Frontier Flux Original
Anthropic files for a Nasdaq IPO under ticker ANT, showing $16.3 billion in first half revenue
Anthropic's S-1 shows revenue of $16.29 billion for the first half of 2026 and an $80.7 billion net loss, most of it a paper charge on convertible notes. Share count and price are not set, and the founders keep 50.1% of the vote.
Frontier Flux / AI-generated
Anthropic filed a registration statement on Form S-1 with the SEC on 26 October 2026 for a proposed initial public offering. In its announcement, the company says it intends to list Class A shares on the Nasdaq Global Select Market under the symbol ANT. The share count and price range are not set, and the filing is not yet effective.
The prospectus is the first full public look at the company's books. Revenue for the first half of 2026 was $16.29 billion, up from $1.16 billion a year earlier. The net loss was $80.7 billion, but $72.4 billion of that is an accounting charge from the rising value of convertible notes and similar instruments. The operating loss was $693 million.
Key facts
- Primary: Anthropic and the S-1 on SEC EDGAR, 26 October 2026
- Independent: CNBC live coverage, 26 October 2026
- Full year 2025 revenue: $4.59 billion, against $386 million in 2024
- Compute and infrastructure: $8.95 billion of the $16.98 billion in first half operating expenses
- Customers: more than 11,900 paying $100,000 or more over the trailing year as of 30 September, and about 250 paying $10 million or more
- Control: a Founder LLC held by the seven co-founders gets a single Class F share carrying 50.1% of votes, and the Long-Term Benefit Trust elects a board majority
- Lead underwriters: Goldman Sachs and Morgan Stanley
How to read it
The headline loss mostly reflects the company becoming more valuable on paper, not cash burned on operations. The operating loss shrank from $2.1 billion to $693 million year over year while revenue grew about fourteenfold. The bigger long-term question is compute. CNBC reports the filing lists more than $265 billion in noncancelable purchase commitments as of 30 June, plus spending pledges to Amazon, Google, Microsoft and SpaceX. Public buyers would also get limited say: the founders keep voting control and the trust picks most directors. The price range, expected in a later amendment, will show what investors are being asked to pay.
Independence
Frontier Flux is not affiliated with Anthropic, its underwriters or CNBC. Figures come from the S-1 and CNBC's reporting. This is not investment advice.