New to this? Read it in simple words
- Anthropic has made its stock market papers public and plans to list as “ANT”.
- It earned $16.3 billion in the first half of 2026, up from about $1.2 billion.
- Its $80.7 billion loss is mostly a paper loss on early investments.
- Seven co-founders will keep 50.1% of the votes after the listing.
- S-1
- The form a US company files before it first sells shares to the public. It shows its numbers and risks.
- Convertible note
- A loan from investors that later turns into shares instead of being paid back in cash.
- Operating loss
- Money lost on the business itself, before interest and accounting changes in the value of investments.
In June, Anthropic filed its stock market papers in secret. On Monday, October 26, it made them public, with its own numbers for the first time.
The numbers
Anthropic’s revenue was $16.3 billion in the first half of 2026, up from about $1.2 billion in the same months of 2025, the filing shows. For all of 2025, revenue was $4.6 billion.
Its operating loss, the money lost on the business itself, fell to $693 million, from $2.1 billion a year earlier. Spending on compute and infrastructure was $8.9 billion, up from $2.3 billion.
The net loss was $80.7 billion. Of that, $72.4 billion came from a rise in the value of convertible notes and similar investments, the filing says. These were early investments that turn into shares, and they cost more on paper as Anthropic’s value climbs. TechCrunch calls them noncash accounting adjustments.
From Anthropic’s S-1 filing of October 26, 2026.
Who will control it
Anthropic has applied to list its Class A shares on the Nasdaq Global Select Market under the symbol “ANT”. The price range and the number of shares are still blank in the filing.
Just before the listing, a single Class F share will go to a company run by the seven co-founders. That share carries 50.1% of all votes on most questions, so the founders keep control. TechCrunch notes that public shareholders will have little practical say.
Anthropic stays a public benefit corporation, which must weigh its mission as well as profit. Its Long-Term Benefit Trust, set up in 2023, will appoint most of the board.
Customers and warnings
As of September 30, more than 11,900 customers paid Anthropic $100,000 or more over 12 months, the company says. More than 1,900 paid $1 million or more, and about 250 paid $10 million or more.
Anthropic expects its growth rate to fall over time. It warns that a catastrophic AI incident could cause harm so large that no insurer could cover it.
It also says it may be “disproportionately or selectively targeted” by government bodies because of its views on AI safety. Axios reads this as a warning about the Trump administration, which the filing does not name.
Sources
Every fact in this story comes from the sources below. Open them to check our work.
- 1
- 2
- 3Research · October 26, 2026Anthropic files for IPO, touting AI’s ability to “improve how humans live” CBS News
- 4
The figures come from Anthropic’s own filing; the customer counts are its own and not checked by anyone else. Reports of a listing in November at a value of up to $2 trillion rest on unnamed sources, so they are left out.
Anthropic’s public IPO filing shows $16.3B in half a year. Silicon AI News, October 26, 2026. https://siliconainews.com/stories/anthropic-s1-public-filing
Anthropic’s public IPO filing shows revenue jumping to $16.3 billion, tempered by a huge paper loss and founder control. How we rate the mood
The mood shows how the news frames the event for the tech and AI world: as an opportunity (6 and above) or as a loss (below 5). It is not our verdict on who is right.