Anthropic, the artificial intelligence company that makes the Claude models, filed on Monday, October 26, to sell shares to the public for the first time. Its registration statement (an S-1) was published by the US Securities and Exchange Commission, giving investors their first full look at the company’s finances.
Key facts
- Where: the Nasdaq Global Select Market, under the proposed ticker ANT.
- What is sold: Class A shares, sold by both the company and some existing shareholders.
- Not decided yet: the number of shares and the price range.
- Banks: Goldman Sachs and Morgan Stanley lead the group of underwriters.
- Timing: media reports point to pricing in mid-November, but the company has not set a date.
The numbers
For the first six months of 2026, Anthropic reported:
| First half 2026 | First half 2025 | |
|---|---|---|
| Revenue | $16.3 billion | about $1.2 billion |
| Operating loss | $693 million | $2.1 billion |
| Net loss | $80.7 billion | $13.0 billion |
The huge net loss looks alarming, but most of it does not come from running the business. About $72.4 billion is an accounting charge: Anthropic owes convertible notes and similar instruments to investors, and because the company’s valuation rose sharply, those instruments are now worth much more on paper. No cash left the company for this charge.
For the full year 2025, revenue was $4.6 billion, up from $386 million in 2024.
As of June 30, 2026, Anthropic had raised $141.1 billion in total and held $112.4 billion in cash plus $19.3 billion in short-term investments. More than 1,900 business customers each paid it at least $1 million over the previous 12 months.
Who stays in control
Anthropic is a public benefit corporation, which means its directors must weigh its stated mission alongside shareholders’ financial interests. After the listing, a company owned by its seven co-founders will hold a special share carrying 50.1% of the voting power on most shareholder matters, and a separate trust will choose some of the directors. Ordinary Class A shares get one vote each, so public investors will have limited say over big decisions.
Why it matters
This could be one of the largest stock market debuts ever and the first chance for ordinary investors to buy shares in one of the leading AI model makers directly. The filing shows revenue growing extremely fast while the business still runs at a loss. It is also a test of how much the market is willing to pay for AI companies, which matters for big tech stocks and for the wider market mood, including crypto.
This article is for information only and is not financial advice.
