Anthropic Files to List as ANT: $16.29 Billion in H1 Revenue, an $80.7 Billion Paper Loss, and One Founders Share Holding 50.1 Percent of the Vote

Anthropic publicly filed its S-1 registration statement with the U.S. Securities and Exchange Commission on Monday, the formal step that opens what could be the largest initial public offering in history to outside scrutiny. The Claude developer intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker ANT. The share count and price range are blank in this version of the filing. Both Anthropic and existing stockholders are selling, and the company will not receive any proceeds from the secondary sales. Goldman Sachs and Morgan Stanley lead a syndicate that also includes J.P. Morgan, Citigroup and Barclays, more than 20 banks in total. The public filing follows a confidential draft submitted on June 1, and a 10-for-1 forward split of Class A and Class N shares took effect on September 17.

The filing is the first public look at Anthropic's books, and they are enormous on both sides of the ledger. Revenue for the first half of 2026 was $16.29 billion, against $1.16 billion a year earlier, a roughly fourteenfold increase. The net loss was $80.75 billion, but $72.39 billion of that is a non-cash fair-value charge on convertible notes and other instruments driven mainly by the company's rising valuation; the operating loss was $693 million on total operating expenses of $16.98 billion. Full-year 2025 revenue was $4.59 billion, up from $386 million in 2024 and $41 million in 2023. As of June 30 Anthropic had raised $141.1 billion in total and held $112.4 billion of cash and equivalents plus $19.3 billion of short-term investments. At its October 14 investor day the company told investors third-quarter revenue reached about $16.8 billion, a figure Bloomberg and CNBC reported but which does not yet appear in the filing.

The compute bill is where the cash goes. Anthropic says nearly all of its purchase commitments and leases relate to compute and infrastructure, some running into the 2040s, and it expects to pay $125 billion to $150 billion under compute and infrastructure agreements. The filing details deals including up to $120.5 billion with SpaceX and up to about $44.6 billion with Nscale through 2033, alongside Microsoft, Lambda and other providers, with workloads spread across AWS Trainium chips, Google TPUs, Nvidia GPUs and AMD GPUs. In the quarter ended June 30, revenue grew 1,368 percent year over year while the cost of cloud services needed to run the business grew 300 percent.

The governance structure has no direct public-company precedent, and the filing says so. Anthropic is a Delaware public benefit corporation whose Long-Term Benefit Trust, five financially disinterested trustees, holds special Class T stock and can elect a majority of the board. Immediately before the offering closes, a single Class F share will be issued to a Founder LLC whose members are the seven co-founders: Dario Amodei, Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish and Christopher Olah. That one share carries 50.1 percent of total voting power, while Class N shares held mainly by strategic partners carry no votes, which makes Anthropic a controlled company under Nasdaq rules. The filing warns the structure may effectively eliminate the ability of Class A holders to influence important decisions, including a change of control. Anthropic has contributed 846,840,960 Class N shares, 5 percent of its fully diluted shares, to a Public Benefit Fund, with the board able to add up to 2 percent more each time the stock climbs 50 percent above the prior milestone, and each co-founder has pledged 80 percent of personal equity to philanthropy. Five co-founders are listed as selling shareholders.

Customers and risks fill out the rest. By September 30, more than 1,900 customers had generated at least $1 million in trailing-twelve-month revenue and about 250 at least $10 million; customers spending $100,000 or more include every company in the Fortune 10, over half the Fortune 500 and more than 30 percent of the Global 2000, with the five largest contributing roughly 25 percent of revenue over nine months. The risk factors run more than 90 pages: reliance on a handful of compute partners who are simultaneously investors, customers and competitors; the possibility of misaligned or autonomous model behavior; a catastrophic AI incident larger than the insurance industry could cover; and the company's own habit of delaying model releases, as it did with Mythos under Project Glasswing, which could slow it against rivals.

Timing now depends on the market. The Wall Street Journal reports Anthropic is targeting a listing the week of November 16 and could raise about $100 billion at a $1.5 trillion to $2 trillion valuation; Fox Business has pointed to November 19 or 20 pricing, and Bloomberg has reported roadshow marketing could start the week of November 9. An amended filing in roughly two weeks is expected to carry the price range, share count and third-quarter figures. The Financial Times and Reuters report some investors now value the company around $1.5 trillion, down from about $2 trillion a week ago; the last private round in May raised $65 billion at a $965 billion valuation. Pre-IPO derivatives moved on the news, with Anthropic contracts on Hyperliquid spiking to about $1,980 at filing time before falling roughly 6 percent to about $1,857, while chip stocks rose in premarket trading. A 180-day lock-up applies to insiders with 10 percent released on the first trading day, and the offering extends to the UK, Australia, Canada, Japan, Switzerland and parts of the EEA, with no London listing planned.

If it prices anywhere near the reported range, the deal would surpass SpaceX's June 2026 listing as the largest IPO ever completed, and it lands in a jittery market where investors have begun punishing debt-fueled AI spending. The blank price is the tell: Anthropic wants institutional feedback before committing to a number in writing. Public buyers, whenever they get in, will own a claim on extraordinary revenue growth and extraordinary cash burn, but not on decisions, because the votes stay with the trust and the founders. That trade, growth without control at a trillion-dollar scale, is the actual thing the market is being asked to price.