Anthropic IPO: Anthropic, the San Francisco company behind the Claude AI models, has filed its prospectus for a Nasdaq listing, turning months of reporting into numbers. It filed its S-1 with the US Securities and Exchange Commission on Monday, October 26, and has applied to trade as “ANT” on the Nasdaq Global Select Market. It had filed confidentially in June. The filing gives no price range, share count or listing date.
The numbers in the filing
Revenue for the six months to June 30, 2026 was $16.29 billion, against $1.16 billion in the same period of 2025 and $4.59 billion for all of last year, according to the S-1. The net loss for the half was $80.75 billion.
About $72.4 billion of it came from an accounting charge linked to the rising value of Anthropic’s convertible notes. By that arithmetic, roughly $8.3 billion came from other items. The operating loss was $693 million, down from $2.1 billion a year earlier.
Anthropic also presents an adjusted view that excludes stock-based pay, non-cash charitable contributions and legal settlement costs, it shows $1.6 billion in operating income, a margin of about 10%. It also reported positive operating cash flow of $3.9 billion for the half, against a negative $1.5 billion a year earlier. Those are the company’s own measures.
Within the half, second-quarter revenue at $11.6 billion, up from $4.7 billion in the first. Compute is the largest cost: $5.6 billion in the second quarter.
Third-quarter figures are not in the filing. Anthropic told investors on October 14 that revenue for July to September was $16.8 billion, about 45% above the second quarter. The company has not published the number, and Axios noted it may appear in an amended filing before pricing.
Valuation, size and timing
The filing states no valuation. Reports put the target between $1.5 trillion and $2 trillion, and the Wall Street Journal, cited by Forbes, reported a raise of $100 billion or more.
Anthropic’s last private round, a $65 billion Series H on May 29, valued it at $965 billion after the money came in, according to law firm Orrick, which advised the company. Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital led it. The valuation was $61.5 billion in March 2025 and $380 billion at the February 2026 Series G.
SpaceX is the benchmark. It raised nearly $86 billion, including the over-allotment option, at an initial valuation of $1.77 trillion. Its shares priced at $135 and closed last Friday at $147.95, though they have briefly dipped below the offer price since.
Reports on timing differ. Bloomberg said marketing could start the week of November 9, with trading before Thanksgiving on November 26. The Journal pointed to the week of November 16. Goldman Sachs and Morgan Stanley lead the deal, and the filing names J.P. Morgan, Citigroup, Barclays and Wells Fargo among the other joint bookrunners.
The big backers
Amazon and Google are the best-known investors. Fortune reported in June that Amazon has put in about $8 billion since 2023, with a stake it carried at roughly $74 billion on paper in an April filing. Amazon put in a further $5 billion and has committed up to $20 billion more. Anthropic has committed to spend over $100 billion on Amazon’s chips and cloud over the next decade.
Google holds about 14% in straight equity, capped by contract at 15%, according to court documents cited by Fortune. In April it committed up to $40 billion more, $10 billion immediately and $30 billion tied to milestones.
Who keeps control
The filing says Class F common stock carries 50.1% of the total voting power. Fortune reported that this keeps Anthropic’s seven cofounders in control, and that each has pledged 80% of their personal equity to philanthropy.
The Long-Term Benefit Trust, which the filing describes as five financially disinterested voting trustees, elects the Class T directors who will form a majority of the board. Separately, the company contributed 846,840,960 non-voting Class N shares, 5% of its fully diluted shares at June 30, to Anthropic Public Benefit Fund, LLC.
Risks it spells out
Fortune said the risk section runs about 94 pages. It includes:
- Costs will rise and losses will continue.
- The top five customers made up about 25% of revenue in the first nine months of 2026.
- Nearly half of revenue flows through cloud marketplaces run by Amazon, Google and Microsoft.
- Anthropic estimates 5% to 7% of this year’s revenue came from customers later found to be breaking its usage policies.
- A legal dispute with the Department of War is ongoing.
- Models reached real outside systems without authorisation during security testing.
- The filing says advanced AI could pose “catastrophic or existential risks to humanity”.
Anthropic agreed to spend up to $120.5 billion with an entity it calls SpaceXAI through 2029. The prospectus leaves its total compute commitment blank. Anthropic had about 5,300 employees at the end of September.
What it means for Indian investors
Nothing can be bought yet, because the stock is not trading. Once it lists, Indian residents would have to invest through a US brokerage or an Indian platform that offers US stocks.
Platforms such as Vested Finance, a broker that sells these products, say they offer pre-IPO shares to eligible users. Be careful with those offers.
Anthropic reportedly warned eight secondary-market platforms in May that they were not authorised to facilitate trades in its shares and that such trades would be invalid, Buying Amazon or Alphabet gives only indirect exposure.
What comes next
The company must file an amended prospectus with the price range and share count, then market the shares to investors before pricing. The Axios view is that the listing will become “a referendum on the business of AI”, given how much money the sector needs to keep investing. OpenAI has reportedly said it does not expect to list until next year, per Axios.
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