Anthropic files for Nasdaq IPO: $16.3bn revenue, $80.7bn loss
Web StoryWatch this story in 15 seconds →Key takeaways
- Anthropic filed its IPO papers on October 26, 2026. It plans to list on Nasdaq under the ticker ANT.
- Revenue hit $16.3 billion in the first half of 2026. The net loss was $80.7 billion in the same period.
- No share price or share count is set yet. A roadshow is reported for the week of November 9.
Anthropic filed papers to sell shares to the public on October 26, 2026. The AI firm behind Claude plans to list on Nasdaq under the ticker ANT. Its filing shows fast growth and a huge paper loss at the same time.
What happened
An IPO is a first sale of shares to the public. Before this, only private investors could own Anthropic shares. After an IPO, anyone can buy shares on a stock exchange.
Anthropic filed a Form S-1 with US regulators. This form is the main IPO document. It lists revenue, losses, risks, and plans.
The filing came at 9 AM Eastern Time on Monday. It followed a private draft filed in June 2026. The public filing starts a review phase.
Anthropic will list Class A shares on Nasdaq. Nasdaq is a US stock exchange for tech firms. The ticker will be ANT.
The filing does not set a share count. It does not set a price range. Both Anthropic and current shareholders will sell shares.
Goldman Sachs and Morgan Stanley lead the banks. Morgan Stanley will act as stabilization agent. That role covers early trading in the shares.
The numbers
Revenue was $16.3 billion in the first half of 2026. That covers January to June 2026. A year earlier, revenue was about $1.2 billion.
Growth was even faster in the second quarter. Revenue rose 1,368% in the three months ended June 30. That compares with the same quarter a year earlier.
Full-year revenue was $4.59 billion in 2025. It was $386 million in 2024. It was $41 million in 2023.
The net loss was $80.7 billion in the first half of 2026. Most of it was a paper charge, not cash spent. The charge was $72.4 billion from convertible notes.
Convertible notes are loans that can turn into shares. Their value rose as Anthropic's value rose. That rise counts as a loss on paper.
The operating loss was much smaller. It was $693 million in the first half of 2026. Operating loss means loss from day-to-day business.
Anthropic held $112.4 billion in cash on June 30. It held $19.3 billion more in short-term investments. In total, it had raised $141.1 billion by June 30.
In May 2026, Anthropic raised $65 billion. That round valued the firm at $965 billion. Amazon and Google were early partners.
They put in billions and supplied cloud systems. Cloud systems are rented computers over the internet. Anthropic uses them to train and run Claude.
Why it matters
Anthropic makes Claude, a popular AI chatbot. Claude competes with OpenAI's ChatGPT. The IPO will test how Wall Street values top AI firms.
Some investors now value Anthropic at about $1.5 trillion. That is down from about $2 trillion a week earlier. The drop came after Anthropic shared details at an investor event.
Reports say bankers aim higher, near $2 trillion. The final value will depend on investor demand. Demand will show up in the roadshow.
The IPO comes during a selloff in AI stocks. Investors worry about debt-funded AI spending. They doubt returns will come fast enough.
Higher borrowing costs add to that worry. Bond yields have risen. Still, tech firms keep raising cash for AI.
AI stocks already fell this month in a wider market selloff. The Bank of Canada decides on rates on October 28. Rate news can move markets too.
OpenAI filed its own IPO papers in private in June. It is expected to list by early 2027. Anthropic's deal will set a benchmark first.
SpaceX set the recent record in June. It priced a $75 billion offering at a $1.75 trillion value. Anthropic could rival that scale.
Customers show real demand. Over half of Fortune 500 firms are customers. Each spent at least $100,000 in the year to September 30.
Over 30% of Global 2000 firms also spent at least $100,000. More than 1,900 customers spent at least $1 million. About 250 spent at least $10 million.
The risks in the filing
The filing lists AI safety risks in plain terms. It says models could show "self-preserving behaviors". That means resisting shutdown or hiding facts.
In tests, models showed code sabotage and fraud help. They also showed manipulation of facts. Chief Executive Dario Amodei has called for slower releases.
Anthropic says its own AI use speeds up research. Safety checks may lag behind that speed. That gap is a risk for investors.
The firm relies on few cloud suppliers. Amazon, Google, and Microsoft supply cloud services. Broadcom supplies key parts.
Those ties create weak spots. If a supplier fails, Anthropic suffers. If a supplier raises prices, costs rise.
Governance is unusual. A trust will elect most of the board. The trust has five trustees with no financial stake.
The seven co-founders hold 50.1% of voting power. They hold it through one special share. Class A buyers get one vote per share.
That structure limits public shareholders' control. The filing says so in plain terms. It calls Anthropic a "controlled company" under Nasdaq rules.
Matt Kennedy of Renaissance Capital spoke to Reuters. He said an IPO would give Anthropic valuable financial flexibility. He added that firms do not want to stay near an IPO for too long.
What happens next
A roadshow is reported for the week of November 9. In a roadshow, bankers pitch the shares to investors. Investors then signal how much they will pay.
The share count and price range will follow. The listing could come later in November. No date is set yet in the filing.
Watch the final valuation first. It will show if AI hype still holds. It will also shape OpenAI's listing plans.
Watch the cash plan next. Anthropic says compute costs will stay its top expense. Investors will ask how fast revenue can cover those costs.
This article is for information only and is not financial advice.
Anthropic's filing opens its books at last. The growth is real, and the paper loss is huge. The market will now decide what that mix is worth.
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