Anthropic S-1: $16.3B H1 2026 revenue, $80.7B net loss, Nasdaq symbol ANT

Anthropic has made its IPO filing public. The Form S-1, filed with the US Securities and Exchange Commission on 26 October 2026, shows a company whose revenue grew from $1.16 billion in the first half of 2025 to $16.29 billion in the first half of 2026, and whose reported net loss for those six months was $80.7 billion, about nine-tenths of it an accounting charge on its own financing instruments rather than cash spent. The share count and price range are still blank, so the filing says what Anthropic earns, spends and owes, but not yet what the shares will cost.

Key points

• Anthropic, PBC filed a Form S-1 on 26 October 2026 and has applied to list Class A shares on the Nasdaq Global Select Market under the symbol "ANT"; the number of shares and the price range are not filled in yet.
• Revenue was $16,286 million in the six months to 30 June 2026, against $1,163 million in the same period of 2025 and $4,585 million for all of 2025.
• Net loss for the first half of 2026 was $80,748 million, of which $72,388 million is a change in the fair value of convertible notes, derivative liabilities and SAFEs; the operating loss was $693 million.
• Cash and cash equivalents stood at $112,389 million on 30 June 2026, up from $17,388 million at the end of 2025.
• Goldman Sachs and Morgan Stanley are named in the filing's lock-up language; a Long-Term Benefit Trust will elect a majority of the board, and a single Class F share held by a founders' company will carry 50.1% of the votes.

What happened

The registration statement, "Anthropic, PBC - S-1", is dated 26 October 2026 and lists Dario Amodei as chief executive and Daniela Amodei as president and agent for service. It says the company has applied to list its Class A common stock on the Nasdaq Global Select Market under "ANT". The cover page says the initial public offering price will be between "$" and "$": the range, the number of shares and the split between shares sold by the company and by selling stockholders are all left open. Earlier press reports had said Anthropic filed confidentially; this is the first time its financial statements are public.

The filing is long and most of it is routine, but the financial tables answer questions that until now rested on leaks and investor briefings. It gives annual figures for 2023, 2024 and 2025, and unaudited figures for the six months ended 30 June 2025 and 2026. It also gives a few later facts as of 30 September 2026, such as headcount: roughly 5,300 employees, up from roughly 940 at the end of 2024.

Background

Anthropic sells access to its Claude models, mostly through an API and through subscription products. The filing says Claude is available on Amazon Web Services, Google Cloud and Microsoft Azure, and that Anthropic keeps the direct contract with the customer while paying each cloud a fee.

Press coverage in the weeks before the filing described the scale. TNW reported on 20 August 2026, citing people familiar with the plans, that Anthropic was working toward an IPO at least as large as SpaceX's $75 billion raise, and that preliminary second-quarter revenue had passed $11.5 billion. TNW also reported a private round of $65 billion in May at a $965 billion valuation. Those are the outlet's reports, not figures from the S-1, and the S-1 does not state a valuation. A trade site, AI Weekly, summarised a Wall Street Journal report on 20 October that a draft of the prospectus had surfaced; we could not open the Journal's own article.

The numbers

Revenue has multiplied in a short time. The filing reports $41 million for 2023, $386 million for 2024 and $4,585 million for 2025. For the first six months of 2026 it reports $16,286 million, which is about fourteen times the $1,163 million of the first half of 2025.

20230.04

20240.39

20254.59

H1 202616.29

Anthropic revenue (2023 to 2025 full years; last bar is first half of 2026 only) (US$ billion)

	US$ billion
2023	0.04
2024	0.39
2025	4.59
H1 2026	16.29

Source: Anthropic, PBC Form S-1, 26 October 2026

Most of that revenue is usage-based. Consumption-based revenue was $13.1 billion, or 80% of the total, in the first half of 2026; subscription revenue was $3.2 billion, or 20%. In 2025 the split was 83% and 17%. The filing also says the number of customers spending $100,000 or more on a trailing-twelve-month basis grew from more than 600 on 30 June 2025 to more than 6,000 on 30 June 2026, and that these customers produced about 74% of first-half 2026 revenue.

Costs grew almost as quickly, and the biggest line is computing power. In the first half of 2026, compute and infrastructure cost $8,945 million, personnel $3,152 million, sales, marketing and partnerships $3,168 million (against $120 million a year earlier) and other operating and administrative costs $1,714 million.

Compute and infrastructure8.9

Sales, marketing, partnerships3.2

Personnel3.2

Other operating and administrative1.7

Anthropic operating expenses, first half of 2026 (US$ billion)

	US$ billion
Compute and infrastructure	8.9
Sales, marketing, partnerships	3.2
Personnel	3.2
Other operating and administrative	1.7

Source: Anthropic, PBC Form S-1, 26 October 2026

Total operating expenses were $16,979 million against revenue of $16,286 million, so the operating loss was $693 million, down from $2,135 million in the first half of 2025. In 2025 the operating loss was $8,060 million, and that year includes a $1,500 million line the filing calls the "Bartz settlement".

The headline loss is a different matter. The net loss was $80,748 million for the first six months of 2026, after $41,965 million in 2025 and $8,309 million in 2024. The S-1 attributes $72,388 million of the 2026 figure to the change in fair value of convertible notes, derivative liabilities and SAFEs (simple agreements for future equity), plus with a further $8,757 million shown as other expense, net. The fair-value entries are accounting entries: as a financing instrument that can convert into shares becomes more valuable, the company has to record a larger liability. They are not cash that left the business. The remaining other expense of $8,757 million is not explained in the passages we read. The filing also shows $1,111 million of interest income in the half, and the balance sheet shows total assets of $147.4 billion, of which $112.4 billion is cash and equivalents and another $19.3 billion short-term investments. The same table shows a total stockholders' deficit of $127.6 billion before the pro forma conversion of preferred stock and notes, which is how a company with that much cash can still show a deficit.

What it means

For investors and the market. The filing is the first audited look at a frontier AI lab's economics. It shows revenue that is real and large, an operating loss that is small relative to sales, and cash on hand that is far above what the business spent in the period. It also shows the cost structure: more than half of first-half revenue (about 55%) went to compute and infrastructure, so the margin depends on the price of chips and data centre capacity and on how fast Anthropic can serve more tokens per dollar. Anyone following how API prices have fallen since June can see the tension between falling per-token prices and rising total spend.

For customers and developers. Concentration is the risk the filing spells out. No single customer was more than 10% of revenue in the nine months to 30 September 2026, but the top five were about 25%, and the filing warns that many large customers are not on long-term contracts and can reduce spending at any time. Secondary coverage described the 25% as coming from "two" customers; the S-1 text we read says top five, so we use the filing's wording.

For governance. The structure is unusual. Anthropic is a Delaware public benefit corporation, and the filing says it will be a "controlled company" under Nasdaq rules, because the Long-Term Benefit Trust, the sole holder of its Class T stock, can elect a majority of the board. Immediately before the offering a single share of Class F stock will go to a company owned by the seven co-founders, carrying 50.1% of the total voting power. Class A shares get one vote each; Class N shares, held mostly by strategic partners, have no vote. The company has also put 846,840,960 Class N shares, 5% of fully diluted shares assuming conversion of the Amazon notes, into a public-benefit fund it owns. Buyers of Class A shares would therefore be buying economics with limited say.

What we don't know yet

• The price range, the number of shares, how many are sold by the company and by existing holders, and the valuation. The S-1 leaves them blank; reported targets in the press are unconfirmed.
• The listing date. Press reports said November, but the filing does not give one.
• How much of the fair-value charge will recur. It depends on the value of the instruments until they convert.
• Second-half results. The filing has only some operating metrics after 30 June, such as headcount, and none of the full third-quarter accounts we could find.

What to watch next

Watch for an amended S-1 that fills in the price range; that is when the valuation becomes a number rather than a rumour. Watch the exact wording of the risk factors on compute commitments and customer concentration, and whether OpenAI, which press reports say has also filed confidentially, makes its filing public. For developers, the more practical question is whether the cost of serving Claude falls faster than the price per token, because that decides whether the price cuts of the past months can continue.

Sources

• Anthropic, PBC, Form S-1 registration statement, SEC EDGAR, filed 26 October 2026 (primary source for all figures above)
• TNW, Anthropic is targeting an IPO the size of the largest ever, 20 August 2026
• AI Weekly, Anthropic S-1 Shows $16.3B H1 Revenue, 25% From Two Customers, and $80.7B Non-Cash Loss, 20 October 2026 (summarising reporting by the Wall Street Journal)