Anthropic IPO: S-1 Shows $16.3B Half-Year Revenue, Ticker ANT

What happened

Anthropic, the company behind the Claude AI models, made its IPO paperwork public on Monday, Oct. 26. The Form S-1 filed with the SEC says the shares would trade on the Nasdaq Global Select Market under the symbol ANT. Goldman Sachs and Morgan Stanley are listed first on the cover, ahead of about 20 other firms.

The filing leaves the price range blank, so there is still no official word on how much Anthropic wants to raise or what the company would be worth. Anthropic had filed confidentially in June, Gizmodo notes, and the listing is reportedly expected in November.

Why the Anthropic IPO is drawing so much attention

Private investors valued Anthropic at $965 billion in May, and Yahoo Finance reports that a listing value of $1.5 trillion to $2 trillion has been discussed on Wall Street. That would make it one of the largest debuts ever, and it would arrive before rival OpenAI, whose own IPO is expected in early 2027, according to the same report.

Until now, outsiders had to rely on leaks. TechCrunch points out that unofficial copies of the S-1 had circulated for weeks. Monday’s filing is the first version the company stands behind.

The numbers

A few things stand out once you do the math:

• Six months beat a year, three times over. First-half revenue was about 3.5 times the total for all of 2025.
• Most of the growth came in one quarter. Second-quarter revenue was roughly 2.5 times the first quarter’s, and the company reported operating income of $974 million in Q2 after a $1.7 billion operating loss in Q1, per Yahoo Finance.
• The huge loss is mostly an accounting entry. The S-1 attributes $72.4 billion of the first-half loss to changes in the fair value of convertible notes, derivatives and SAFEs, instruments whose value on paper rose as the company’s valuation climbed. Strip that out and the remaining loss is about $8.4 billion.

The compute bill

Running AI models takes enormous computing power, and the filing spells out what Anthropic has promised to pay for it. Gizmodo tallied the commitments:

• SpaceXAI: up to $120.5 billion through 2029 for access to Nvidia-powered computing, or about $3.1 billion a month once all capacity arrives at the end of 2026. That monthly rate works out to roughly $37 billion a year.
• Google: $114.5 billion through July 2033.
• Amazon: $110 billion through April 2036.
• Microsoft: $44.9 billion through May 2033.

Added together, that is about $390 billion. The company warns in its risk factors that it has taken on significant debt to fund this and could end up paying for computing capacity it doesn’t use.

Who would control the company

Anthropic is a public benefit corporation, a legal form that requires directors to weigh a stated public purpose alongside profits. The S-1 sets up several share classes to protect that purpose:

• Class A shares, the kind the public would buy, carry one vote each.
• Class F is a single share held by a Founder LLC owned by the seven co-founders, among them Dario Amodei and Daniela Amodei. It carries 50.1% of the vote on general shareholder matters.
• Class T belongs to the Long-Term Benefit Trust, a group of five trustees with no financial stake. The trust elects the directors who make up a majority of the board, but it doesn’t run day-to-day operations.

In plain terms, public investors would own a slice of the profits but wouldn’t be able to outvote the founders or replace most of the board. TechCrunch calls this structure the main point of controversy in the filing.

What happens next

The next milestone is an amended filing with a price range and share count, followed by a marketing tour to investors and a pricing date. Regulators are also watching: Just Security’s daily roundup, citing Axios, reports that the FTC has sought testimony from Anthropic executives in a consumer-protection probe that also covers OpenAI. Gizmodo reports that New York City Comptroller Mark Levine has asked Anthropic to delay the IPO over safety concerns.

Quick answers

When is the Anthropic IPO?

No date has been set. The filing has no price range yet, and reports point to a listing in November.

What is Anthropic’s stock ticker?

The S-1 says it plans to trade on the Nasdaq as ANT.

Is Anthropic profitable?

Not on a net basis. It reported an $80.7 billion net loss for the first half of 2026, mostly from noncash accounting charges, and its filing warns it may never reach or keep profitability. It did report operating income in the second quarter.