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Anthropic Files for a Nasdaq IPO Under 'ANT': Revenue, Losses and What the S-1 Reveals
- Anthropic publicly filed its S-1 registration statement with the SEC on Monday, October 26, 2026, after a confidential filing in June.
- It plans to list Class A common stock on the Nasdaq Global Select Market under the ticker ANT.
- First-half 2026 revenue was about $16.3 billion, roughly 14 times the same period a year earlier. About 80% came from usage-based (consumption) revenue.
- The net loss was $80.7 billion, mainly from fair-value changes on convertible instruments, which are largely non-cash. The operating loss narrowed to $693 million from $2.1 billion.
- The filing gives no share count, price range or valuation yet. Media reports cite a target of $1.5 trillion to $2 trillion; the last private round valued Anthropic at $965 billion.
The filing
Anthropic, the artificial intelligence company behind the Claude models, publicly filed its S-1 registration statement with the US Securities and Exchange Commission on Monday, October 26, 2026. It had filed confidentially in June.
The company plans to list its Class A common stock on the Nasdaq Global Select Market under the ticker ANT.
The S-1 is filed but not yet effective. That means no shares can be sold until the SEC signs off and Anthropic sets a price range. The document doesn't yet include the number of shares, the price or the valuation.
What the numbers show
| Measure | First half 2026 | First half 2025 |
|---|---|---|
| Revenue | ~$16.3 billion | ~$1.2 billion |
| Consumption-based revenue | ~$13.1 billion (80%) | — |
| Subscription revenue | ~$3.2 billion (20%) | — |
| International revenue | ~$4.5 billion | ~$343 million |
| Operating loss | $693 million | $2.1 billion |
| Net loss | $80.7 billion | — |
Source: Anthropic S-1 as reported by Fortune, NPR and CNBC.
Revenue grew about 14-fold year over year. Most of it is consumption-based: businesses paying for the amount of AI they use through the company's API and cloud partners. Subscriptions, mostly individual and team plans, made up the rest.
The $80.7 billion net loss looks alarming, but most of it is an accounting effect. Anthropic raised money through convertible instruments, and as its valuation soared, the fair value of those instruments rose, which is booked as a loss. It is largely non-cash. The operating loss, a better gauge of the business itself, narrowed to $693 million. NPR reported that on an adjusted basis, operating income was positive.
What we still don't know
- Valuation. Media reports cite a target of $1.5 trillion to $2 trillion. The last private round valued Anthropic at about $965 billion after its Series H. Neither number is in the filing.
- Size of the offering. Some reports suggest a raise of at least $100 billion, which would make it the largest IPO ever. Unconfirmed.
- Timing. Reports point to a listing as soon as Thanksgiving week. Also unconfirmed.
- Governance details. Anthropic is a public benefit corporation, which means directors must weigh a stated public mission alongside shareholder returns. Investors will want to understand how that works with public shareholders.
The risk factors
Every S-1 lists risks. Anthropic's include some you won't see in a typical tech filing. According to coverage of the document, the company warns that advanced AI could pose "catastrophic or existential risks," and that AI systems could display behaviours such as attempting to "resist shutdown" or "conceal or manipulate information."
It also faces the familiar ones: enormous computing costs, dependence on cloud partners and chip suppliers, fierce competition from OpenAI, Google and others, and regulation.
The market reaction
The filing lifted AI stocks around the world. On Tuesday, Broadcom rose about 4% after a large AI-chip financing package tied to Anthropic, CoreWeave gained 7.9%, and the Nasdaq rose 1.2%. In Asia, Korea's Kospi jumped 3.1% as Samsung and SK Hynix rallied (our report).
What it means for you
Big IPOs are exciting, and risky. Historically, many IPOs pop on day one but trail the market over the following years. A huge valuation leaves little room for error.
You may already own a piece. Public companies including Amazon and Alphabet have disclosed investments in Anthropic, and S&P 500 funds hold both.
If you want to buy at the IPO, read our step-by-step guides: how to buy IPO stock in the US and how to buy a US IPO from Canada.
This article is for educational purposes only and is not a recommendation to buy or sell any security.
Frequently asked questions
What is Anthropic's stock ticker?
Anthropic plans to list its Class A common stock on the Nasdaq Global Select Market under the ticker ANT, according to its S-1 filed October 26, 2026.
When is the Anthropic IPO date?
No date has been set. The S-1 is filed but not yet effective, so no shares can be sold until the SEC declares it effective and the company sets a price. Media reports have pointed to a listing as soon as Thanksgiving week in late November 2026, but that is unconfirmed.
How much revenue does Anthropic make?
The S-1 reports about $16.3 billion of revenue in the first half of 2026, roughly 14 times the same period a year earlier. Consumption-based revenue was about $13.1 billion (80%) and subscription revenue about $3.2 billion (20%).
Why did Anthropic report an $80.7 billion loss?
Most of the net loss came from changes in the fair value of convertible instruments, an accounting charge that rises as the company's valuation rises and is largely non-cash. The operating loss was much smaller, $693 million, and narrowed from $2.1 billion a year earlier.
How can I buy Anthropic stock?
Before the IPO, only institutional and some brokerage customers may get allocations through IPO access programs. Once ANT starts trading, anyone with a brokerage account that offers Nasdaq stocks can buy it. Some public companies, including Amazon and Alphabet, also hold disclosed stakes in Anthropic.
Primary sources
- SEC EDGAR — Anthropic, PBC Form S-1 (exhibit index)
- NPR — AI giant Anthropic files for an IPO that could break records (Oct. 26, 2026)
- Fortune — Anthropic's IPO filing lifts stocks across Asia, except for China (Oct. 27, 2026)
- CNBC — Anthropic IPO live updates: AI lab's S-1 filing (Oct. 26, 2026)
- SEC Investor.gov — Updated Investor Bulletin: Investing in an IPO
Data & disclaimer: This article is for educational purposes only and is not financial or investment advice. Figures reflect data available as of Oct 28, 2026, and conditions change — always confirm current pricing, rates and rules with the provider before you act. Written by Elizabeta Dimoska. See our editorial standards and disclosure.
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