Anthropic, Frontier AI Models and Enterprise Software, Files for NASDAQ IPO

Anthropic, PBC, has filed a registration statement to sell its Class A common stock to the public for the first time through an initial public offering (IPO). The company has applied to list its shares on the Nasdaq Global Select Market under the ticker symbol ANT. The preliminary filing does not say what price the shares will be offered at or how many shares will be sold.

Business Description

Anthropic builds advanced artificial intelligence (AI) models under the Claude brand. It offers these models through a platform for developers and through applications. Its Claude model families include Mythos, Opus, Sonnet, and Haiku. Each family is designed to provide different levels of ability, cost, and speed. Its products include Claude Code, which helps people write software; Claude Cowork, which helps with general knowledge work; Claude.ai; and tools made for industries such as finance, healthcare, life sciences, legal services, education, and government. Customers can pay based on how much they use Claude through its API and platform, buy subscriptions, or access it through cloud marketplaces.

Anthropic says its strengths include research into advanced AI models and AI safety, a strategy that uses different types of computer chips, and selling its products to businesses through cloud providers and systems integrators. The company also uses Claude in its own research and software development. Anthropic is a public benefit corporation registered in Delaware. Its governance structure gives a trust and the founders significant influence over who sits on the board and how shareholders vote.

Market Overview

• Total addressable market: Anthropic estimates that knowledge workers represented more than $40 trillion in economic value worldwide in 2025.
• Market growth: IDC estimates that AI solutions and services will have a total economic impact of $22.5 trillion worldwide by 2031.
• Market position: Anthropic says Claude has been adopted by businesses faster than any other technology in history. The company presents its models as among the most advanced AI models available.
• Key competitors: The filing names OpenAI and Google as direct competitors in advanced AI models. Other competitors include large technology companies, specialized AI research labs, and providers of AI models whose weights are publicly available.
• Industry trends: Companies are increasingly using AI agents to write code and handle other knowledge-based work. Demand for computing power, AI safety, and controls designed for business use remains important to the industry.

Operational Metrics

• Customers: In the 12 months ending September 30, 2026, more than 11,900 customers each generated at least $100,000 in revenue. More than 1,900 customers each generated at least $1 million, and about 250 each generated at least $10 million.
• Geographic presence: The company serves organizations in nearly every part of the world and operates in the United States, Europe, and Asia-Pacific.
• Partnerships: Customers can access Claude through AWS, Google Cloud Platform, and Microsoft Azure. Anthropic also distributes its products through systems integrators and data platforms.
• Partner network: As of September 30, 2026, the Claude Partner Network included more than 150,000 certified practitioners across more than 4,000 organizations.
• Employees: Anthropic had about 5,300 employees worldwide as of September 30, 2026.
• Customer retention: Net Revenue Retention was about 900% as of September 30, 2026. This measure tracks how revenue from existing customers changes over time, including when those customers spend more or less.
• Customer reach: Among customers that each generated at least $100,000 in revenue over the previous 12 months, Anthropic served every company in the Fortune 10, more than 50% of the Fortune 500, and more than 30% of the Global 2000.
• Product development: Anthropic launched 250 model versions, platform features, and applications during the nine months ending September 30, 2026.
• Internal AI use: In September 2026, Claude wrote more than 90% of the contributions to Anthropic's codebase.

Financial Highlights

• Revenue (current): Anthropic reported revenue of $16.286 billion for the six months ending June 30, 2026.
• Revenue growth: Revenue increased by 1,300% compared with the same six-month period a year earlier.
• Operating income: Under generally accepted accounting principles (GAAP), Anthropic reported an operating loss of $693 million for the six months ending June 30, 2026. Under its non-GAAP measure, Adjusted Operating Income, it reported $1.618 billion.
• Net income: Anthropic reported a net loss of $80.748 billion for the six months ending June 30, 2026. This included $72.388 billion in expenses caused by changes in the estimated fair value of convertible notes, derivative liabilities, and simple agreements for future equity (SAFEs).

Management

• Dario Amodei, Chief Executive Officer and Co-Founder — He helped found Anthropic in 2021 and serves on its board of directors.
• Daniela Amodei, President, Chairperson of the Board, and Co-Founder — She helped found Anthropic in 2021 and serves as the company's president and board chairperson.
• Jack Clark, Co-Founder — He is one of Anthropic's seven co-founders and was an initial manager of the Anthropic Public Benefit Fund.

IPO Structure

• Issuer: Anthropic, PBC.
• Filing date: October 26, 2026.
• Proposed ticker: ANT.
• Exchange: NASDAQ.
• Lead underwriters: Goldman Sachs & Co. LLC and Morgan Stanley. Other underwriters include J.P. Morgan, Citigroup, Barclays, Wells Fargo Securities, BofA Securities, Deutsche Bank Securities, RBC Capital Markets, UBS Investment Bank, BMO Capital Markets, BNP Paribas, Crédit Agricole CIB, Jefferies, Mizuho, MUFG, Société Générale, TD Securities, BTIG, Cantor, Capital One Securities, and Macquarie Capital.
• Use of proceeds: Anthropic plans to use the money raised for general business needs. These may include working capital, operating costs, computing power and infrastructure, hiring and keeping employees, possible acquisitions or investments, and tax payments related to certain restricted stock units (RSUs). The company also plans to strengthen its financial position and give itself more flexibility in how it manages its money.

Original SEC Filing: Anthropic, PBC - S-1 - Oct. 26, 2026