Anthropic S-1 Filing: $16.3B Revenue and Who Controls ANT

Anthropic publicly filed its Form S-1 with the US Securities and Exchange Commission on October 26, 2026, and plans to list Class A shares on the Nasdaq Global Select Market under the ticker "ANT." The prospectus shows revenue of $16.3 billion for the first half of 2026, up from $1.2 billion a year earlier, and a first quarterly operating profit in Q2. It also shows that ordinary shareholders will not control the company: a single founder share carries 50.1% of the general vote, and an independent trust elects a majority of the board.

A Form S-1 is the registration statement a company files with the SEC before selling shares to the public. It contains audited financial statements, risk factors and the ownership structure. In Anthropic's draft, the price range and share count are still blank, so the filing does not yet say what the company will be worth at listing.

Key takeaways

• Revenue: $41 million (2023), $386 million (2024), $4.59 billion (2025) and $16.29 billion in the six months to June 30, 2026.
• Q2 2026 revenue was $11.56 billion, with GAAP operating income of $974 million, the first operating profit in the quarterly table.
• The H1 2026 net loss was $80.7 billion, and $72.4 billion of it is a non-cash charge for the rising fair value of convertible notes and similar instruments.
• Customers paying $100,000 or more a year grew from more than 950 to more than 11,900 between September 30, 2025 and September 30, 2026. Net Revenue Retention was about 900%.
• Five share classes. Class F (one share, held by the seven co-founders' LLC) gets 50.1% of the general vote; Class T lets the Long-Term Benefit Trust elect a board majority.
• Anthropic disclosed multi-year compute commitments of at least $44.9 billion with Microsoft, about $114.5 billion with Google, $110.0 billion with Amazon and up to $120.5 billion with SpaceXAI.

What the Anthropic S-1 says about revenue

Anthropic sells Claude in two ways: pay-as-you-go access to its models through the API and cloud marketplaces ("consumption-based") and seat subscriptions such as Claude plans for teams ("subscription-based"). The S-1 reports both lines.

Source: Anthropic S-1, summary financial data and MD&A.

The quarterly table shows how steep the curve is. Revenue went from $376 million in Q1 2025 to $787 million, $1.38 billion, $2.04 billion, $4.73 billion and then $11.56 billion in Q2 2026. Q2 2026 alone was about 2.4 times Q1 (our calculation from the filing).

The prospectus also introduces "Run-Rate Revenue," which annualizes the last 28 days of consumption fees plus current subscriptions. Anthropic left the October 31, 2026 figure blank in this draft and warns that the metric "is not a forecast of revenue."

Customer concentration and expansion

Two numbers in the filing explain where the growth comes from.

• Accounts paying $100,000 or more on a trailing twelve-month basis rose from more than 950 to more than 11,900 in one year to September 30, 2026. Anthropic uses this group as its measure of enterprise adoption.
• Net Revenue Retention was approximately 900% as of September 30, 2026. In plain terms, customers who were paying a year earlier now pay about nine times as much.

The risk factors add a counterweight. No single customer was more than 10% of revenue in the first nine months of 2026, but the top five customers made up about 25%, and many of them are not on long-term contracts.

Losses: why $80.7 billion is mostly an accounting charge

Next to $16.3 billion of revenue, an $80.7 billion loss looks alarming. Most of it comes from one accounting line.

Source: Anthropic S-1.

Operating results

The operating loss shrank from $8.06 billion in 2025 to $693 million in H1 2026, an operating margin of minus 4%. In Q2 2026 the company earned $974 million in operating income. Compute and infrastructure fell from about 160% of revenue in 2025 to about 55% in H1 2026 (our calculation), because revenue grew faster than a compute base that had been committed in advance.

The non-cash charge

Anthropic raised money through convertible promissory notes, many of them from Amazon and Google. Accounting rules require those notes to be marked to fair value, and when the company's valuation rises, the liability rises and the increase is booked as a loss. The S-1 says the $72.4 billion H1 2026 charge was "primarily driven by" that effect. A further $8.8 billion of other expense came from fair-value accounting on new note purchase agreements. The S-1's pro forma figures remove the fair-value change tied to the notes that convert into shares at the IPO.

Non-GAAP figures

Anthropic's Adjusted Operating Income was $1.62 billion in H1 2026, a 10% margin, and Adjusted Net Income was $2.67 billion. These figures exclude items such as stock-based compensation ($2.2 billion in H1 2026), so treat them as management's view rather than a substitute for GAAP.

Cash

Operating cash flow turned positive at $3.93 billion in H1 2026, after $2.64 billion of cash burn in 2025. Financing brought in $110.8 billion during the half, and cash, cash equivalents and short-term investments stood at $131.7 billion on June 30, 2026.

One more 2025 item: a $1.5 billion charge recorded to settle the Bartz litigation, shown as its own line in the income statement.

Five share classes: who controls Anthropic after the IPO

Anthropic is a Delaware public benefit corporation (PBC), so its directors must weigh shareholders' financial interests against the people affected by its conduct and its stated purpose, "the responsible development and maintenance of advanced AI for the long-term benefit of humanity." The S-1 turns that into an unusual capital structure.

Source: Anthropic S-1, cover page and "Description of Capital Stock."

For a buyer of ANT, this works out as follows.

• Public shareholders cannot outvote the founders. The single Class F share will hold 50.1% of the vote on matters such as electing the non-Trust directors. The Founder LLC's initial members are Dario Amodei, Daniela Amodei and the five other co-founders.
• The board majority answers to the Trust. The Long-Term Benefit Trust (LTBT) is described as a body of "financially disinterested trustees" with expertise in AI safety, national security, public policy and social enterprise. Through Class T it elects the directors who make up most of the board.
• Anthropic says it will qualify as a Nasdaq "controlled company," a status that exempts it from some independence requirements for board committees.
• Big partners hold economic stakes without votes. Amazon's notes convert into non-voting Class N shares, subject to an ownership cap. Google's 2026 note agreement caps its stake at 14.99% on a post-money, as-converted basis, and Google has an option to buy up to $10.0 billion of Class N stock in a private placement alongside the IPO.

The filing also confirms the public benefit pledges covered in our earlier piece on the Anthropic Public Benefit Fund: 846,840,960 Class N shares, 5% of fully diluted shares, went to the fund, and the board may add up to 2% more each time the share price rises 50% above the previous milestone, starting from the IPO price. Each co-founder has pledged 80% of their personal equity to philanthropy.

Compute commitments: the cost side of the story

Anthropic has also signed very large bills for chips and data centers. The S-1 lists the largest agreements:

Source: Anthropic S-1, "Liquidity and Capital Resources."

The financial statement notes add that agreements signed after December 31, 2025 carry about $417 billion in future minimum payments, mostly leases for compute equipment and data centers and cloud purchase commitments. Anthropic runs Claude across AWS Trainium, Google TPUs, NVIDIA GPUs and AMD GPUs and describes its compute as "a single, fungible pool."

Amazon, Google and Microsoft are at once Anthropic's compute suppliers, sales channels and, in Amazon's and Google's case, large investors, a relationship the S-1 itself calls "multifaceted and complex." For a sense of how much big tech is spending on AI infrastructure, see our breakdown of Meta's Q3 2026 capex.

Offering terms, timing and what is still unknown

• Ticker and exchange: "ANT" on the Nasdaq Global Select Market.
• Underwriters: 24 banks, led by Goldman Sachs and Morgan Stanley, followed by J.P. Morgan, Citigroup, Barclays and Wells Fargo Securities.
• Selling stockholders: Existing holders will also sell shares; Anthropic receives no proceeds from those.
• International tranches: The offering includes public offerings in Australia, Canada, certain EEA states, Japan, Switzerland and the UK, without listings there.
• Blanks: Price range, share count, Q3 2026 revenue and Run-Rate Revenue are not filled in yet. They normally arrive in an amended S-1 before the roadshow.
• Timing: The Wall Street Journal reported, citing people familiar with the matter, that Anthropic is aiming for the week of November 16 and could raise $100 billion or more at a $1.5 trillion to $2 trillion valuation, according to The Next Web. The filing itself contains no valuation.

How to read the filing

The S-1 shows a company whose revenue grew about 14 times year over year in the first half of 2026, that reached operating profitability in one quarter, and that has signed several hundred billion dollars of compute contracts to keep up. It also shows a governance design that deliberately limits what public shareholders can decide.

Three items are worth watching in the amended filing: whether Q3 2026 revenue keeps the Q2 pace, whether the Q2 operating profit holds once IPO-related stock compensation is recognized, and how the price range compares with the private valuations reported in the press. If you follow Anthropic's products, our coverage of Claude Duet shows where the company is pushing its agents next.

FAQ

When did Anthropic file its S-1?

Anthropic filed its public Form S-1 with the SEC on October 26, 2026. It had earlier submitted a confidential draft. The registration is not yet effective, so no shares can be sold until the SEC declares it effective and the offering is priced.

What is Anthropic's ticker symbol?

Anthropic has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol "ANT."

How much revenue did Anthropic make in 2026?

For the six months ended June 30, 2026, Anthropic reported revenue of $16.29 billion, including $11.56 billion in Q2 alone. Full-year 2025 revenue was $4.59 billion. Q3 2026 revenue is left blank in the current draft.

Is Anthropic profitable?

On a GAAP operating basis, Anthropic made $974 million in Q2 2026 but lost $693 million across H1 2026. Its GAAP net loss was $80.7 billion for the half, mostly a non-cash charge from revaluing convertible notes as the company's valuation rose.

Who controls Anthropic after the IPO?

The co-founders' Founder LLC holds one Class F share with 50.1% of the general vote, and the Long-Term Benefit Trust elects a majority of the board through Class T stock. Public Class A holders get one vote per share but cannot outvote those two groups.

Sources

• Anthropic, PBC: Form S-1 registration statement (SEC EDGAR, October 26, 2026)
• The Next Web: Anthropic files for Nasdaq IPO as half-year revenue hits $16.3bn
• CNBC: Anthropic IPO live updates

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This article is for informational purposes only and is not investment advice. Do your own research before making investment decisions.