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

Canonical: https://theagenticweekly.com/anthropic-ipo · Evidence: Reported (nothing here is Tested) · Published: 2026-10-26 16:34 UTC · Updated: 2026-10-26 16:34 UTC · Author: Agentic Weekly

> 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.

**Not investment advice. This site summarizes public filings and cited reporting; everything is labelled Reported and nothing here is Tested.**

## Key numbers at a glance

| Item | Figure | Period or as-of | Source and section | Label |
| --- | --- | --- | --- | --- |
| Revenue | $16,286 million (about $16.3 billion) | Six months ended June 30, 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Prospectus Summary, Summary Consolidated Financial Data | Reported |
| Revenue | $4,585 million | Year ended December 31, 2025 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Prospectus Summary, Summary Consolidated Financial Data | Reported |
| Revenue growth, year over year | 1,368% | Three months ended June 30, 2026 vs the same quarter of 2025 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Management's Discussion and Analysis; Prospectus Summary | Reported |
| Top five customers' share of revenue | About 25%; no single customer above 10% | Nine months ended September 30, 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Risk Factors (customer concentration) | Reported |
| Operating loss | $(693) million | Six months ended June 30, 2026 (vs $(2,135) million in H1 2025) | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Prospectus Summary, Summary Consolidated Financial Data | Reported |
| Net loss | $(80,748) million (about $80.7 billion) | Six months ended June 30, 2026 (vs $(12,969) million in H1 2025) | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Prospectus Summary, Summary Consolidated Financial Data | Reported |
| Compute and infrastructure expense | $8,945 million in H1 2026 (vs $2,334 million in H1 2025); $7,326 million in 2025 | Six months ended June 30, 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Management's Discussion and Analysis | Reported |
| 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, 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), 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, 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Management's Discussion and Analysis (cash flows) | Reported |
| Customers with $100,000+ revenue on a trailing-twelve-month basis | More than 11,900 (up from more than 950 a year earlier) | As of September 30, 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Business (Significant Customer Expansion) | Reported |
| Expected future fixed or minimum guaranteed compute and infrastructure commitments | Approximately $265.6 billion, with terms from one to 20 years | As of June 30, 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Notes to consolidated financial statements (commitments) | Reported |
| Class T common stock | One share, held by the Long-Term Benefit Trust, entitling it to elect and remove directors who make up a majority of the board | Offering terms | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Our Governance Structure and Its Goals | Reported |
| Class F common stock | One share, held by the co-founders' Founder LLC; carries 50.1% of the total voting power on matters put to stockholders generally; no economic rights | Offering terms | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Prospectus Summary; Description of Capital Stock | Reported |
| Exchange and ticker | Nasdaq Global Select Market, symbol ANT (applied for) | Proposed | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Cover page | Reported |
| Price range | Blank in this filing | n/a | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Cover page | Blank in filing |
| Number of shares offered (by Anthropic and by selling stockholders) | Blank in this filing | n/a | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Cover page; The Offering | Blank in filing |
| Use of proceeds | General 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/a | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Use of Proceeds (p. 124) | Reported |
| Underwriters | 22 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/a | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Cover page; Underwriting | Reported |

Full table: https://theagenticweekly.com/anthropic-ipo/key-numbers

## Still blank in the S-1

- 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 amendment to the S-1 (an S-1/A) or the final prospectus; we update this hub when one is filed.

| What | Why we say it is open | Where it should appear |
| --- | --- | --- |
| 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. |

## Coverage

- [What Anthropic's S-1 says, in plain English](https://theagenticweekly.com/anthropic-ipo/s1-explained): 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](https://theagenticweekly.com/anthropic-ipo/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](https://theagenticweekly.com/anthropic-ipo/risk-factors): 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](https://theagenticweekly.com/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](https://theagenticweekly.com/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.

Latest status: Initial S-1; not yet effective; no amendment (S-1/A) seen. Filing: [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm) (accession 0001628280-26-067168, accepted 2026-10-26 13:00 UTC).

## Sources

- [Anthropic, PBC Form S-1 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm) (primary)
- [SEC EDGAR filing list for Anthropic, PBC (CIK 2130357)](https://data.sec.gov/submissions/CIK0002130357.json) (primary)
- [Anthropic: files S-1 with the SEC for proposed initial public offering](https://www.anthropic.com/news/s1-sec) (primary)
- [CNBC live updates: Anthropic IPO and S-1 filing](https://www.cnbc.com/2026/10/26/anthropic-ipo-live-updates-ai-s-1-filing.html) (press report)
- [Reuters via Investing.com: Anthropic's IPO, a close look at AI frontrunner's rapid growth, spiraling costs](https://www.investing.com/news/stock-market-news/anthropics-ipo-a-close-look-at-ai-frontrunners-rapid-growth-spiraling-costs-4972917) (press report)

## More on the Anthropic IPO

- [What Anthropic's S-1 says, in plain English](https://theagenticweekly.com/anthropic-ipo/s1-explained) ([md](https://theagenticweekly.com/anthropic-ipo/s1-explained.md))
- [Anthropic S-1 key numbers](https://theagenticweekly.com/anthropic-ipo/key-numbers) ([md](https://theagenticweekly.com/anthropic-ipo/key-numbers.md))
- [Anthropic S-1 risk factors that matter](https://theagenticweekly.com/anthropic-ipo/risk-factors) ([md](https://theagenticweekly.com/anthropic-ipo/risk-factors.md))
- [Anthropic IPO FAQ](https://theagenticweekly.com/anthropic-ipo/faq) ([md](https://theagenticweekly.com/anthropic-ipo/faq.md))
- [Anthropic IPO timeline](https://theagenticweekly.com/anthropic-ipo/timeline) ([md](https://theagenticweekly.com/anthropic-ipo/timeline.md))
- [Our original brief on the filing](https://theagenticweekly.com/news/anthropic-s-1-ipo-filing-nasdaq-ant)
- [Data as JSON](https://theagenticweekly.com/anthropic-ipo.json)