The Anthropic IPO is officially on the calendar. Anthropic, PBC filed its Form S-1 with the U.S. Securities and Exchange Commission on October 26, 2026 to list its Class A shares on the Nasdaq Global Select Market under the ticker ANT, with Goldman Sachs and Morgan Stanley leading a 22-bank syndicate. According to the S-1, revenue reached $16.29 billion in the first half of 2026, up from $1.16 billion a year earlier, and the company booked an $80.7 billion net loss over the same six months.
The filing leaves the price range, share count, raise size and valuation blank. The Run-Rate Revenue figure on page 195 is blank too. Everything you read about a valuation today comes from press reports, and we label it that way below.
Here is the full S-1 on SEC EDGAR.
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Revenue in the second quarter of 2026 alone was $11.56 billion, according to the S-1 (p. 158). Anthropic brought in more revenue in those 91 days than in its entire history up to the end of 2025 ($5.0 billion across 2023, 2024 and 2025, our sum from p. 23).
That is the headline. The real story sits in four places: the quarterly revenue curve, the loss bridge, the compute contracts and the control structure.
Key takeaways
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Anthropic reported $16,286 million of revenue in the six months ended June 30, 2026, against $1,163 million a year earlier, according to the S-1 (p. 23).
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Second-quarter 2026 revenue grew 1,368% year over year while compute and infrastructure expenses grew 300%, according to the S-1 (p. 11). For the full first half, the S-1 puts revenue growth at 1,300% (p. 149), slightly below the 1,304% CNBC reported.
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Anthropic’s $80,748 million first-half net loss includes $72,388 million of non-cash fair-value changes on convertible notes, derivative liabilities and SAFEs, according to the S-1 (p. 23).
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Anthropic earned $974 million of operating income in the second quarter of 2026, its first profitable operating quarter in the six quarters shown, according to the S-1 (p. 158).
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Customers paying $100,000 or more on a trailing twelve-month basis grew from more than 950 to more than 11,900 between September 30, 2025 and September 30, 2026, according to the S-1 (p. 195).
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Net Revenue Retention was approximately 900% as of September 30, 2026, according to the S-1 (p. 11).
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Anthropic disclosed named compute contracts with Google, Amazon, Microsoft, SpaceXAI, Broadcom, Nscale and Lambda that add up to roughly $637 billion, our sum of the figures on pages 171 and 172 of the S-1.
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Seven co-founders will hold 50.1% of the vote through a single Class F share held by a Founder LLC, and the Long-Term Benefit Trust elects a majority of the board, according to the S-1 (cover page, p. 245).
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Anthropic raised its last private round at a $965 billion valuation in May 2026, according to CNBC, and NBC News reports the IPO could value the company at more than $2 trillion.
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