Anthropic filed a Form S-1 with the SEC on October 26 to list its Class A common stock on the Nasdaq Global Select Market under the symbol ANT. The filing leaves the share count, price range and proceeds blank.

What the filing shows

  • Revenue: $41 million in 2023, $386 million in 2024, $4,585 million in 2025, and $16,286 million in the six months to June 30, 2026 (against $1,163 million in the same months of 2025).
  • Operating loss: $8,060 million in 2025, which includes a $1,500 million Bartz settlement, and $693 million in the six months to June 30, 2026.
  • Net loss: $41,965 million in 2025 and $80,748 million in the six months to June 30, 2026.
  • Why the net loss is so large: the filing ties $34.3 billion (2025) and $72.4 billion (first half of 2026) to changes in the fair value of convertible notes, derivative liabilities and SAFEs. It calls them "primarily driven by an increase in the fair value of our outstanding convertible promissory notes resulting from an increase in our enterprise valuation."
  • Second quarter 2026: revenue of $11.6 billion and an operating margin of 8%, the filing says.

The IPO size and timing are not in the filing. The Wall Street Journal reportedly says the listing could come the week of November 16, raising about $100 billion at a valuation of $1.5 trillion to $2 trillion. Anthropic has not confirmed those figures.

Where the money comes from

  • Consumption-based revenue (customers pay per token): 83% of 2025 revenue ($3.8 billion) and 80% of first-half 2026 revenue ($13.1 billion).
  • Subscription revenue: 17% of 2025 revenue ($789 million) and 20% of first-half 2026 revenue ($3.2 billion).
  • Cloud marketplaces: sales through cloud-provider marketplaces were 47% of 2025 revenue and 48% of first-half 2026 revenue.
  • Customers: accounts with $100,000 or more of trailing-twelve-month revenue grew from more than 950 to more than 11,900 between September 30, 2025 and 2026. The top five customers made up about 25% of revenue in the nine months to September 30, 2026, and none exceeded 10%.
  • Net revenue retention: about 900% as of September 30, 2026, a company metric that excludes Claude Pro and Max subscribers.

The filing does not break revenue out as "API versus consumer." The consumption model covers developers and first-party applications alike. The dollar total of its compute commitments is blank, though it describes long-term compute deals with minimum purchase and take-or-pay terms.

Who controls the company

  • Class A: the stock offered, one vote per share.
  • Class N: no vote, held mostly by strategic partners.
  • Class T: one share held by the Long-Term Benefit Trust, which elects a majority of the board.
  • Class F: a single share the filing says Anthropic will issue to a founders' LLC immediately before the offering completes. It would carry 50.1% of the vote and no economic rights.
  • Class E: for employees other than co-founders, with votes on limited matters only.

Anthropic calls itself a controlled company and a Delaware public benefit corporation. Its risk factors say the structure "may effectively eliminate the ability of holders of our Class A common stock to influence important decisions."

Biggest risks it lists

  • Keeping pace on model capability, and securing enough compute.
  • Dependence on its co-founders and key staff, and intense competition.
  • Harm from misuse of its models, or models acting in "unintended, misaligned, or autonomous ways."
  • Liability that insurance may not cover. The filing says no insurer "may have sufficient capacity" to cover a catastrophic AI-related incident.
  • Reliance on a limited number of customers, cloud providers and suppliers.
  • A new and uncertain regulatory environment.

What this means for you / what we checked

The filing announces no change to Claude plans or API terms. The filing does flag a few things to watch. It says Anthropic has changed usage and rate limits before and may do so again, and that older models can be deprecated, which can force customers to migrate.

The public benefit structure and trust-elected board are a governance fact about who steers the company, not a promise about pricing or product. We draw no conclusion beyond that.

For comparison, OpenAI is reportedly raising up to $30 billion at a $1.25 trillion valuation as a bridge ahead of its own possible IPO. Both companies also received civil subpoenas from the FTC. This is not investment advice.

We read the S-1 on SEC EDGAR and quoted its financial tables and risk factors directly. Figures not in the filing, including the IPO date and raise, are the reported ones above.

Related: the reported Anthropic and Hg AI consulting company.