Anthropic files publicly to go public as "ANT," and the S-1 shows $16.3 billion in revenue in six months
Anthropic, PBC filed its registration statement on Form S-1 with the SEC on Monday, Oct. 26, 2026, to list Class A common stock on the Nasdaq Global Select Market under the symbol "ANT," with the share count and price range still left blank.
Reuters' early look at this prospectus gave us the scary numbers; the public filing gives us the shape. Sixteen billion dollars of revenue in six months, at a 1,300% growth rate, with the operating loss shrinking toward zero, is the first hard proof that a frontier lab can sell intelligence at enterprise scale, and 250 customers each paying $10 million a year is the part Wall Street will underline twice. The $80.7 billion "loss" is mostly the price of being worth more: convertible paper repriced as the valuation climbed. What is genuinely new is the governance: public shareholders get the economics, while a safety trust they cannot vote out picks most of the board. Buyers of ANT are being asked to accept that, plus a government that has already floated emergency production powers to change how the product is used. It is a remarkable business. It is also a very unusual stock.
Anthropic, PBC publicly filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission on Oct. 26, 2026. A Form S-1 is the document a company files when it wants to sell shares to the public for the first time. Anthropic proposes to list Class A common stock on the Nasdaq Global Select Market under the symbol "ANT." Class A, here, is the share class being offered to the public. The Nasdaq Global Select Market is that exchange's top listing tier. The number of shares and the price range were not yet set in the filing. Those lines are the S-1's.
Revenue was $41 million in 2023, $386 million in 2024, and $4.6 billion in 2025. In the six months ended June 30, 2026, revenue was $16.3 billion, up 1,300% from $1.2 billion a year earlier. Up 1,300% is Anthropic's figure for that jump. A 1,300% increase means the gain itself is thirteen times the old number. The company says it does not expect to keep growing at comparable rates. Those figures are Anthropic's, from the S-1.
The operating loss for the first half of 2026 was $693 million, down from $2.1 billion a year earlier. An operating loss is the loss from running the business, before the accounting change below. Those figures are Anthropic's.
Net losses were $1.5 billion in 2023, $8.3 billion in 2024, $42.0 billion in 2025, and $80.7 billion for the first half of 2026. The first-half 2026 loss includes a $72.4 billion change in the fair value of convertible notes, derivative liabilities, and SAFEs. A convertible note is debt that can turn into stock. A derivative liability is a contract whose value moves with the company's value. A SAFE, a simple agreement for future equity, is a contract that can turn into stock later. Fair value is the current estimated price of those contracts. Anthropic says the change was driven mainly by the rise in its enterprise valuation, the price put on the whole company. The change is an accounting update. It is not cash spent running the business. Those figures are Anthropic's.
As of Sept. 30, 2026, Anthropic had more than 11,900 customers paying $100,000 or more on a trailing-12-month basis, more than 1,900 paying $1 million or more, and about 250 paying $10 million or more. Trailing-12-month means the total paid over the past twelve months, not a single bill. Those counts are Anthropic's.
Anthropic is a public benefit corporation, a company set up to weigh a public purpose alongside profit. Its Long-Term Benefit Trust holds Class T common stock. The filing describes that trust as a body of financially disinterested trustees. The Class T stock lets the trust elect and remove the Class T directors, who will make up a majority of the board. Class T stock has no other voting rights and no economic rights. No economic rights means no claim on the company's profits. Those lines are the S-1's.
Goldman Sachs and Morgan Stanley are listed first among the underwriters, alongside J.P. Morgan, Citigroup, and others. An underwriter is a bank that runs the share sale. Those names are the S-1's.
Among its risk factors, the filing says that in early 2026 the U.S. Department of War suggested it could invoke the Defense Production Act to compel Anthropic to remove limits it places on use of its models for autonomous weapons and mass surveillance. A risk factor is a warning the company prints about what could go wrong. The Defense Production Act is the statute the filing names as the tool the department suggested it could use to force that change. Those lines are the S-1's.
The picture is the specimen Class A common stock certificate for Anthropic, PBC, filed as Exhibit 4.1 to this S-1. It shows a Computershare countersignature block and a Delaware corporate seal. A specimen is a sample certificate, not a share someone holds. The credit is Anthropic, PBC, Form S-1 Exhibit 4.1, via SEC EDGAR.
In plain terms, Anthropic on Monday filed the public paperwork to list Class A shares on Nasdaq as ANT, and it left the share count and the price blank. The first half of 2026 brought in $16.3 billion of revenue, up 1,300% from a year earlier, and the operating loss shrank to $693 million. The $80.7 billion net loss includes a $72.4 billion accounting change tied to the company being valued higher. About 250 customers paid $10 million or more over the trailing twelve months. Class T directors, picked by a safety trust, will be a majority of the board. Public shareholders do not elect those directors.