Anthropic files its public IPO prospectus, aiming for Nasdaq as ANT
The Claude maker's first public books show $16.3 billion of revenue in six months, with control kept by its founders and a trust.
What happened
Anthropic, the maker of the Claude AI models, filed its public registration statement for a first sale of shares with the SEC on Monday 26 October, after confidential drafts since Monday 1 June. [1, 2]
The company has applied to list its Class A shares on the Nasdaq Global Select Market under the symbol ANT. The filing leaves the number of shares and the offering terms blank. Goldman Sachs and Morgan Stanley head a list of 22 underwriting banks on its cover. [1, 3, 4]
Why it matters
The prospectus is the first full public look at Anthropic's books. Revenue was $16.3 billion in the six months to the end of June, against $1.2 billion a year earlier and $4.6 billion in all of 2025. The net loss for the half was $80.7 billion, of which $72.4 billion was the rising value of convertible notes and similar instruments, which the filing ties to the company's own valuation. [1, 3]
The money behind it
The operating loss for the half was $693 million, down from $2.1 billion a year earlier. In 2025 it was $8.1 billion, a year that carried a $1.5 billion copyright settlement, the Bartz class action. [1]
At the end of June the company held $112.4 billion of cash and cash equivalents and $19.3 billion of short-term investments, having raised $141.1 billion in all, the filing says. It has committed to spend at least $110.0 billion with Amazon through April 2036, about $114.5 billion with Google through July 2033 and $44.9 billion with Microsoft through May 2033, whatever it uses. [1, 3]
On customers, Yahoo Finance reported that roughly one fifth of revenue came from two customers. The filing itself says no customer passed 10 percent of revenue in the nine months to September, and the top five made up about 25 percent. [1, 4]
Who controls it
Buyers of the offering get Class A shares with one vote each. A single Class F share, held by a company of the seven co-founders including Chief Executive Dario Amodei and President Daniela Amodei, will carry 50.1 percent of the votes on most matters. [1]
Anthropic is a public benefit corporation, bound to weigh its stated purpose beside shareholders' interests. Its Long-Term Benefit Trust, a body of financially disinterested trustees, holds a Class T share that elects a majority of the board. The company will be a 'controlled company' under Nasdaq's rules. [1]
What settles it next
The shares cannot be sold until the registration takes effect, and the offering's terms are still to be filed, the prospectus says. NBC News reported that the offering is widely expected sometime in mid-November, after a road show with investors. [1, 3]
Who it reaches
Amazon (AMZN), Alphabet (GOOGL) and Microsoft (MSFT) are adjacent: each has made significant equity investments in Anthropic, sells it cloud computing under the commitments above and also competes with it, the filing says. Amazon also holds Anthropic's convertible notes, $6.2 billion of principal at the end of June. [1]
Sources
- Anthropic, PBC, Form S-1 registration statement, filed 26 October 2026, 2026-10-26
- SEC EDGAR, Anthropic, PBC filing list (DRS of 1 June 2026, amendments through 9 October, S-1 of 26 October), 2026-10-26
- NBC News, Steve Kopack, Anthropic reveals $80 billion loss, huge spending spree ahead of IPO, 26 October 2026, 2026-10-26
- Yahoo Finance, Daniel Howley, Anthropic publicly files IPO prospectus, noting strong revenue growth and massive spending, 26 October 2026, 2026-10-26
Every stock is a company; the desk grades the company behind the stock. This article describes; it does not recommend. Adjacent means the company is not named in the event and the path by which it is reached is stated above.