of about 900%, meaning existing customers spent far more than they did a year earlier. Claude is sold directly and through Amazon Web Services, Google Cloud and Microsoft Azure, and the company pays a fee to each cloud provider.

Who Controls Anthropic After the IPO

Anthropic is a public benefit corporation (Anthropic, PBC), and its S-1 lays out an unusual governance setup:

  • Founder voting: A single Class F share, held by an LLC owned by the seven co-founders (Dario Amodei, Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish and Christopher Olah), carries 50.1% of total voting power. It has no economic rights.
  • Long-Term Benefit Trust: An independent trust of five financially disinterested trustees can generally elect and remove a majority of the board through Class T stock. The filing says the trust does not run day-to-day management or strategy.

Key Terms in the Anthropic IPO Filing, Explained

  • Form S-1: The registration statement a company files with the SEC before selling shares to the public. It contains audited financials, risk factors and details about the offering.
  • Public benefit corporation (PBC): A for-profit company that is legally required to weigh a stated public benefit alongside shareholder returns. Anthropic’s registered name is Anthropic, PBC.
  • Class F common stock: A special share class with voting power but no economic rights. In Anthropic’s case, it gives the co-founders 50.1% of total votes.
  • Class T common stock and the Long-Term Benefit Trust: The trust holds Class T stock, which lets it elect a majority of Anthropic’s board.
  • Net revenue retention (NRR): How much existing customers spend now compared with a year earlier. An NRR of about 900% means existing customers spent roughly nine times more.
  • Convertible notes and SAFEs: Investment contracts that convert into shares later. When the company’s value rises, accounting rules require a non-cash charge, which is why Anthropic’s reported net loss is so large.

Understanding these terms makes it easier to read the amended filings that will follow as the Anthropic IPO moves toward pricing.

Anthropic IPO Risk Factors

The risk factors include reliance on a limited number of customers and distribution channels, rising compute and chip costs, misuse of its models for cyberattacks or weapons, models behaving harmfully on their own, and the reputational and legal fallout of a major safety failure, as summarized by Built In.

Anthropic IPO Timing, Valuation and Underwriters

Goldman Sachs and Morgan Stanley are listed first among the underwriters, followed by J.P. Morgan, Citigroup, Barclays, Wells Fargo Securities and others. Anthropic has not announced a listing date. Built In reported the company is targeting a November 2026 debut and that press reports have floated valuations of $1.5 trillion to $2 trillion. These figures are not in the filing and may change.

When Is the Anthropic IPO Date, and How Can Investors Buy Shares?

There is no official Anthropic IPO date yet. For the latest timeline and step-by-step buying options, see our guide to the Anthropic IPO date and how to buy Anthropic stock. Built In reported the company is aiming for a November 2026 debut, but the listing can only happen after the SEC review is complete and the final price is set.

  • Before the listing: Anthropic shares are not publicly traded. Pre-IPO shares change hands only through private secondary markets, which are generally limited to accredited investors.
  • At the IPO: Shares at the offering price are usually allocated by the underwriters, mostly to institutional investors. Some retail brokerages run IPO access programs, but allocations are not guaranteed.
  • After the listing: Once trading starts on Nasdaq under the proposed ticker ANT, shares can be bought through a standard brokerage account like any other listed stock.

This is general information, not investment advice. Read the final prospectus and consider speaking with a licensed financial advisor before investing.

Update: Amended S-1 Adds Third-Quarter Results

On November 2, 2026, Anthropic filed an amended S-1 that added third-quarter results. According to Yahoo Finance, the filing shows Q3 revenue of about $17 billion, up from $11.6 billion in Q2, and a Q3 operating loss of $567 million after a Q2 operating profit of $974 million.

The amended filing also lists about $895 billion in long-term commitments, nearly all for computing and data centers, with roughly $70 billion due within a year. The price range and share count are still blank, so the Anthropic IPO date and valuation have not been set.

What Comes Next for the Anthropic IPO

The SEC must complete its review before the registration becomes effective. Anthropic will then set a price range and share count, begin its investor roadshow and price the deal. Those amended filings will show the actual valuation. For context on how private AI valuations have climbed, see our report on the OpenAI funding round.

Frequently Asked Questions

What is Anthropic’s stock ticker?

Anthropic has applied to list its Class A common stock on the Nasdaq Global Select Market under the proposed symbol “ANT.”

When is the Anthropic IPO date?

No Anthropic IPO date has been announced. Reports say the company is targeting November 2026, but the listing depends on the SEC review and final pricing.

How much revenue does Anthropic make?

According to its S-1, Anthropic reported $16.29 billion in revenue for the six months ended June 30, 2026, up from $1.16 billion a year earlier.

Why did Anthropic report an $80.75 billion net loss?

About $72.39 billion of the first-half 2026 net loss came from a non-cash change in the fair value of convertible notes, derivative liabilities and SAFEs. Its operating loss was $693 million.

Will Anthropic’s founders keep control after the IPO?

Yes. After the Anthropic IPO, a Class F share that will give the seven co-founders 50.1% of total voting power. Separately, the Long-Term Benefit Trust can elect a majority of the board.

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