Anthropic, PBC filed its Form S-1 with the U.S. Securities and Exchange Commission on October 26, 2026. The filing covers a proposed IPO of Class A shares on the Nasdaq Global Select Market under the ticker symbol ANT. Goldman Sachs and Morgan Stanley are leading a 22-bank syndicate, according to the S-1.
The S-1 leaves the price range, share count, raise size and valuation blank. The Run-Rate Revenue figure on page 195 is also blank. Valuation figures circulating today come from press reports, not from the filing.
Revenue and Losses in the S-1
Anthropic reported $16,286 million of revenue for the six months ended June 30, 2026, compared with $1,163 million a year earlier, according to the S-1. The filing puts full first-half revenue growth at 1,300%.
Second-quarter 2026 revenue alone was $11.56 billion, according to the S-1. Anthropic brought in more revenue in that quarter than in its entire history through the end of 2025, which the filing shows as $5.0 billion across 2023, 2024 and 2025.
Anthropic reported an $80,748 million first-half net loss. That loss includes $72,388 million of non-cash fair-value changes on convertible notes, derivative liabilities and SAFEs, according to the S-1.
The company earned $974 million of operating income in the second quarter of 2026, its first profitable operating quarter in the six quarters shown in the filing.
Customer Growth and Retention
Customers paying $100,000 or more on a trailing twelve-month basis grew from more than 950 to more than 11,900 between September 30, 2025 and September 30, 2026, according to the S-1.
Net Revenue Retention was approximately 900% as of September 30, 2026, according to the filing.
Compute Contracts and Spending Commitments
The S-1 discloses named compute contracts with Google, Amazon, Microsoft, SpaceXAI, Broadcom, Nscale and Lambda that add up to roughly $637 billion, based on the figures on pages 171 and 172.
The filing also states that Anthropic expects to spend up to $120.5 billion on SpaceXAI and Nvidia compute, and up to $114.5 billion with Google through 2033.
Control Structure and Public Benefit Fund
Seven co-founders will hold 50.1% of the vote through a single Class F share held by a Founder LLC, according to the S-1. The Long-Term Benefit Trust elects a majority of the board.
According to the filing, 5% of Anthropic’s shares will go to the “Anthropic Public Benefit Fund.”
Risk Warnings and IPO Expectations
Anthropic cautions that its revenue growth rate “may not be sustainable” and “may decrease.” The filing also states that the company may be required to seek additional financing “sooner than expected.”
The S-1 includes warnings about AI’s “catastrophic existential risks to humanity.” Anthropic also says it does not expect to pay a dividend “in the foreseeable future.”
CNBC reports that Anthropic raised its last private round at a $965 billion valuation in May 2026. NBC News reports that the IPO could value the company at more than $2 trillion.
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