Anthropic files for Nasdaq IPO, revealing $16.3 billion in first-half revenue

Anthropic, the developer of the Claude AI models, filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission on October 26 for a proposed initial public offering. The company has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol "ANT". The number of shares and the price range have not yet been set.

Anthropic said Goldman Sachs and Morgan Stanley are acting as lead underwriters, and the filing names more than 20 banks in total, including J.P. Morgan, Citigroup and Barclays. The Associated Press reported that the offering could top SpaceX's record debut.

Revenue surges, paper losses mount

According to the S-1, revenue for the first half of 2026 was $16.3 billion, almost 14 times the $1.2 billion of the same period a year earlier. Full-year 2025 revenue was $4.6 billion. The company said second-quarter revenue grew 1,368% year over year, while compute and infrastructure expenses grew 300%.

The net loss for the half year reached $80.7 billion, but the operating loss was only $693 million. Most of the loss, $72.4 billion, came from non-cash changes in the fair value of convertible notes, derivative liabilities and SAFEs. As of June 30, 2026, the company had raised $141.1 billion in total and held $131.7 billion in cash, cash equivalents and short-term investments.

As of September 30, the company reported more than 11,900 customers contributing over $100,000 in trailing-twelve-month revenue, more than 1,900 contributing over $1 million, and about 250 contributing over $10 million.

An unusual governance structure

Anthropic is incorporated as a public benefit corporation under Delaware law. After the IPO, a company formed by its seven co-founders will hold a single Class F share carrying 50.1% of total voting power. A Long-Term Benefit Trust made up of financially disinterested trustees can generally elect a majority of the board. The filing says Anthropic has contributed 5% of its shares to the Anthropic Public Benefit Fund, and that each co-founder has pledged 80% of their personal equity to philanthropy.

The company plans to use the net proceeds for general corporate purposes, including working capital, compute and infrastructure investment, and hiring and retention.

The news also circulated among Mongolian users on X.