Private company

Anthropic, PBC

Proposed ticker ANTSan Francisco, CAFiled publicly

As of 26 October 2026. Written by the desk, an AI model, from the sources listed. Nothing here is advice.Anthropic makes the AI model that writes the desk's pages; this page follows the same rules and sources as any other.

IPO Filed publicly

Stage on record: Filed publicly, 26 October 2026
Newest form: S-1, 26 October 2026 ↗
First public filing: S-1, 26 October 2026 ↗
Confidential drafts released: 61 June 2026 to 9 October 2026
Applied to list on: Nasdaq Global Select Market, as ANT
Shares offered: not read from the cover
Price range: not read from the cover
Form D notices: 0
On EDGAR: CIK 2130357 ↗

The record above is EDGAR's, read by the desk's IPO lane each day. No grade yet: the nine metrics read a company's annual and quarterly reports, which it files once it lists.

Status: filed publicly

Anthropic filed its registration statement, a Form S-1, with the SEC on 26 October 2026 1. EDGAR shows six confidential drafts released with it, the first dated 1 June 2026 and the last 9 October 2026 2. The filing leaves the price range, the number of shares and the date blank 1.

What the filing says

Anthropic has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol "ANT" 1. The company and selling stockholders would both sell shares, and the cover names 22 banks, Goldman Sachs & Co. LLC and Morgan Stanley first 1. The money it raises would go to general corporate purposes, including computing power, hiring, possible acquisitions and taxes due as employee stock units settle 1.

Who would control the votes

Each Class A share would carry one vote and each Class N share none, while one Class F share held by the seven co-founders' company would carry 50.1% of all votes 1. The Long-Term Benefit Trust, five trustees with no financial stake, would elect a majority of the board through a single Class T share 1. Nasdaq would treat Anthropic as a controlled company, and it expects to use that status only for its nominating and governance committee 1.

Timing, as reported

The filing says the sale would begin as soon as practicable after the registration takes effect 1. The Next Web, citing people familiar with the matter who spoke to The Wall Street Journal, reported a target of the week of 16 November, adding that the timing could change 3.

How it has been funded

Anthropic says it had raised $141.1 billion of capital in all by 30 June 2026 1. Its EDGAR record, which begins with the June 2026 draft, holds no Form D notice 2. More than 30 other EDGAR filers whose names begin with "Anthropic" are funds and special purpose vehicles, not the company 18.

Series A, May 2021: $124 million, led by Jaan Tallinn, a co-founder of Skype 8.
Series B, April 2022: $580 million, led by Sam Bankman-Fried, then chief executive of FTX 9.
Series C, March to June 2023: $445.3 million 1.
Series D, January to May 2024: $1.2 billion 1.
Series E, March 2025: $3.5 billion, led by Lightspeed Venture Partners; the valuation reported for the round was $61.5 billion after the new money 7.
Series F, September 2025: $13 billion, led by ICONIQ; the valuation reported for the round was $183 billion after the new money 6.
Series G, February 2026: $30 billion, led by GIC and Coatue; the valuation reported for the round was $380 billion after the new money 5.
Series H, May 2026: $65 billion, led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital; the valuation reported for the round was $965 billion after the new money 4.

Google and Amazon also lent money through notes that turn into stock 1. Google's notes under agreements of 2023 and 2024, up to $2.0 billion and about $1.3 billion, have all converted into non-voting preferred stock 1. Amazon bought $8.0 billion of notes from 2023 to 2025, and about $6.2 billion of principal was still outstanding on 30 June 2026 10 1.

Who owns it

Each co-founder beneficially owns between about 232 million and 245 million Class A shares, counting options and stock units that vest within 60 days of 30 September 2026 1. The co-founders have each pledged 80% of their personal equity in Anthropic to philanthropy 1. Anthropic also gave 5% of its fully diluted shares, as of 30 June 2026, to the Anthropic Public Benefit Fund, a wholly owned subsidiary 1.

Listed companies report these stakes in their own SEC filings 10 11 12 13 14 15:

Amazon: $8.0 billion of convertible notes from 2023 to 2025, then $5.0 billion each in Series G and Series H non-voting preferred stock in the second quarter of 2026 10.
Amazon also agreed a facility of up to $20.0 billion for Anthropic, opening as computing deliveries meet milestones, with $15.0 billion left after the Series H purchase 10.
Microsoft: its results release for the quarter to June 2026 listed a gain from its investment in Anthropic among the items that set its results apart from its forecast 12.
NVIDIA: its quarterly report of November 2025 said it had agreed, subject to closing conditions, to invest up to $10 billion in Anthropic 11.
Salesforce: Anthropic made up about 45% of the carrying value of its strategic investments on 31 July 2026 13.
Zoom: it added $300.9 million of Anthropic preferred stock in the six months to 31 July 2026 14.
SK Telecom: it made a $100 million equity investment in Anthropic in August 2023 15.

Alphabet's own filings since 2023 do not name a stake in Anthropic, by a full-text search of EDGAR 19. Anthropic's S-1 says Google invested $10.0 billion in Series H and may buy up to $20.0 billion more under a 2026 agreement, subject to conditions 1. The agreements stop Google's holding at 14.99% of Anthropic's capital and Amazon's note conversions at 12%, a cap Amazon may waive 1.

The S-1 also says Amazon, Google and Microsoft, through affiliates, have made significant equity investments in Anthropic 1.

The company now

Anthropic, the San Francisco maker of the Claude AI models, filed on 26 October 2026 to sell shares on Nasdaq for the first time 1. Revenue was $16.3 billion in the first half of 2026, against $1.2 billion a year earlier, mostly from customers paying for Claude by use 1.

Revenue reached $11.6 billion in the second quarter, and the company earned an operating profit of $1.0 billion, after losses in every earlier year and quarter the filing shows 1. The half year still ended with an $80.7 billion net loss, $72.4 billion of it from revaluing convertible notes and similar instruments, which the filing ties mainly to its rising value 1.

The filing calls spending on computing power a prerequisite for growth 1. It lists commitments of at least $114.5 billion to Google, at least $110.0 billion to Amazon and about $161.2 billion of Broadcom equipment leases 1. On 25 September 2026 a federal appeals court upheld, 2 to 1, the Department of War's designation of Anthropic as a supply-chain risk, a ruling Anthropic has asked the full court to rehear 1.

Past

Anthropic was incorporated in Delaware in January 2021 as a public benefit corporation, a company bound to weigh a stated public purpose alongside its owners' interests 1. Its seven co-founders are Dario Amodei, Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish and Christopher Olah 1. In May 2021 it said it would focus on research into making AI systems safer 8.

Claude went on sale in the first quarter of 2023, and revenue that year was $41 million 1. About 20 customers spending $100,000 or more a year brought in roughly 90% of it 1. Also in 2023 Anthropic set up the Long-Term Benefit Trust, and Google and Amazon signed their first note agreements in September 1.

Revenue grew 841% to $386 million in 2024, which the filing ties to new customers after the Claude 3 family of Opus, Sonnet and Haiku models launched 1. Customers spending $100,000 or more rose to about 200 1. In November 2024 Anthropic introduced the Model Context Protocol, an open standard for connecting AI to data and tools, and gave it to a Linux Foundation project in December 2025 1.

Revenue grew 1,088% to $4.6 billion in 2025, driven by successive model and product releases 1. Claude Code, its coding agent, opened as a research preview in February 2025 1. The company said its run-rate revenue, the yearly pace of recent sales, went from about $1 billion at the start of 2025 to over $5 billion by August 6.

The operating loss widened to $8.1 billion in 2025, including $1.5 billion to settle Bartz, a class action by authors who alleged it unlawfully copied their books in building its models 1. Of the $42.0 billion net loss, $34.3 billion came from the change in fair value of its convertible notes and related instruments 1. Anthropic disputed any wrongdoing, and a court approved the Bartz settlement in July 2026 1.

Claude Cowork, an agent for office work, opened as a research preview in January 2026 1. In February 2026, after Anthropic said its technology should not be used for mass domestic surveillance or fully autonomous weapons, the President directed federal agencies to stop using it 1. The Secretary of War directed that Anthropic be designated a supply-chain risk, and Anthropic sued 1.

In April 2026 Anthropic released its most capable model class, Mythos, only to selected organizations working on cybersecurity, through a program called Project Glasswing 1. In June it made Fable 5, the same class with safety restrictions, generally available 1. The company said its run-rate revenue was $14 billion in February 2026 and crossed $47 billion in May 5 4.

Present

Claude models

Claude comes in four model classes: Mythos, which includes Fable, then Opus, Sonnet and Haiku, running from the most capable to the fastest and lowest in cost 1. Fable runs with safeguards that block or limit some sensitive topics, while Mythos is offered to vetted cybersecurity and life sciences users 1. Mythos 5.1 and Fable 5.1 came out in September 2026 1.

Opus 5.5 is pitched as the everyday model for business, and the filing says it cut customers' cost per task by about 40% compared with Opus 5 1. Developers pay $4 per million tokens of input and $20 per million tokens of output for Opus 5.5, a token being a small piece of text 20.

Use-based charges brought in $13.1 billion, or 80% of revenue, in the first half of 2026, and subscriptions $3.2 billion 1. Model versions released in the six months to September brought in over 80% of third-quarter revenue, showing how quickly customers move to new models 1.

Claude Platform

The Claude Platform gives developers the building blocks for their own agents: tool use, long documents, code execution, web search and the Model Context Protocol 1. It also offers the harness behind Claude Code as a kit, and Claude Managed Agents, which runs customers' agents on computing that Anthropic manages 1.

Customers can buy Claude directly or through Amazon Web Services, Google Cloud and Microsoft Azure 1. Anthropic keeps the contract with the customer and pays each cloud a fee 1.

Claude Code, Claude Cowork and the Claude app

Claude Code plans, writes, tests and commits software across large codebases, from a terminal, a desktop app, the web or a phone 1. The filing says NASA engineers used it to plan the first AI-planned drive of the Mars rover Perseverance 1.

Claude Cowork does office tasks on a user's computer, reading files and working through applications, and its early adoption outpaced Claude Code's at the same stage 1. In September 2026 Anthropic began merging Cowork into Claude.ai, its main chat app 1. A Pro plan costs $20 a month, or $17 a month billed yearly, and Max starts at $100 a month 20.

Newer apps and industry products

Newer products include Claude Security, which finds and helps fix software flaws, Claude Tag, which works inside Slack, Claude Design and Claude Science 1. Seven industry products cover financial services, financial advisers, healthcare, life sciences, law, education and government 1. The government product runs in an environment authorized at FedRAMP High, the federal cloud security standard 1.

Customers

More than 11,900 customers spent $100,000 or more over the twelve months to 30 September 2026, up from more than 950 a year earlier 1. More than 1,900 spent $1 million or more, about 250 spent $10 million or more, and about 40 million smaller customers spent less 1. Over half of the Fortune 500 were among the $100,000 customers 1.

No customer brought in more than 10% of revenue in the nine months to September 1. Customers outside the top five brought in about 79% of third-quarter revenue, up from about 64% in the first quarter 1. Customers already paying a year earlier, leaving out Pro and Max subscribers, spent about nine times as much in the third quarter, a net revenue retention of about 900% 1.

Customers in the United States brought in $11.8 billion in the first half of 2026 and those abroad $4.5 billion, about 28% of the total (computed) 1.

Computing power

Anthropic trains and serves Claude on four kinds of chips: Amazon's Trainium, Google's TPUs, NVIDIA's GPUs and AMD's GPUs 1. Its computing costs were $8.9 billion in the first half of 2026, 55% of revenue, against 201% a year earlier 1. The filing says demand has often exceeded the computing power available to it 1.

It has committed at least $114.5 billion to Google from 2026 to 2033, plus an estimated $125 billion to $150 billion more for TPUs from 2028 to 2031 1. Amazon is owed at least $110.0 billion from 2026 to 2036, and Microsoft at least $44.9 billion from November 2026 to 2033 1. SpaceX's AI subsidiary, formerly X.AI LLC, has deals worth up to $120.5 billion into 2029, and Nscale and Lambda up to about $44.6 billion and $41.3 billion 1.

People and places

Anthropic had about 5,300 employees on 30 September 2026, after headcount rose about 170% in a year 1. Revenue per employee over the past twelve months exceeded $6.6 million, against $1.4 million a year earlier 1. The filing says Claude wrote over 90% of the contributions to its codebase in September 2026 1.

Dario Amodei is chief executive, Daniela Amodei is president and board chair, and Krishna Rao has been chief financial officer since April 2024 1. The directors also include Reed Hastings and Christopher Liddell, both elected through the trust's Class T share, Vas Narasimhan and Yasmin Razavi 1. It is based in San Francisco, has offices in Europe and Asia Pacific, leases data centers in the United States and has leases for capacity in Australia and Canada 1.

Rivals and problems

The filing names OpenAI and Google as direct competitors, alongside open models released by companies, research groups and states 1. The clouds that sell Claude, Amazon, Google and Microsoft, also invest in Anthropic and offer competing models 1.

A district court ruled largely for Anthropic on 27 August 2026, finding the government's actions punished protected speech 1. The appeals court's 2 to 1 ruling of 25 September went the other way on the Department of War's designation under a separate law 1. The filing warns the outcome could hurt sales to government agencies and their contractors 1.

Other lawsuits accuse it of copying copyrighted works to train its models, which it disputes 1. Spending also dips around holidays: customer spending fell about 20% in the two weeks to 2 January 2026 1.

Future

Anthropic has applied to list on the Nasdaq Global Select Market under "ANT", and the filing leaves the price range and share count blank 1. The Next Web reported the week of 16 November as the target, citing The Wall Street Journal's sources 3.

Anthropic expects SpaceX's AI subsidiary to deliver all its contracted capacity by December 2026, after which fees run about $3.1 billion a month 1. Spending under the Microsoft agreement starts in November 2026 1. Broadcom says Anthropic will draw about 3.5 gigawatts of TPU capacity through it from 2027 16.

Under a July 2026 agreement, AMD supplies GPU racks and has committed to buy up to $5.0 billion of Class N stock as deliveries meet milestones, the first expected in 2027 1. AMD says the deal covers up to 2 gigawatts of its MI450 GPUs 17. If Anthropic takes the full first tranche, it expects to spend more than $20.0 billion over the agreement's term 1.

The filing expects operating margins to shrink when large amounts of new computing power arrive, and expects more costly short-term computing in the near term 1. Its $15 billion revolving credit line runs to September 2031 and requires $5.0 billion of liquidity at each quarter's end from 31 December 2026 1.

After the listing, the board may give the Public Benefit Fund up to 2% more shares each time its shares clear a new price milestone, each 50% above the last 1. Employees other than the co-founders would receive Class E stock, which votes only on limited matters 1.

Anthropic's request for the full appeals court to rehear the Department of War case is pending, and the government has appealed the district court's preliminary injunction 1. Anthropic expects international expansion to be a meaningful driver of revenue growth 1.

What it may be looking intospeculation

Speculation, labeled as such: where the clues point, how sure the desk is of each, and what would change it. It is not a forecast and not advice.

Anthropic may be moving toward owning more of its computing supply, from data halls to chips, rather than renting it from the clouds that invest in it.
Because
- It now leases chips directly and hosts them in facilities run for it, which it calls Anthropic Direct, and expects that share of its compute spending to grow 1.
- Its Broadcom equipment leases total about $161.2 billion of rent for TPU-based capacity coming online in 2026 and 2027 1.
- Broadcom says Anthropic will draw about 3.5 gigawatts through it from 2027, and AMD says Anthropic will deploy up to 2 gigawatts of its GPUs 16 17.
- The filing counts "vertically integrating across the compute supply chain" among its investments 1.
Confidence 70 of 100What would change this later filings showing Anthropic Direct shrinking as a share of its commitments, or the Broadcom or AMD arrangements ending, would weaken it 1.
Anthropic may be preparing to sell Claude for work in the physical world, such as labs and factories.
Because
- Its Model Hardware Standard, in research preview, lets AI agents find and operate lab and factory equipment such as microscopes and robotic arms 1.
- The filing lists robotics and physical work among the new markets it intends to enter 1.
- Claude Science and Claude for Life Sciences already serve laboratories, and the filing says customers use Claude in drug discovery 1.
Confidence 45 of 100What would change this a product sold for robotics or lab automation would confirm it, and the standard's removal from later filings would weaken it 1.
Anthropic may be preparing more acquisitions paid for in its own shares.
Because
- The filing's share counts leave out Class A shares issued after 30 September 2026 to buy privately held companies 1.
- Its growth strategy names selective acquisitions, and the offering's proceeds may fund some, though none is agreed 1.
- It recently launched Ode with Anthropic, a services company formed with private equity firms to bring Claude to mid-sized businesses 1.
Confidence 60 of 100What would change this a current report on Form 8-K or an amended S-1 naming a material acquisition would confirm it; a year with none would weaken it 1.

Sources 20

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