Anthropic files S-1 for Nasdaq IPO, reporting $16.3bn half-year revenue

Anthropic, PBC filed a Form S-1 registration statement with the SEC, "As filed with the Securities and Exchange Commission on October 26, 2026."

As filed with the Securities and Exchange Commission on October 26, 2026.

The S-1 says Anthropic has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol "ANT."

We have applied to list our Class A common stock on the Nasdaq Global Select Market under the symbol “ANT.”

The preliminary prospectus leaves the number of shares and the initial public offering price range blank, and says the offering is "Subject To Completion."

Subject To Completion. Dated .

The prospectus lists 18 underwriters; Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are the representatives of the underwriters.

Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are the representatives of the underwriters

The S-1 says Anthropic is selling shares of Class A common stock and selling stockholders are selling an additional number of shares, and that Anthropic will not receive proceeds from the selling stockholders' shares.

We are selling shares of Class A common stock and the selling stockholders identified in this prospectus are selling an additional shares of Class A common stock. We will not receive any proceeds from the sale of shares of our Class A common stock by any of the selling stockholders.

The S-1 reports that Anthropic's revenue was $16.3 billion for the six months ended June 30, 2026, up from $1.2 billion for the six months ended June 30, 2025.

Our revenue was $16.3 billion for the six months ended June 30, 2026, up from $1.2 billion for the six months ended June 30, 2025.

The S-1 reports revenue of $41 million in 2023, $386 million in 2024 and $4.6 billion in 2025.

In 2023, 2024, and 2025, our revenue was $41 million, $386 million, and $4.6 billion, respectively

The S-1 reports an operating loss of $693 million for the six months ended June 30, 2026, down from $2.1 billion for the six months ended June 30, 2025.

Our operating loss was $693 million for the six months ended June 30, 2026, down from $2.1 billion for the six months ended June 30, 2025.

The S-1 reports net losses of $1.5 billion, $8.3 billion and $42.0 billion for 2023, 2024 and 2025, and $80.7 billion for the six months ended June 30, 2026; it says $72.4 billion of the half-year figure was a change in the fair value of convertible notes, derivative liabilities and SAFEs, driven mainly by the rise in its enterprise valuation.

$10.9 billion and $72.4 billion for the six months ended June 30, 2025 and 2026, respectively. These changes were primarily driven by an increase in the fair value of our outstanding convertible promissory notes resulting from an increase in our enterprise valuation

The S-1 says Anthropic's customers with $100,000 or more of revenue on a trailing-twelve-month basis grew from more than 950 on September 30, 2025 to more than 11,900 on September 30, 2026.

We had more than 11,900 customers with $100,000 or more of revenue on a TTM basis as of September 30, 2026, up from more than 950 as of September 30, 2025.

The S-1 says Anthropic is incorporated as a public benefit corporation under Delaware law, with the public purpose of "the responsible development and maintenance of advanced AI for the long-term benefit of humanity."

We are incorporated as a public benefit corporation under Delaware law ... the specific public benefit purpose identified in our amended and restated certificate of incorporation: the responsible development and maintenance of advanced AI for the long-term benefit of humanity.

The S-1 says the Long-Term Benefit Trust, through Class T common stock, generally has the authority to elect and remove the Class T directors, who together will constitute a majority of the authorized members of the board.

Through a special class of common stock, Class T common stock, the LTBT generally has the authority to elect and remove the Class T directors, who together will constitute a majority of the authorized members of our board of directors.

The S-1 says a single share of Class F common stock, held by a limited liability company of the seven co-founders, will carry 50.1% of the total voting power of outstanding shares on matters submitted to stockholders generally.

together with our five other co-founders, will initially be the sole members of the Founder LLC. Our Class F common stock, which will be held by the Founder LLC, will be entitled to an aggregate number of votes that equals 50.1% of the total voting power of our outstanding shares of capital stock with respect to matters submitted to stockholders generally

The S-1 says Anthropic is a "controlled company" within the meaning of the Nasdaq Global Select Market corporate governance requirements.

We are considered a “controlled company” within the meaning of the Nasdaq Global Select Market corporate governance requirements.

The S-1 says Anthropic has "substantial compute commitments" that it expects to continue to grow as it scales its business.

Our compute requires substantial upfront commitments and ongoing payments as the compute becomes available to us. Our compute commitments will continue to grow as we scale our business.

In its section "Enterprise Adoption of Claude", the S-1 says that as of September 30, 2026 Anthropic had more than 1,900 customers with $1 million or more of revenue on a trailing-twelve-month basis and approximately 250 customers with $10 million or more.

More than 1,900 customers with $1 million or more of revenue on a TTM basis; and ... Approximately 250 customers with $10 million or more of revenue on a TTM basis.

The S-1 says that for the three months ended September 30, 2026, over 50% of Anthropic's customers with $100,000 or more of trailing-twelve-month revenue used Claude Platform and at least one of its first-party applications, up from approximately 30% for the three months ended December 31, 2025.

For the three months ended September 30, 2026, over 50% of our customers with $100,000 or more of revenue on a TTM basis used Claude Platform and at least one of our first-party applications, up from approximately 30% for the three months ended December 31, 2025.

The S-1 describes Claude Code as Anthropic's coding agent and Claude Cowork as its knowledge work agent with computer use capability, and Claude Platform as its agentic development environment for customers building their own applications on Claude.

Claude Platform, our comprehensive agentic development environment, provides customers with direct access to the primitives to build, deploy, and scale their own applications ... Claude Code, our coding agent ... Claude Cowork, our knowledge work agent, has computer use capability

The S-1 says Claude is accessible on AWS, GCP and Azure, the three major cloud platforms, and that Anthropic keeps direct contractual relationships with its customers while paying each cloud provider a fee.

Claude is accessible on all three major cloud platforms ... We have a joint go-to-market approach with these CSPs through which we establish direct contractual relationships with our customers while paying a fee to each CSP.

Anthropic announced on 26 October 2026 that it filed a registration statement on Form S-1 with the SEC for a proposed initial public offering of its Class A common stock.

Today, Anthropic, PBC filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to its proposed initial public offering of its Class A common stock.

Anthropic's announcement states that the number of shares and the price range have not been set and that the registration statement has not yet become effective.

The number of shares of Class A common stock to be offered and the price range for the proposed offering have not yet been determined.