Anthropic made its S-1 registration statement public on Monday, 26 October 2026.
The filing shows revenue of $16.29 billion for the first half of 2026, up from $1.16 billion a year earlier. The Claude developer plans to list its Class A common stock on the Nasdaq Global Select Market under the ticker “ANT”, the company said.
The share count and price range are still blank. Goldman Sachs and Morgan Stanley are the leading bankers of the deal.
Until now, investors have been working with leaks and private-round headlines.
This is the first time they can see Anthropic’s audited numbers. Here are the seven figures that matter most.
1. $16.29 billion: first-half 2026 revenue
Revenue for the six months to 30 June 2026 was $16.286 billion, compared with $1.163 billion in the first half of 2025. That marks a 14-fold jump from the previous year.
Full-year 2025 revenue was $4.585 billion.
2. $1.0 billion: second-quarter operating income
Anthropic says it made $1.0 billion of operating income in Q2 2026, an 8% operating margin, on quarterly revenue of $11.6 billion.
The operating loss was $693 million in the first half of 2026.
The company had an operating loss of $2.14 billion in the first six months of the previous year.
3. $80.75 billion: first-half net loss
The headline net loss for the first half of 2026 was $80.748 billion, increasing from the net loss of $41.965 billion for full-year 2025.
These numbers look alarming, but they are mostly due to an accounting practice.
4. $72.39 billion: the non-cash fair-value charge
Most of that loss came from a $72.388 billion charge for changes in the fair value of convertible notes, derivative liabilities, and SAFEs.
The charge grows when Anthropic’s valuation rises. That makes it a bookkeeping side-effect of a rising share value, not money spent on running the business.
5. $131.65 billion: cash and short-term investments
At 30 June 2026, Anthropic held $131.651 billion in cash, cash equivalents, and short-term investments. That was $112.4 billion of cash and $19.3 billion of short-term investments.
It says it had raised an aggregate $141.1 billion of capital by that date.
6. $65.2 billion at $589.0095 a share: the Series H
The S-1 shows that Anthropic’s last private round, the Series H, raised $65.2 billion in gross proceeds at $589.0095 per preferred share in Q2 2026.
Media reports at the time valued the round at about $965 billion.
7. 50.1%: the founders’ voting control
A Founder LLC holding the single share of Class F stock will control 50.1% of the total voting power on most shareholder matters.
Separately, Anthropic’s Long-Term Benefit Trust holds Class T stock and elects a majority of the board.
Anthropic will be a “controlled company” under Nasdaq rules. Public Class A holders will get one vote per share, but they will not be able to decide the outcome of most votes.
Also in the filing: about 5,300 employees as of 30 September 2026, up from about 940 at the end of 2024.
More than 11,900 customers generated $100,000 or more of trailing-12-month revenue, up from more than 950 a year earlier.
The next steps in Anthropic’s IPO process
Anthropic would be among the first pure-play frontier AI model developers to list on a US exchange.
Its S-1 filing gives investors concrete financial figures to assess.
Revenue is growing rapidly, and the company reported operating profitability in its latest quarter.
However, substantial computing commitments and a governance structure that limits public shareholders’ influence remain important considerations.
These factors will help underwriters determine the IPO price range.
Investors cannot yet buy Anthropic shares on public stock exchanges.
Trading can begin only after the SEC declares the registration statement effective and the company sets its IPO price.
Read our in-depth guide to learn more about how to invest in Anthropic and how to buy Anthropic pre-IPO.
The key milestones to watch are:
IPO pricing and first trade: Once the offering is priced and the registration statement becomes effective, Anthropic shares can begin trading on Nasdaq.
Amended S-1 filing: The next filing is expected to include a proposed price range and the number of shares on offer. This typically arrives around the start of the roadshow. Media reports suggest marketing could begin in the second week of November.
IPO valuation: Media reports have put potential IPO valuation discussions at around $1.5 trillion to $2 trillion. However, the S-1 has not confirmed a price range or valuation.
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