Anthropic files public IPO prospectus: $16.3B first-half revenue, plans Nasdaq listing as ANT

AI company Anthropic filed a public Form S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) on October 26, planning to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol ANT, in what would be one of the most closely watched listings of the AI boom. The filing does not disclose how many shares will be offered or at what price range, and no listing date has been set.

From confidential draft to public filing

Anthropic submitted a confidential draft to the SEC in June, and the October 26 public version marks a key step toward listing. The company was founded in 2021 by researchers who left OpenAI, led by Dario Amodei, and is best known for its Claude family of AI models.

In May, Anthropic raised $65 billion at a $965 billion valuation. Reports have put the possible IPO valuation at $1.5 trillion to $2 trillion, though the filing itself does not confirm that figure. Goldman Sachs and Morgan Stanley lead a group of 24 underwriters. NPR notes that SpaceX, listed in June at a valuation of about $1.8 trillion, is the most recent comparable mega listing.

Revenue surge, loss mostly on paper

The filing's financials trace an extraordinary curve: revenue rose from $41 million in 2023 to $386 million in 2024 and $4.59 billion in 2025, reaching $16.29 billion in the first half of 2026, against $1.16 billion in the same period a year earlier. Second-quarter revenue alone was $11.6 billion.

The first-half net loss of $80.7 billion looks dramatic, but $72.4 billion of it came from changes in the fair value of convertible notes and other instruments — a non-cash charge booked as the company's own valuation climbed. The operating loss for the period was $693 million. The company says its annualized revenue run rate now exceeds $47 billion.

Founders keep majority voting power

The filing also discloses an unusual governance structure: a trust will elect a majority of the board, while an entity owned by the seven co-founders will hold 50.1% of shareholder voting power. Public investors will share in the economics, but control stays with the founders.

What to watch next

The registration statement has not yet become effective, and the company cannot complete the sale until regulatory requirements are met. The market will next look for an amended filing disclosing the share count and price range, and for how investors weigh huge AI infrastructure spending against actual returns. OpenAI remains private and discloses no comparable financials, so a listed Anthropic would become a public yardstick for valuing the whole AI industry.