SAN FRANCISCO, Oct. 27, 2026 | Anthropic publicly filed its S-1 on Monday for an initial public offering on the Nasdaq under the ticker "ANT," reporting $16.3 billion in revenue and an $80.7 billion net loss for the six months ended June 30. About $72 billion of the loss was a non-cash charge tied to changes in the value of convertible notes and other financing instruments, according to Investing.com's account of the filing. The filing does not yet state a share count or price range.
What the Filing Shows About Revenue and Losses
Revenue for the first half of 2026 was $16.3 billion, up from $1.2 billion in the same period a year earlier. Yahoo Finance's account of the filing puts that against $4.6 billion for all of 2025. The net loss was $80.7 billion, compared with $13 billion a year earlier. Cash and cash equivalents stood at $112.4 billion on June 30, and total capital raised was $141.1 billion. Our Anthropic statistics page tracks the company's figures over time.
Customer numbers also rose. Investing.com reports more than 11,900 customers generating at least $100,000 in revenue, up from 950 a year earlier, and net revenue retention of about 900% as of September 30. Yahoo Finance reports that roughly one-fifth of revenue came from two customers.
The Offering: Underwriters, Timing and Valuation
Goldman Sachs and Morgan Stanley are leading the offering. Anthropic has not disclosed a target valuation. The Wall Street Journal, as cited by Investing.com, reported the IPO could raise $100 billion or more at a valuation of $1.5 trillion to $2 trillion, with pricing details possible in about two weeks and a target of the week of November 16. Fortune, as cited by Techloy, reported a listing in Thanksgiving week, starting November 23. The two reports differ, and timing could change. For background on how a listing would work, see our Anthropic IPO guide.
Spending Commitments and Financing
The filing lists future minimum payment obligations of $245 billion, plus about $21 billion in short-term agreements. Investing.com's account lists several large agreements: up to about $114.5 billion with Google through 2033, at least $110 billion with Amazon through 2036, up to $120.5 billion in computing spend with SpaceX's AI unit and Nvidia, and Broadcom equipment leases with rent payments of about $161.2 billion. These figures cover different agreements and should not be added together. Yahoo Finance quotes the filing on the SpaceX deal: "we agreed to spend an aggregate of up to $120.5 billion over terms extending into 2029."
In September, Anthropic also raised its revolving credit commitments to $15 billion from $3.3 billion, and the filing allows up to $42 billion in convertible promissory notes to finance rent obligations. Amazon agreed to provide up to $20 billion in financing under an April agreement.
Analysis: Reading the Loss and the Cash Pile
Using the reported figures, revenue grew about 13.6 times from the year-earlier half ($16.3 billion divided by $1.2 billion). The $72 billion non-cash charge is about 89% of the $80.7 billion loss ($72 billion divided by $80.7 billion), which leaves roughly $8.7 billion of loss from other sources ($80.7 billion minus $72 billion). That remainder is our arithmetic, and the filing itself should be consulted for how the loss breaks down. Cash of $112.4 billion compares with $245 billion of future minimum payment obligations, but those obligations are spread over years, as far out as 2036, so the two numbers are not a like-for-like comparison. The filing warns that Anthropic may not achieve or sustain profitability and that costs and capital spending are expected to rise.
The scale of these commitments is part of the wider debate over whether AI spending can be sustained, which we cover in our AI bubble analysis.
Governance and Other Disclosures
Anthropic is a public benefit corporation with a Long-Term Benefit Trust, and the filing provides for a special Class T stock for Class T directors. Founders pledged to donate 80% of their equity to charity. The company committed to keeping Claude free of advertising and does not expect to pay dividends in the foreseeable future. The filing also warns of potentially catastrophic risks from advanced AI, which Investing.com notes are risks the company identified rather than routine outcomes.
Frequently Asked Questions
What ticker will Anthropic trade under?
Anthropic plans to list on the Nasdaq under the ticker "ANT," according to its S-1 filing as reported by Investing.com and Yahoo Finance.
When will Anthropic's IPO happen?
The filing does not give a date. The Wall Street Journal, as cited by Investing.com, reported a target of the week of November 16, while Fortune, as cited by Techloy, reported Thanksgiving week starting November 23. Timing could change.