Anthropic files for US IPO, disclosing $273M marketing surge and $16.3B H1 2026 revenue

Anthropic filed a document called an S-1 with the US Securities and Exchange Commission (SEC) on October 26, 2026. The filing is part of its plan to sell shares to the public for the first time through an initial public offering (IPO). The company plans to list its shares on the Nasdaq stock exchange under the symbol "ANT". The filing shows that Anthropic's spending on sales, marketing, and partnerships jumped by 2,540% to $3.17 billion in the first half of 2026, compared with $120 million in the first half of 2025. Most of this increase came from $2.7 billion in fees paid to partners and an additional $273 million spent on advertising and media compared with the same period a year earlier. This spending helped support product launches around the world.

Although Anthropic has spent heavily on building its brand, it says its Claude AI assistant will remain completely free of ads. Its campaigns include the Super Bowl advertisement "Keep Thinking", created by the agency Mother, which won the Film Grand Prix award at Cannes Lions 2026. The company's plan focuses on selling directly to businesses and working with cloud service marketplaces run by AWS, Google Cloud, and Microsoft Azure. Together, these three companies accounted for 48% of Anthropic's revenue in the first half of 2026. As of September 30, 2026, Anthropic reported that it had more than 11,900 business customers, each generating at least $100,000 in annualized revenue.

Anthropic reported revenue of $16.29 billion in the first half of 2026. This was a large increase from $1.16 billion in the first half of 2025 and $4.59 billion for all of 2025. The company's biggest operating cost was computing power and cloud infrastructure, which cost $8.95 billion. Its operating loss fell from $2.14 billion to $693 million.

However, Anthropic reported a net loss of $80.75 billion for the six months. Most of this loss came from $72.39 billion in non-cash accounting adjustments. These adjustments were mainly related to changes in the estimated fair value of convertible notes and derivative liabilities.

Anthropic is reorganizing as a Public Benefit Corporation, a type of company that includes a public-benefit purpose in its business structure. After the IPO, its seven co-founders, led by Dario Amodei and Daniela Amodei, will together keep control of 50.1% of the company's voting rights.