San Francisco, 26 October. Anthropic, the US developer of the Claude artificial intelligence model, has filed a public Form S-1 registration statement with the US Securities and Exchange Commission (SEC) for an initial public offering and intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker ANT, the company said.
With the filing, the company's financial statements have become public for the first time.
Form S-1 is the main document a company must file with the regulator before going public: it discloses revenue, losses, risks and capital structure. This is the second step: on 1 June Anthropic said it had confidentially submitted a draft S-1, which the regulator reviews out of public view. Now the figures are open. The number of shares and the price are not yet set, and no trading date has been announced. The preliminary prospectus will be distributed by Goldman Sachs and Morgan Stanley.
According to the S-1, Anthropic's revenue for the first half of 2026 was $16.3bn, against $1.2bn in the same period of 2025, roughly a 14-fold increase; revenue for the whole of 2025 was $4.6bn. The operating loss for the half-year narrowed to $693m, but the net loss reached $80.7bn. Almost all of it is an accounting item: $72.4bn was the change in the fair value of convertible notes, derivative liabilities and simple agreements for future equity (SAFEs), a revaluation of financial liabilities rather than the cost of running the business. The net loss for 2025 was $42bn.
In May the company raised $65bn in a funding round that valued it at $965bn. The market greeted the public filing with gains: the Nasdaq index rose 0.8% on Monday, which Seoul Economic Daily partly attributes to Anthropic's filing.
What it means: The public S-1 shows for the first time how much one of the largest AI developers actually earns and loses: revenue is growing many times over, the operating loss has almost disappeared, and the huge net loss reflects the revaluation of financial liabilities rather than operating costs.
Who benefits: Anthropic's current investors, who gain the chance to sell stakes on the open market; the company itself, which gains access to capital for computing power. Future buyers of the shares get what was missing until now: verifiable figures instead of valuations from funding rounds.
Background: According to the same filing, the number of business customers bringing Anthropic more than $100,000 of revenue a year grew from more than 600 on 30 June 2025 to more than 6,000 on 30 June 2026; they accounted for about 74% of first-half revenue.
