Anthropic files for IPO: S-1 shows 16.3 billion dollars in six months and 48 percent via the cloud

Anthropic has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission. The company intends to list its shares on the Nasdaq Global Select Market under the symbol "ANT". The number of shares and the price range have not been determined, Anthropic said in its announcement on 26 October. The document is public in the SEC's EDGAR database, and for the first time customers can read audited figures and risk disclosures from the company behind Claude.

What the prospectus shows

According to the S-1, Anthropic had revenue of 16.3 billion dollars in the first half of 2026. In the same period a year earlier the figure was 1.2 billion. For full-year 2025 the company reports 4.6 billion, up from 386 million in 2024. The figures for 2023 to 2025 are audited; the half-year figures are not.

Compute and infrastructure cost 8.9 billion dollars in the first half. The operating loss narrowed to 693 million, from 2.1 billion a year earlier. The net loss was nevertheless 80.7 billion dollars. The prospectus explains that 72.4 billion of this consists of accounting changes in the fair value of convertible notes and similar instruments, driven by the rise in the company's valuation. Cash and short-term investments stood at 131.7 billion dollars on 30 June.

Third-quarter revenue is still left blank in the document. So are several amounts for long-term compute commitments, which the company describes as substantially related to compute and infrastructure, with payments running to 2045.

Cloud providers account for almost half

One figure stands out for buyers. Sales through cloud providers' marketplaces made up 48 percent of revenue in the first half of 2026, up from 11 percent in 2023. Anthropic writes that a significant portion of revenue comes from a limited number of customers and expects this to continue. The company runs its models on chips from AWS (Trainium), Google (TPUs), NVIDIA and AMD.

In its risk factors, Anthropic writes that zero data retention (ZDR) has become a competitive expectation in regulated industries and on third-party cloud platforms, and that this has caused customers to move to other providers or to deployments where the company has less visibility. The prospectus also notes that the EU and the UK impose increasingly strict reporting obligations for security and AI incidents, and that the company may not always be able to provide detailed information within the prescribed time frames.

Founders and a trust keep control

Anthropic is a public benefit corporation. The prospectus describes two control mechanisms. An independent trust, the Long-Term Benefit Trust, uses a separate share class to elect directors who together make up a majority of the board. In addition, a company owned by the seven co-founders, including Dario and Daniela Amodei, receives a single special share carrying 50.1 percent of the votes on most matters put to shareholders.

New shareholders will therefore have limited influence over direction. According to the prospectus, the offering also includes public offerings in certain European Economic Area states, the United Kingdom, Switzerland, Canada, Australia and Japan, but the company does not plan to list outside the United States. The prospectus does not name the EEA countries.

What leaders should take away

A better basis for vendor assessment. With audited figures and a long list of risk factors, procurement and risk teams have a concrete document to assess Anthropic against, instead of anonymously sourced media reports.

The purchasing route matters. Claude is available through AWS, Google Cloud and Microsoft Azure. The prospectus says Anthropic establishes direct contractual relationships with those customers while paying a fee to the cloud provider. The same three companies also supply compute to Anthropic, and the prospectus itself says this could give rise to conflicts of interest. It is worth knowing which route your organisation uses to buy Claude, and which terms actually apply.

Listing does not change governance. The board majority and the voting majority stay with the trust and the founders. What changes is that the company must report to the market on an ongoing basis, giving customers regular insight into its finances and risks.

What the sources do not say

The prospectus does not state the share price, how much the company will raise or when the listing will take place. Nor does it say anything about changes to customer pricing or contract terms. The figures are the company's own, and the prospectus is preliminary and may change before the registration becomes effective.

Sources and media

• Anthropic: Anthropic files S-1 with the SEC for proposed initial public offering, published 26 October 2026.
• SEC EDGAR: Anthropic, PBC, Form S-1, filed 26 October 2026.
• Anthropic on X about the S-1 filing, 26 October 2026 at 14:05 Oslo time.

Illustration: AI-generated with Grok Bot / hogby.ai