Anthropic Files Its Public S-1: $16.3 Billion in First-Half Revenue and a Nasdaq Listing Under ANT

Anthropic has filed its public S-1 for an initial public offering of Class A common stock. The company says it has applied to list on the Nasdaq Global Select Market under the symbol ANT. Both the company and selling stockholders are offering shares, and the company will not receive proceeds from the shares the selling stockholders sell. The price range and share count are blank, as is usual in a first public filing.

Revenue and Losses

Revenue was $16.286 billion for the six months ended June 30, 2026, against $1.163 billion a year earlier, a rise of about 1,300 percent. For the full year 2025, revenue was $4.585 billion. Those figures match what reports of a draft S-1 put forward earlier this month. For the three months ended June 30, 2026, the filing says revenue grew 1,368 percent year over year.

Net loss for the six months was $80.748 billion, against $12.969 billion a year earlier. The main driver is a $72.388 billion non-cash charge for the change in fair value of convertible notes, derivative liabilities and SAFEs, which the filing says reflects a higher enterprise valuation. Operating loss was $693 million, down from $2.135 billion.

On non-GAAP measures, adjusted operating income was $1.618 billion, a 10 percent adjusted operating margin, and adjusted net income was $2.671 billion.

Costs

Compute and infrastructure expense for the six months was $8.945 billion, up from $2.334 billion. Sales, marketing and partnerships rose to $3.168 billion from $120 million, and personnel expense was $3.152 billion. The company says revenue grew 1,368 percent in the second quarter while compute and infrastructure expense grew 300 percent.

Customers and Capital

As of September 30, 2026, Anthropic reports more than 11,900 customers with at least $100,000 in trailing twelve-month revenue, more than 1,900 with at least $1 million, and about 250 with at least $10 million. It reports net revenue retention of about 900 percent and trailing revenue per employee of more than $6.6 million. It says it had raised $141.1 billion in total by June 30, 2026, and held $112.4 billion in cash and cash equivalents and $19.3 billion in short-term investments.

Structure and Control

Anthropic is a public benefit corporation. Its Long-Term Benefit Trust, through Class T stock, elects directors who will form a majority of the board. A single Class F share, held by an LLC owned by the seven cofounders, carries 50.1 percent of the voting power on general matters, and the company is a controlled company under Nasdaq rules. The cofounders have each pledged to dedicate 80 percent of their personal equity to philanthropic causes.

The Risk

The filing calls the corporate structure novel. A controlling cofounder vote and a trust that elects the board majority mean public shareholders will hold limited influence. The filing's own risk factors section also warns about the high degree of risk in investing, which investors should read in full.

What This Means for Founders

First, read the footnotes before the headline. The $80.7 billion net loss is mostly a non-cash charge tied to convertible instruments, including SAFEs. Early investors holding a SAFE or convertible note see their instrument rise in value as a company's valuation grows, and that shows up on the books. Know how your own instruments are accounted for before you share numbers in a data room.

Second, define your metrics. Anthropic reports adjusted figures with clear definitions and shows the GAAP number next to them. Investors in due diligence will do the same with yours, so decide what each number means and be ready to reconcile it.

Third, control is a negotiated term. Anthropic separates economic rights from voting rights through special share classes. If you want to keep control, plan your cap table, board seat terms and dilution before each round, since changing them after a large round is hard.

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