Anthropic Files for Nasdaq Listing

Logo: Anthropic

Anthropic has filed paperwork to sell shares to the public for the first time. The filing says contracts with government agencies account for about 1 percent of the company's revenue.

The artificial intelligence company said Monday that it had submitted its Form S-1 registration statement to the Securities and Exchange Commission. It wants to list its Class A common stock on the Nasdaq Global Select Market under the stock symbol ANT. The company has not yet decided how many shares to sell or what price to set for them. Goldman Sachs and Morgan Stanley are leading a group of 22 firms helping manage the stock sale. The filing follows an earlier draft registration statement that Anthropic submitted privately in June.

What Does the Filing Say About Anthropic's Government Business?

The filing describes Anthropic's legal dispute with the Department of War (DOW). In February, Anthropic publicly said its technology should not be used for mass surveillance of people inside the United States or for weapons that operate fully on their own. After that statement, President Donald Trump directed federal executive agencies to stop using Anthropic's technology. The secretary of war also ordered the department to label the company a supply-chain risk to national security. In March, the department sent Anthropic two letters stating that it posed this risk. One letter relied on 10 U.S.C. § 3252, and the other relied on Section 4713 of the Federal Acquisition Supply Chain Security Act.

Anthropic challenged both decisions in court. On Aug. 27, the U.S. District Court for the Northern District of California mostly ruled in Anthropic's favor without requiring a full trial. The court found that the government's actions were retaliation for speech protected by the First Amendment and violated the company's right to due process. On Sept. 25, the D.C. Circuit rejected Anthropic's request for review in a 2-to-1 decision. The court ruled that the designation under Section 4713 was lawful. Anthropic has asked the full appeals court to reconsider the decision.

The filing also says the Commerce Department placed worldwide export restrictions on Anthropic's Fable 5 and Mythos 5 models. Anthropic turned off access to the models until the restrictions were lifted. The filing also states that Anthropic Public Institutions, a subsidiary of Anthropic, holds a facility security clearance that allows it to work on classified contracts.

How Did Anthropic Perform Financially?

Anthropic reported revenue of $16.29 billion for the six months ending June 30, compared with $1.16 billion during the same period a year earlier. For all of 2025, revenue was $4.59 billion, up from $386 million in 2024.

The company reported net losses of $80.75 billion for the first half of 2026 and $41.97 billion for 2025. The filing says most of these losses came from changes in the estimated fair value of convertible notes, a type of debt that can be turned into company shares. Changes in the value of these notes accounted for $72.39 billion of the loss reported for the first six months of 2026. Anthropic's operating loss for that period was $693 million. However, the company reported operating income of $974 million for the quarter ending June 30.

Anthropic had about 5,300 employees as of Sept. 30. It also had more than 11,900 customers who each generated at least $100,000 in revenue over the previous 12 months.

What Compute Commitments Did Anthropic Disclose?

Anthropic has agreed to make large purchases and sign leases for computing power and other infrastructure needed to run its AI systems.

The filing lists these major computing and infrastructure commitments:

• Main cloud and AI suppliers: SpaceXAI, up to $120.5 billion; Google, about $114.5 billion; and Amazon, $110 billion.
• Key infrastructure partners: Microsoft, $44.9 billion; Nscale, about $44.6 billion; and Lambda, about $41.3 billion.
• Leases for hardware equipment: Leases with Broadcom include about $161.2 billion in total rent payments, not counting interest.

The filing also lists limits on building data centers as a business risk. These include whether enough electricity is available, how long it takes to connect facilities to the power grid, and state rules that restrict the construction of new facilities.