Anthropic has filed to go public, registering Class A common stock that it plans to list on the Nasdaq Global Select Market under the symbol “ANT.” The registration statement, made public on October 26, discloses revenue of $16.3 billion for the six months ended June 30, up from $1.2 billion a year earlier. It does not yet include a price range or the number of shares to be sold.
Annual revenue was $41 million in 2023, $386 million in 2024 and $4.6 billion in 2025. The company cautions in the filing that “we do not expect our revenue will continue to grow at comparable rates, and we cannot assure you that it will continue to grow at all.”
Anthropic reported an operating loss of $693 million for the first half of 2026, down from $2.1 billion a year earlier, and adjusted operating income, a non-GAAP measure, of $1.6 billion. Its net loss for the period was $80.7 billion, of which $72.4 billion came from changes in the fair value of convertible notes, derivative liabilities and simple agreements for future equity. The company attributes those charges mainly to increases in its enterprise valuation.
Compute and infrastructure was the largest expense, at $8.9 billion of $17.0 billion in first-half operating expenses. Sales, marketing and partnerships cost $3.2 billion, and personnel cost $3.2 billion, including $2.2 billion of stock-based compensation. Consumption-based revenue accounted for $13.1 billion, or 80 percent of the total, and subscriptions for $3.2 billion.
The filing describes compute purchase commitments and leases with an aggregate committed spend but leaves the dollar figure blank, along with the amounts due before 2030 and within the next 12 months. Substantially all of the remainder falls between 2031 and 2045, it says. Reuters had reported that a confidential version of the prospectus showed $518 billion in compute obligations.
Anthropic is organized as a public benefit corporation with several classes of stock. The Long-Term Benefit Trust, a body of financially disinterested trustees, holds Class T stock that lets it elect directors who will make up a majority of the board. A single share of Class F stock, held by a limited liability company whose members are Dario Amodei, Daniela Amodei and the company’s five other co-founders, will carry 50.1 percent of the vote on other matters, making Anthropic a “controlled company” under Nasdaq rules.
The company has also authorized non-voting Class N stock, held mainly by strategic business partners, and Class E stock for employees that votes only on limited matters. It contributed 846,840,960 Class N shares, about 5 percent of its fully diluted shares as of June 30, to a wholly owned subsidiary for its public benefit initiatives.
Claude is sold through Amazon Web Services, Google Cloud and Microsoft Azure under joint go-to-market arrangements in which Anthropic contracts directly with customers and pays each cloud provider a fee. The 2025 results include a $1.5 billion charge for the settlement of the Bartz copyright class action.
Goldman Sachs and Morgan Stanley are acting on behalf of the underwriters, and the filing describes lock-up agreements running 180 days after the date of the prospectus.
Sources: SEC filing, Anthropic
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By the Control Plane Editorial Team