What is the Anthropic S-1?

The Anthropic S-1 is the registration statement Anthropic, PBC filed publicly with the U.S. Securities and Exchange Commission on October 26, 2026 for its initial public offering. It plans to list Class A common stock on the Nasdaq Global Select Market under the ticker ANT, with Goldman Sachs and Morgan Stanley as lead underwriters. The share count and price range had not been set when it was filed.

How much revenue did Anthropic report in its S-1?

$16.286 billion for the six months ended June 30, 2026, up from $1.163 billion a year earlier. Full-year 2025 revenue was $4.585 billion. Cost of revenue for the first half of 2026 was $2.380 billion, which implies a gross margin of about 85%.

Why did Anthropic report an $80.7 billion loss?

Almost all of it is an accounting charge. Anthropic's net loss for the first half of 2026 was $80.748 billion, but the operating loss was only $693 million. The difference is mainly a $72.388 billion non-cash change in the fair value of convertible notes, derivative liabilities and SAFEs, which grows as the company's valuation rises.

When will Anthropic start trading?

The S-1 does not give a date; the registration statement must first become effective and the price range is still blank. Media reports after the October 26, 2026 filing point to a Nasdaq debut as early as mid-November 2026. Insiders' lock-ups expire in stages, with the first tranche on the 27th day after the prospectus date.

Quick Answer

Anthropic S-1: What the IPO Filing Reveals (October 2026)

Published: October 27, 2026

The short answer

The Anthropic S-1 is the public IPO registration statement Anthropic, PBC filed with the SEC on October 26, 2026. It plans to list Class A shares on the Nasdaq Global Select Market as “ANT”, with Goldman Sachs and Morgan Stanley leading the deal. It had confidentially submitted a draft on June 1, 2026. The headline numbers, from the filing itself:

Revenue: $16.29 billion in the first half of 2026, against $1.16 billion in the first half of 2025.
Net loss: $80.75 billion — but the operating loss was $693 million; $72.39 billion is a non-cash revaluation of convertible notes and similar instruments.
Net revenue retention: about 900% as of September 30, 2026.
Compute commitments: at least $110 billion with Amazon, $114.5 billion with Google and $44.9 billion with Microsoft, all non-cancelable.

No share count, price range or listing date was in the filing.

The numbers that matter

Metric (from the S-1)	Value
Revenue, H1 2026	$16,286 million
Revenue, H1 2025	$1,163 million
Revenue, full year 2025	$4,585 million
Cost of revenue, H1 2026	$2,380 million (implied gross margin ≈ 85%)
Operating loss, H1 2026	$693 million
Change in fair value of convertible notes, derivatives and SAFEs	−$72,388 million
Net loss, H1 2026	$80,748 million
Net revenue retention, Sep 30, 2026	≈ 900%
Customers with ≥$100K trailing-12-month revenue	950+ → 11,900+ (Sep 2025 → Sep 2026)
Top five customers’ share of revenue (9 months to Sep 30, 2026)	≈ 25%; no single customer above 10%

Two things stand out. First, the business is close to operating break-even while growing revenue roughly fourteen-fold year on year; the giant loss is a paper charge driven by Anthropic’s rising valuation. Second, spending shifted towards distribution: sales, marketing and partnerships rose from $120 million to $3.17 billion between the two first halves.

The compute bill

The filing describes compute as Anthropic’s largest and least flexible cost. Committed spending under non-cancelable agreements, each with a true-up if actual use falls short:

Amazon: at least $110.0 billion between May 2026 and April 2036.
Google: at least $114.5 billion between April 2026 and July 2033.
Microsoft: at least $44.9 billion between November 2026 and May 2033.

The notes to the financial statements put aggregate future minimum payment obligations from new and amended leases and cloud agreements at about $417 billion, with a further $125–150 billion expected for capacity to be delivered between 2028 and 2031. Anthropic says it treats Nvidia GPUs, AMD GPUs, AWS Trainium and Google TPUs as one pool and routes workloads to whichever chip is most efficient.

Who controls the company after the IPO

Anthropic remains a public benefit corporation. Its Long-Term Benefit Trust — financially disinterested trustees — generally elects and removes a majority of the board. The seven co-founders hold a single share of Class F common stock through a “Founder LLC”, carrying 50.1% of total voting power on most matters. Public Class A holders will get one vote per share; Class N shares are non-voting. In practice, buying ANT means owning economics, not control.

Risks the filing calls out

Customer concentration: about a quarter of revenue from five customers, many without long-term contracts.
Government disputes: the Pentagon’s “supply chain risk” designation and related litigation could cause “material revenue losses”, the filing warns.
Compute forecasting: Anthropic says it has underestimated its compute needs before; under- or over-buying both hurt.
Competition from OpenAI and Google, and safety- and child-safety-related litigation affecting the industry.

What to watch next

The next amendment will add the price range and share count. Lock-ups expire in stages rather than all at once after 180 days, with the first tranche on the 27th day after the prospectus date. For context on how this IPO compares with earlier listings, see Anthropic IPO vs Google 2004 vs Facebook 2012 and should you buy Anthropic IPO shares. For Anthropic’s current model prices, see our current API prices.

Last verified: October 27, 2026. Figures are from the S-1 as filed; this page is not investment advice.