Anthropic Files for Nasdaq Listing; Filing Shows $16.3 Billion Half-Year Revenue

Anthropic has filed a registration statement on Form S-1 with the US Securities and Exchange Commission for a proposed initial public offering. The company said on 26 October 2026 that it intends to list Class A common stock on the Nasdaq Global Select Market under the symbol ANT. Goldman Sachs and Morgan Stanley are named as sources for copies of the preliminary prospectus.[1][3]

The filing is preliminary. Anthropic says the number of shares and the price range are not yet set, and that no shares can be sold until the registration statement becomes effective. The announcement is not an offer to sell securities.[1][2]

The prospectus reports revenue of $41 million in 2023, $386 million in 2024 and $4.585 billion in 2025. For the six months to 30 June 2026 it reports $16.286 billion, against $1.163 billion a year earlier. Anthropic credits successive model and product releases that drove higher usage. Consumption-based revenue rose by $12.1 billion and subscription revenue by $3.0 billion.[2]

Costs rose as well. Compute and infrastructure spending was $8.945 billion in the first half of 2026, up from $2.334 billion. Operating loss narrowed to $693 million from $2.135 billion. The filing counts more than 11,900 customers with at least $100,000 of trailing twelve-month revenue at 30 September 2026, against more than 950 a year before.[2]

The net loss for the first half of 2026 is $80.748 billion, yet the operating loss is only $693 million. The gap is mostly a $72.388 billion charge for changes in the fair value of convertible notes, derivative liabilities and SAFEs. The filing ties these changes to increases in Anthropic's enterprise valuation.[2]

The accumulated deficit is $132.9 billion, and $113.2 billion of it relates to fair-value changes since 2023. The 2025 figures also include a $1.5 billion line labelled Bartz settlement. These are the company's own accounting figures from a preliminary filing. We have not audited them.[2]

Anthropic is a Delaware public benefit corporation, and the filing describes a novel capital and governance structure. It says the company issued 846,840,960 Class N shares, 5 per cent of fully diluted shares at 30 June 2026, to Anthropic Public Benefit Fund, LLC, its wholly owned subsidiary. Anthropic announced that fund on 18 October.[2][4]

The board has approved a framework under which it may issue more Class N shares to the fund. The company and selling stockholders are both offering shares, and Anthropic will not receive proceeds from the stockholders' sales.[2]