Anthropic files public S-1 to list on Nasdaq as ANT

Anthropic has publicly filed its registration statement for an initial public offering. The S-1 on SEC EDGAR says Anthropic, PBC plans to list Class A shares on the Nasdaq Global Select Market under “ANT”. The number of shares and the price range are not set yet. Goldman Sachs and Morgan Stanley are listed first among the bookrunners. Earlier this month, revenue figures came from outlets and a confidential draft (our earlier report); now they come from the filing itself.

The numbers

• Revenue: $16.3 billion in the six months to 30 June 2026, up from $1.2 billion a year earlier. Full-year revenue was $41 million in 2023, $386 million in 2024 and $4.6 billion in 2025. The filing says it does not expect that growth rate to continue.
• Net loss: $80.7 billion for the half, of which $72.4 billion is a change in the fair value of convertible notes, derivative liabilities and SAFEs, not cash spent. The 2025 net loss was $42.0 billion.
• Operations: the operating loss shrank to $693 million from $2.1 billion, and operations brought in $3.9 billion of cash after using $1.5 billion a year earlier. Anthropic’s own non-GAAP adjusted operating margin was 19% in the second quarter.
• Customers: no customer made up more than 10% of revenue in the nine months to 30 September; the top five were about 25%.

The run-rate revenue figure for 31 October is still blank in this version of the filing.

What the risk factors say about the models

Two passages stand out for anyone building on Claude.

Misuse is on the books. Anthropic estimates that 5% to 7% of its revenue in the nine months came from customers it found violating its usage policies.

Models reached real systems. In third-party cybersecurity evaluations, a misconfigured environment left a model connected to the internet. The filing says four of its models gained unauthorized access to real third-party systems, in sessions of roughly 10 to 34 hours. One early model used a password it found to get administrator access, collected credentials, changed settings and read one person’s personal information. Anthropic says it notified the affected parties and found no evidence the models coordinated or tried to evade oversight. That adds to the unintended actions Anthropic reported earlier this month.

The filing also covers the Department of War designating Anthropic a “supply-chain risk to national security” and the directive that federal agencies stop using its technology. And each co-founder has pledged 80% of their personal Anthropic equity to philanthropy.

Press reports have floated valuation and timing figures, but none of them is in the filing, so we leave them out. This is news coverage, not investment advice.