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Anthropic IPO: what the S-1 says (proposed Nasdaq ticker ANT)

Anthropic, PBC filed a public Form S-1 with the SEC on October 26, 2026 for a proposed initial public offering of Class A common stock, which it has applied to list on the Nasdaq Global Select Market as ANT. This hub collects what the filing says, with a source for every figure. The price range and share count are still blank, and nothing here is investment advice.

By Agentic Weekly · Published · Updated · Evidence: Reported, from the filing and cited reporting; nothing here is Tested · Markdown

Not investment advice. This site summarizes public filings and cited reporting; everything is labelled Reported and nothing here is Tested. Filing status: Initial S-1; not yet effective; no amendment (S-1/A) seen. Accession 0001628280-26-067168, accepted 2026-10-26 13:00 UTC.

Key numbers at a glance

Key numbers from Anthropic's S-1
ItemFigurePeriod or as-ofSource and sectionLabel
Revenue$16,286 million (about $16.3 billion)Six months ended June 30, 2026S-1, Prospectus Summary, Summary Consolidated Financial DataReported
Revenue$4,585 millionYear ended December 31, 2025S-1, Prospectus Summary, Summary Consolidated Financial DataReported
Revenue growth, year over year1,368%Three months ended June 30, 2026 vs the same quarter of 2025S-1, Management's Discussion and Analysis; Prospectus SummaryReported
Top five customers' share of revenueAbout 25%; no single customer above 10%Nine months ended September 30, 2026S-1, Risk Factors (customer concentration)Reported
Operating loss$(693) millionSix months ended June 30, 2026 (vs $(2,135) million in H1 2025)S-1, Prospectus Summary, Summary Consolidated Financial DataReported
Net loss$(80,748) million (about $80.7 billion)Six months ended June 30, 2026 (vs $(12,969) million in H1 2025)S-1, Prospectus Summary, Summary Consolidated Financial DataReported
Compute and infrastructure expense$8,945 million in H1 2026 (vs $2,334 million in H1 2025); $7,326 million in 2025Six months ended June 30, 2026S-1, Management's Discussion and AnalysisReported
Cash, cash equivalents and short-term investments$131,651 million ($112.4 billion cash and equivalents plus $19.3 billion short-term investments)As of June 30, 2026S-1, Prospectus Summary; Management's Discussion and Analysis (Liquidity)Reported
Net cash provided by operating activities$3,929 million (vs $(1,513) million used in H1 2025)Six months ended June 30, 2026S-1, Management's Discussion and Analysis (cash flows)Reported
Customers with $100,000+ revenue on a trailing-twelve-month basisMore than 11,900 (up from more than 950 a year earlier)As of September 30, 2026S-1, Business (Significant Customer Expansion)Reported
Expected future fixed or minimum guaranteed compute and infrastructure commitmentsApproximately $265.6 billion, with terms from one to 20 yearsAs of June 30, 2026S-1, Notes to consolidated financial statements (commitments)Reported
Class T common stockOne share, held by the Long-Term Benefit Trust, entitling it to elect and remove directors who make up a majority of the boardOffering termsS-1, Our Governance Structure and Its GoalsReported
Class F common stockOne share, held by the co-founders' Founder LLC; carries 50.1% of the total voting power on matters put to stockholders generally; no economic rightsOffering termsS-1, Prospectus Summary; Description of Capital StockReported
Exchange and tickerNasdaq Global Select Market, symbol ANT (applied for)ProposedS-1, Cover pageReported
Price rangeBlank in this filingn/aS-1, Cover pageBlank
Number of shares offered (by Anthropic and by selling stockholders)Blank in this filingn/aS-1, Cover page; The OfferingBlank
Use of proceedsGeneral corporate purposes, including working capital, operating expenses and capital expenditures such as compute and infrastructure, and hiring and retention; part to cover tax withholding on settlement of certain RSUs. No agreements for material acquisitions at this time.n/aS-1, Use of Proceeds (p. 124)Reported
Underwriters22 firms listed on the cover, with Goldman Sachs & Co. LLC and Morgan Stanley first (the two named for lock-up releases and prospectus copies)n/aS-1, Cover page; UnderwritingReported

All rows with periods and sections: Anthropic S-1 key numbers.

Still blank in the S-1

The filing is an initial S-1 and several fields are empty. We do not fill them in.

  • Revenue, three months ended September 30, 2026
  • Run-Rate Revenue as of October 31, 2026
  • Aggregate compute commitment headline total
  • Price range
  • Number of shares offered (by Anthropic and by selling stockholders)
  • Prospectus date and expected delivery date

What changes next

Only items the filing itself leaves open are listed. They are expected in an amended S-1 (S-1/A) or the final prospectus, and we update this hub when one is filed.

  • Price range per share. Blank on the cover page. Anthropic's announcement says the price range has not yet been determined. Expected in a later amendment to the S-1 (an S-1/A) or the final prospectus.
  • Number of shares offered by Anthropic and by selling stockholders, and the over-allotment option. Blank on the cover page and in The Offering. The announcement says the number of shares has not yet been determined. Later amendment.
  • Net proceeds and pro forma figures. Capitalization and Use of Proceeds leave the dollar amounts and the pro forma columns blank. Later amendment, once price and share count are set.
  • Prospectus date, effectiveness, pricing and first trading day. The cover says the registration statement has been filed but is not yet effective; securities may not be sold until it is. No dates are given. Later amendment and the SEC's declaration of effectiveness.
  • Third-quarter 2026 revenue and Run-Rate Revenue as of October 31, 2026. Both are blank. The S-1 already reports customer metrics as of September 30, 2026 but not the quarter's revenue figure. Later amendment.
  • Headline total of compute commitments. The summary figure is blank (the notes give approximately $265.6 billion of fixed or minimum commitments as of June 30, 2026). Later amendment.
  • Lock-up release share counts and percentages. The release schedule exists but its share counts and percentages are blank. Later amendment.
  • Rehearing en banc in the D.C. Circuit. The S-1 says Anthropic has asked the full court to review the September 25 panel decision and that it cannot predict the outcome. Court docket; reflected in any amendment.

What is on each page

  • What Anthropic's S-1 says, in plain English: A plain-English read of Anthropic's IPO filing: how fast revenue grew, why the net loss is so large, who controls the company and what is still blank.
  • Anthropic S-1 key numbers: Revenue, losses, cash, customers, compute commitments, share classes and offering terms from Anthropic's S-1, each tied to its section. Blanks listed.
  • Anthropic S-1 risk factors that matter: The risk factors in Anthropic's S-1 that bear most on the IPO: compute bills, customer concentration, the government dispute, misuse and governance.
  • Anthropic IPO FAQ: Answers on the Anthropic IPO: what ANT is, when you can buy, the Long-Term Benefit Trust, share classes, losses, cash and OpenAI, each sourced.
  • Anthropic IPO timeline: Dated events behind Anthropic's IPO: the June 2026 confidential draft, five amendments, the October 26 public S-1, and dated items the filing discloses.

Sources

More on the Anthropic IPO