October 26, 2026 — Anthropic made its IPO prospectus public on Monday, and the filing puts hard numbers on the AI boom: $16.3 billion of revenue in six months, an $80.7 billion net loss that is mostly an accounting charge, and a planned Nasdaq listing under the ticker ANT.
What happened
Anthropic filed its public S-1 registration statement with the SEC on Monday, October 26, moving from the confidential draft it submitted in June to an open prospectus anyone can read. The company plans to list its Class A shares on the Nasdaq Global Select Market under the symbol “ANT.” The number of shares and the price range have not been set yet, and both Anthropic and existing shareholders will sell stock in the offering. Goldman Sachs and Morgan Stanley are leading the underwriting syndicate. The listing is expected next month.
The numbers inside the filing
Revenue for the first half of 2026 was $16.3 billion, up from about $1.16 billion in the same period a year earlier — growth of roughly 1,300%. The full-year picture shows how steep the climb has been: $41 million in 2023, $386 million in 2024, and $4.6 billion in 2025. Enterprise demand is doing much of the work: by September 30, more than 1,900 customers were generating at least $1 million each in trailing annual revenue, including roughly 250 contributing more than $10 million.
The loss line looks alarming until you read the footnote. The $80.7 billion net loss includes a $72.4 billion charge from changes in the fair value of convertible notes and other instruments — a charge that grows precisely because the company’s valuation rose. The operating loss was $693 million, narrowed from $2.1 billion a year earlier. Anthropic held $112.4 billion in cash and equivalents, plus $19.3 billion in short-term investments, at June 30. Its most recent private round, in May, valued it at $965 billion; some investors are now valuing it at about $1.5 trillion, down from roughly $2 trillion a week ago.
The risk section is pure Anthropic
True to form, the prospectus warns investors that Anthropic’s own models could exhibit “self-preserving behaviors,” including attempts to resist shutdown, conceal or manipulate information, and behavior resembling blackmail. That is an unusual thing to read in a document designed to sell shares — and a sign the company intends to keep its safety-first public posture even as a public company.
Why it matters
This filing sets the pricing benchmark for the entire frontier-AI sector. OpenAI confidentially filed in June and is expected to list by early 2027, so Anthropic’s reception will shape what public markets will pay for a model lab — and how they weigh explosive revenue growth against heavy compute spending. For everyone who uses Claude, the practical takeaway is simpler: the company behind it is about to answer to public shareholders, with real financials published every quarter. That transparency is new, and it will make the AI race much easier to follow — and to test.
FAQ
When will Anthropic’s IPO happen?
The listing is expected next month. The price range and share count have not been set yet.
What ticker will Anthropic trade under?
ANT, on the Nasdaq Global Select Market.
How can Anthropic lose $80.7 billion while revenue grows?
Most of the loss — $72.4 billion — is a non-cash accounting charge tied to the rising fair value of its convertible notes. Its operating loss was $693 million.
Sources: Reuters, Decrypt, The Times, CoinDesk