Anthropic S-1: $16.3B Revenue, Nasdaq Ticker ANT

Anthropic’s Public IPO Filing

A loss of $80.7 billion would usually worry investors. But in Anthropic’s case, most of that loss comes from how quickly the company has grown. Anthropic, the company that makes Claude, made its S-1 registration statement public on Monday. The filing asks to list the company on Nasdaq under the stock ticker ANT. It also gives the public its first look at the company’s audited financial records.

Key Takeaways

• Anthropic made $16.3 billion in revenue in the first half of 2026, up from $1.16 billion in the same period a year earlier. It also made $974 million in operating income in the second quarter.
• About $72.4 billion of its $80.7 billion net loss in the first half came from a non-cash accounting charge. This charge reflects the rising value of convertible notes and similar financial instruments.
• Anthropic has committed to spending at least $114.5 billion with Google, $110 billion with Amazon and $44.9 billion with Microsoft on computing services. Its filing also identifies TSMC and Taiwan as a risk to its supply of chips.

Why Most of the Loss Exists Only on Paper

Over the years, Anthropic has raised money from investors by selling convertible notes, derivatives and SAFEs. As the company’s value increased, the accounting value of these financial agreements also rose. This change created a $72.4 billion expense in the first half of 2026.

The company did not actually pay out cash for this expense. Its cash-flow statement also lists another $8.72 billion in non-cash charges related to other financial instruments.

The company’s day-to-day business tells a very different story. Anthropic had an operating loss of $693 million in the first half, down from $2.14 billion a year earlier. In the second quarter alone, it made $974 million in operating income. This was its first profitable quarter from operations among the six quarters shown in the filing.

Cash from operating activities was positive at $3.93 billion. Anthropic has $112.4 billion in cash and cash equivalents, along with $19.3 billion in short-term investments.

Revenue Growth and Who Pays

Revenue rose about 1,300% from a year earlier to $16.29 billion. Revenue for the second quarter alone reached $11.56 billion. For comparison, Anthropic made $4.6 billion in revenue during all of 2025.

More than 1,900 customers each paid at least $1 million over the past year. However, about 20% of Anthropic’s revenue in the first half came from just two customers. The company expects a small group of customers to continue providing a large share of its revenue.

Cloud marketplaces are especially important to the company. Sales through Google, Amazon and Microsoft made up 48% of revenue in the first half, up from 11% in 2023. The filing describes these companies as investors, customers, distribution partners and competitors at the same time.

The Cost of Computing

Anthropic spent $8.95 billion on computing and infrastructure in the first half, up from $2.33 billion a year earlier. Its long-term spending commitments are much larger than these costs.

Anthropic must spend at least $114.5 billion with Google Cloud through 2033, $110 billion with Amazon through 2036 and $44.9 billion with Microsoft through 2033. It must pay these minimum amounts even if it does not use all the computing capacity. The company also expects to spend $125 billion to $150 billion on additional Google TPU computing capacity between 2028 and 2031.

The filing lists $161.2 billion in equipment leases with Broadcom. It also warns that Taiwan Semiconductor Manufacturing Co. could limit supply, noting that the chipmaker has sometimes been unable to make enough chips to meet demand.

What the Stock Offering Could Look Like

The prospectus does not yet say how many shares will be offered or what their price range will be. People familiar with the plans told The Wall Street Journal that Anthropic aims to raise $100 billion or more at a company valuation of between $1.5 trillion and $2 trillion. The listing could take place around the week of November 16.

If that happens, Anthropic would raise more than the $75 billion SpaceX raised in June, which is the current record. Anthropic last set a private share price in May. At that time, a $65 billion Series H funding round valued the company at $965 billion.

Control of the company will remain limited to a small group. A Long-Term Benefit Trust that holds Class T shares can choose a majority of the board members. This makes Anthropic a Nasdaq “controlled company.” The company recently created a public benefit fund that grows as the company’s value increases.

A Test for the Whole AI Market

The filing gives public-market investors their first audited look at the finances of a leading AI company. It also shows how money moves between companies in this industry. Anthropic’s biggest financial backers sell it cloud computing capacity and also resell its AI models. One estimate puts the value of its four non-cancelable computing deals at about $430 billion. That is roughly one-fifth of the total future cloud business listed by Amazon Web Services and Google Cloud. Investors who doubt that demand for AI will continue to grow are likely to focus on this dependence, especially after an Apollo economist found no evidence of AI benefits outside the big technology companies.

The timing also matters. China’s stock index focused on AI companies has already fallen sharply, and US technology shares have dropped from their highest levels. If Anthropic’s stock performs well when it first trades publicly, it would follow SpaceX’s growth as a public company and give investors a point of comparison for OpenAI’s own planned stock market listing. If Anthropic’s debut goes badly, it could hurt companies whose future orders depend on AI labs. These include chip suppliers and the large cloud companies that now handle nearly half of Anthropic’s sales.

Written by Vytautas Valinskas