Anthropic files S-1 for Nasdaq IPO: $16.3B first-half revenue, $80.7B net loss driven by non-cash charges

Anthropic publicly filed its S-1 registration statement on Monday, October 26, to list its Class A shares on the Nasdaq Global Select Market under the symbol ANT, with Goldman Sachs and Morgan Stanley leading the offering. The prospectus shows first-half 2026 revenue of $16.3 billion, up from about $1.2 billion a year earlier, and a net loss of $80.7 billion for the same six months.

The headline loss is mostly an accounting effect rather than cash burn. Total operating expenses were $16.98 billion, leaving an operating loss of $693 million, down from $2.1 billion a year earlier. Most of the net loss came from a $72.4 billion charge for the change in fair value of convertible notes, derivative liabilities and SAFEs, an expense the filing says rises as the company's valuation rises. One widely shared wire headline put the loss at $80.7 million; the filing shows billions. Anthropic also reported more than 1,900 customers generating over $1 million in trailing-twelve-month revenue, and about 250 above $10 million.

The filing also discloses very large compute commitments: up to $120.5 billion with SpaceXAI for Nvidia GPU capacity into 2029 and at least about $114.5 billion with Google through July 2033, plus at least $110 billion with Amazon through April 2036 and at least $44.9 billion with Microsoft. Control stays concentrated: a single Class F share held by a founder LLC carries 50.1% of voting power, the Long-Term Benefit Trust elects a board majority through Class T stock, and 5% of fully diluted shares went to the Anthropic Public Benefit Fund. Risk factors run to about 94 pages, nearly a quarter of the document, including warnings that models can show self-preserving behavior and that some AI harms could create liabilities too large to insure.

Price range and share count are blank in this preliminary filing. Market speculation centers on a raise of up to $100 billion at a valuation near $2 trillion, though Anthropic has not disclosed a target, and the WSJ reported the company is aiming for the week of November 16. What to watch: the terms in an amended filing, how much of the offering is new money versus selling stockholders, and how investors weigh the revenue ramp against commitments of this size. For GOOGL, AMZN and MSFT, the commitments put a number on how much future cloud demand runs through a single customer.