Anthropic has filed an S-1 with the US Securities and Exchange Commission for a Nasdaq listing under the ticker ANT, opening the books of Claude’s maker for the first time. Submitted on 26 October 2026, it was announced in an official note; the full filing is on the SEC site. TechCrunch, Engadget and Xataka covered it. First-half 2026 revenue was $16.286 billion (about €14.527 billion), against $1.163 billion a year earlier, with a net loss of $80.748 billion (about €72.027 billion). The prospectus does not yet set the number of shares or the price. Goldman Sachs and Morgan Stanley lead 22 banks. Press reports of a $1.5 trillion to $2 trillion valuation are not in the document.
- Revenue path: $41 million in 2023, $386 million in 2024, $4.585 billion (about €4.090 billion) in 2025; first-half 2026 exceeds the whole of 2025 more than threefold.
- Accounting loss: most of the net deficit is a fair-value charge on convertible bonds, derivatives and other financing instruments, not cash leaving the business.
- Compute commitments: about $265.600 billion (roughly €236.915 billion) in fixed or minimum guarantees at 30 June, maturing over one to 20 years.
- Control: a Class F share held by the seven co-founders’ vehicle carries a fixed 50.1% of votes; the listed Class A is limited to 49.9%.
Growth and the shape of the accounts
Growth is steep. Second-quarter revenue rose 1,368% from the same quarter of 2025 — a quarterly comparison, not a half-year one. The S-1 leaves annualised revenue at 31 October 2026 blank but explains how it is calculated. Consumption, meaning token-based use mainly through the API and also in Anthropic’s own apps, produced $13.1 billion, or 80% of first-half sales; subscriptions supplied 20%.
That net deficit includes $72.388 billion from fair-value changes on convertible notes, derivatives and other financing instruments — an entry that grows with valuation, not cash outflow. Operating loss was $693 million, far below the $8.060 billion operating loss for all 2025. On its adjusted, non-standard metric, Anthropic reports $1.618 billion of operating profit. Operating cash flow was positive $3.929 billion, versus negative $1.513 billion a year earlier. The filing warns it may not reach or keep profitability; computing and infrastructure spending was $8.945 billion in the half, over half of revenue.
Contracts and control
The notes run to hundreds of billions. Amazon has committed at least $110.000 billion from May 2026 to April 2036. Broadcom equipment leases over five years total about $161.200 billion before interest; the biggest, signed in March 2026 for AI accelerators and noncancelable, is about $125.200 billion. Anthropic may issue up to $42.000 billion in convertible bonds for Broadcom or a financial partner it designates. It uses AWS Trainium, Google TPU, Nvidia and AMD GPUs, and some cloud suppliers are investors and customers. Google and Amazon can invest more through convertible bonds or non-voting shares; at 30 June, Google had $20.000 billion available and Amazon $15.000 billion. Aggregate commitments and the amount due within 12 months are blank. Cash and short-term investments were $131.651 billion.
Public shareholders will not control the company. Class T sits with the Long-Term Benefit Trust, five members without economic interests who elect a board majority, making Anthropic a controlled company under Nasdaq rules. Class N, without votes, is for strategic partners; Class E, with limited votes, is for employees. The co-founders have pledged 80% of their stake to philanthropy.
Risk, litigation and the valuation gap
The filing acknowledges climate change could raise electricity and water costs for cooling, and that energy and permits may be difficult to secure. It recounts the clash with the Department of War: federal agencies were ordered to stop using its technology, and it was designated a supply-chain risk. A federal court in California largely backed Anthropic on 27 August; on 25 September a Washington appeals court upheld, 2-1, a separate supply-chain designation. Anthropic has asked the full court to review it. The S-1 also discloses a $1.5 billion settlement of an authors’ copyright class action, suits from music publishers and Reddit, an FTC information request this October, and June export restrictions on Fable 5 and Mythos 5 imposed by the Commerce Department, now lifted. It warns that safety may delay launches.
Price is the missing piece. Press reports of $1.5 trillion to $2 trillion are speculation; key commitment data are blank. The filing shows fast growth, positive operating cash flow, huge compute obligations and public shareholders without control. Until the blanks are filled, valuation headlines are not disclosure.
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