On Oct 26, 2026, Anthropic, PBC filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission for a proposed initial public offering of its Class A common stock. In its announcement, Anthropic said it intends to list on the Nasdaq Global Select Market under the symbol "ANT". The filing opens Anthropic's financials and governance to public scrutiny while leaving share count, pricing, and timing unset.
What was filed
The SEC Form S-1 is the public registration statement. Anthropic and certain selling stockholders will offer shares; Anthropic receives proceeds from its own sales but no proceeds from selling-stockholder sales. The statement is not yet effective, and securities cannot be sold until it is.
Anthropic states that the number of shares and the price range have not yet been determined. Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC lead the underwriting group, alongside J.P. Morgan, Citigroup, Barclays, Wells Fargo Securities, BofA Securities, Deutsche Bank Securities, RBC Capital Markets, UBS Investment Bank and 12 other banks. Lock-ups are staggered: some employee shares can be sold from the first trading day, further tranches release 27, 48, 62 and 76 days after the prospectus date, and the remaining restrictions last up to 180 days (365 days for co-founders and certain holders of more than 0.5%), ending earlier on specified earnings-release dates.
Anthropic confidentially submitted a draft S-1 on June 1, 2026; Oct 26 is the full public disclosure. For earlier draft figures, see Anthropic's Draft IPO Filing Shows $80.7B First-Half Loss.
Revenue and operating results
Per the S-1, revenue was $41 million (2023), $386 million (2024), and $4.6 billion (2025). In the six months ended June 30, 2026, revenue hit $16.3 billion, versus $1.2 billion in the prior-year period.
In the three months ended June 30, 2026, revenue was $11.6 billion (up from $787 million a year earlier), with $1.0 billion of operating income and an 8% operating margin. The first half of 2026 still showed an operating loss of $693 million, compared with a $2.1 billion operating loss in H1 2025.
Customers above $100,000 in trailing-12-month revenue grew from more than 950 to more than 11,900 between Sept 30, 2025 and Sept 30, 2026, the filing states.
Net loss and the $72.4B fair-value item
Reported net losses were $1.5 billion (2023), $8.3 billion (2024), $42.0 billion (2025), and $80.7 billion for the six months ended June 30, 2026. The filing says the H1 2026 net loss includes a $72.4 billion change in fair value of convertible notes, derivative liabilities, and SAFEs, driven primarily by higher fair value on outstanding convertible instruments—a non-operating accounting item; the H1 operating loss was $693 million.
Who controls Anthropic after the IPO
Anthropic is a Delaware public benefit corporation with the purpose stated in the S-1: "the responsible development and maintenance of advanced AI for the long-term benefit of humanity."
The Long-Term Benefit Trust (LTBT) holds Class T stock, can generally elect and remove Class T directors, and those directors will be a board majority. Class T has no economic rights; LTBT policies bar trustees from directly purchasing or holding Anthropic securities.
Just before the IPO, one share of Class F goes to a Founder LLC whose initial members are CEO Dario Amodei, President and Chair Daniela Amodei, and the five other co-founders. Class F carries 50.1% of voting power on general stockholder matters (including electing non-Class T directors) and no economic rights. Class E for employees (excluding co-founders) votes only on limited matters and has no economic rights.
What remains unknown
The S-1 does not set offering size, price range, valuation, or a listing date. Until the SEC declares the registration effective and underwriters price the deal, ANT is a planned ticker, not a trading one.
Why it matters
A listed Anthropic would give markets a regulated window into frontier-model economics and safety-oriented governance. Developers and enterprise buyers gain audited disclosure on growth and capital structure—even when headline losses are dominated by fair-value marks on prior financings.