As of 9:45 AM IST, Tuesday 27 October 2026. Figures come from Anthropic's preliminary S-1 prospectus and announcement, as reported by CNBC and The Wall Street Journal. The prospectus is incomplete and may change; the share count and price range have not been set.
Anthropic, the company behind the Claude AI models, has publicly filed for an initial public offering. In an S-1 registration statement filed with the US Securities and Exchange Commission on Monday 26 October, it said it plans to list its Class A shares on the Nasdaq Global Select Market under the ticker "ANT". Goldman Sachs and Morgan Stanley lead a long list of underwriters.
Anthropic has not yet disclosed how many shares it will sell, the price range, or the valuation it is targeting. The Wall Street Journal said those details likely won't come for another two weeks or so.
The key numbers
| Metric | Figure |
|---|---|
| Revenue, six months to 30 June 2026 | $16.29 billion, up 1,304% from $1.16 billion |
| Revenue, full year 2025 | $4.59 billion |
| Operating loss, first half 2026 | $693 million (NDTV, citing the filing) |
| Net loss, first half 2026 | $80.7 billion, about $72 billion of it from accounting charges on convertible notes |
| Implied gross margin, first half 2026 | About 85%, up from about 12% a year earlier (CNBC calculation) |
| Customers paying $100,000+ a year | More than 11,900 (as of 30 September) |
| Net revenue retention | About 900% (as of 30 September) |
| Employees | 5,300 (as of 30 September) |
| Debt | $6.2 billion, mainly convertible notes held by Amazon |
The headline loss looks alarming but is mostly an accounting effect. CNBC reported that roughly $72 billion of the first-half net loss came from changes in the value of convertible notes as Anthropic's valuation rose. Anthropic last raised money at a $965 billion valuation in May, according to CNBC.
Who controls the company
Anthropic is a public benefit corporation, and the filing describes a structure it says has "no direct public company precedent":
- Class F: a single share held by a "Founder LLC" whose members are the seven co-founders, including CEO Dario Amodei and President Daniela Amodei. It carries 50.1% of the voting power on most matters and no economic rights.
- Class T: held by Anthropic's Long-Term Benefit Trust, which can elect directors who make up a majority of the board.
- Class A: the shares sold to the public, with one vote each.
The filing warns that this structure is likely to limit unsolicited takeover bids and could make it harder to replace directors.
Huge compute commitments
The prospectus shows how much Anthropic has committed to spend on computing power. According to CNBC, these include $110 billion with Amazon through 2036, $114.5 billion on Google TPUs through 2033, at least $44.9 billion with Microsoft between November 2026 and May 2033, and up to $120.5 billion with SpaceX through 2029. Non-cancellable purchase commitments rose to $265.6 billion by 30 June, from $54.6 billion at the end of 2025.
The filing has more than 90 pages of risk factors. They include securing enough compute, dependence on TSMC in Taiwan, the company's dispute with the Pentagon, and possible misuse of its models. OpenAI and Google are the only competitors it names.
Unusual lock-ups
Employees and early investors will be able to sell some shares from the first day of trading, CNBC reported. Further lock-up releases are scheduled 27, 48, 62 and 76 days after the IPO, rather than the usual single 180-day lock-up.
Market reaction
The filing lifted the battered AI trade. On Monday, the iShares Semiconductor ETF rose nearly 3%, and the rally carried into Asia on Tuesday.
Related reading on HorizonDesk
- Our earlier report on Anthropic's revenue and IPO valuation
- Anthropic's public benefit fund and its 5% share pledge
- Why private AI lab revenue moves Wall Street
Sources
- Anthropic: Anthropic files S-1 with the SEC for proposed initial public offering (26 Oct 2026)
- SEC EDGAR: Anthropic, PBC Form S-1 (preliminary prospectus)
- CNBC: Anthropic IPO live updates (26 Oct 2026)
- The Wall Street Journal: Anthropic Files for IPO, Revealing $16.3 Billion in Revenue (subscription)
