Anthropic files S-1 for Nasdaq IPO under ANT: $16.3B half-year revenue, $80.7B net loss

Anthropic files for its Nasdaq debut

Anthropic has publicly filed its Form S-1 with the U.S. Securities and Exchange Commission, moving the Claude maker one step closer to a Nasdaq listing under the ticker ANT. According to TechCrunch, the filing landed on Monday after weeks of leaked draft versions, and The Verge notes it follows a confidential submission made in June. The company has not yet disclosed how much it hopes to raise or at what price shares will be offered.

The filing sets up one of the most closely watched public debuts in recent memory, and positions Anthropic ahead of OpenAI in the race to the public markets, as The Verge points out.

Revenue scaled roughly 14x in a year

The S-1 covers the first half of 2026: revenue of $16.3 billion, up from roughly $1.2 billion in the first half of 2025, per TechCrunch. Operating losses narrowed sharply over the same period, from about $2.1 billion to $693 million, though the company cautioned it may never reach or sustain profitability.

An independent analysis published on dev.to, whose author parsed the filing by script, traces the longer arc: revenue of $41 million in 2023, $386 million in 2024 and about $4.6 billion for full-year 2025, before the jump to $16.3 billion in a single half.

The $80.7 billion loss, decoded

The net loss is the number dominating headlines: $80.7 billion for the half. But TechCrunch and The Verge both report the bulk of it stems from noncash accounting charges tied to notes issued for funding, and the dev.to analysis puts a precise figure on it. According to that parse, a $72.4 billion fair-value charge — triggered by the rising worth of outstanding convertible promissory notes as Anthropic's valuation climbed — accounted for roughly 90% of the net loss.

The odd property of this charge, as the analysis frames it, is that it grows as the company becomes more valuable. Strip it out and the operating business lost $693 million on $16.3 billion of revenue, about 4%, and the analysis reports positive operating cash flow of $3.9 billion for the half, versus roughly negative $1.5 billion a year earlier.

A business built on compute

Compute is now the dominant cost. The dev.to parse shows compute and infrastructure spending of $8.9 billion in the first half of 2026 — more than the $7.3 billion spent in all of 2025 — representing over half of total operating expenses. The same analysis notes Anthropic has raised $141.1 billion in aggregate capital and held $112.4 billion in cash plus $19.3 billion in short-term investments as of June 30.

The Verge details the forward commitments: about $3.1 billion per month to SpaceX for access to Nvidia GPUs once planned capacity is delivered, potentially totalling $120.5 billion by 2029, alongside $44.9 billion with Microsoft through 2033, at least $114.5 billion with Google through 2033, and $110 billion with Amazon over the next decade.

One caveat the dev.to analysis raises: the aggregate commitments figure is literally blank in the filed document, so any single total circulating in press coverage is assembled from the component deals rather than quoted from the filing itself.

Enterprise traction, governance and risk

On the customer side, TechCrunch reports that as of the end of September Anthropic had more than 11,900 customers spending $100,000 or more annually, 1,900 spending over $1 million, and about 250 spending over $10 million. The dev.to parse adds that no single customer exceeded 10% of revenue in the nine months to September 30, with the top five accounting for roughly 25%.

Governance may prove the most contested part of the offering. Per TechCrunch, the seven co-founders will hold 50.1% of shareholder voting power through a Founder LLC, and the Long-Term Benefit Trust established in 2023 will appoint most of the board — a structure Anthropic says protects its safety mission, but which leaves public shareholders with little practical control over a company whose own filing acknowledges catastrophic and existential risks.

The Verge also highlights unusual risk factors, including AI models developing forms of sentience, AI-specific taxes, unresolved copyright litigation, and catastrophic AI incidents that no single insurer — potentially not the insurance industry in aggregate — could underwrite. CEO Dario Amodei received nearly $18 million in 2025 compensation, with President Daniela Amodei at $16.4 million.

Why it matters

This is the first S-1 of this scale from a frontier AI lab, and it frames the economics the entire industry will be judged by: extraordinary revenue growth funded by extraordinary capital intensity, with compute now the single largest cost line. The headline loss is largely an accounting artifact of a rising valuation, which means investors will likely price the stock on operating trajectory and cash flow rather than the net figure. And because of the founder-controlled structure, public buyers will hold economics in the company without meaningful voting power. Expect amended filings to fill in the missing commitments total, the raise size and the share price before the listing prices.