The S-1 shows $16.3 billion in half-year revenue, an $80.7 billion loss, and a listing targeted before Thanksgiving
Anthropic has filed a public S-1 for a Nasdaq IPO under the ticker ANT, putting a November listing in reach, TF reporting indicates.
Anthropic filed on 26 October 2026, after a confidential draft went to the SEC on 1 June. Goldman Sachs and Morgan Stanley lead the deal. Price range and share count are blank.
What’s Happening & Why It Matters
The S-1 Numbers
Anthropic (@AnthropicAI) booked $16.29 billion (about €14.5 billion) in first-half 2026 revenue, up from $1.16 billion a year earlier. Full-year 2025 revenue was $4.585 billion. More than 11,900 customers paid at least $100,000 over the 12 months to 30 September.
The net loss reads $80.75 billion (about €71.9 billion). About $72.4 billion (about €64.4 billion) of the figure comes from non-cash fair-value changes on convertible notes and similar instruments. The operating loss is $693 million (about €617 million). Cash and short-term investments stood at $131.7 billion (about €117.2 billion) on 30 June.
Timing and Valuation
No date is set. Reports put marketing at the week of 9 November at the earliest, with trading before Thanksgiving on 26 November. The Wall Street Journal points to the week of 16 November. The same reporting cites a raise of $100 billion or more (about €89 billion). Valuation estimates run from $1.5 trillion to $2 trillion. None of the figures appears in the filing.
An amended S-1 with a price range would signal the roadshow. SpaceX raised $75 billion in its IPO, and the Anthropic raise could match or beat the total.
Governance and Risks
Five share classes back the listing. The Long-Term Benefit Trust elects a majority of the board. A founders’ LLC holds one share carrying 50.1% of the vote.The filing says voting power rests with the trust and the LLs.
Eighteen summary risks cover customer concentration, consumption-based revenue and heavy compute obligations. One warns models “may behave in unintended, misaligned, or autonomous ways”. The compute commitment total is blank. Outside tallies run from about $245 billion to more than $800 billion.
Anthropic plans to commit at least 5% of its shares to a public benefit fund after listing, pending holder approval. TF covered the pledge in Anthropic Plans 5% Share Pledge for a Public Benefit Fund. The company has set aside $200 million (about €178 million) for studies of economic disruption.
My take: The $80.7 billion loss grabs headlines, yet the $693 million operating loss is the figure to watch. Revenue grew more than tenfold in a year, so the story is growth against a huge compute bill. Investors should read the commitment schedule before the price range arrives. Voting control will stay with the trust and the founders’ LLC, whatever the share count. Nothing here is investment advice.
TF Summary: What’s Next
The SEC must declare the S-1 effective before any shares trade. An amended filing with a price range will start the roadshow. Compute commitments and governance will draw the hardest questions.
MY FORECAST: Anthropic will file a price range by mid-November and list before the end of November. The raise will top SpaceX’s $75 billion. The first earnings report will focus on compute spendingrelative tot revenue.
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