Anthropic filed an S-1 registration statement with the SEC to list on the Nasdaq under the ticker ANT, with Goldman Sachs and Morgan Stanley leading the offering2. The filing positions Anthropic as the first company focused primarily on developing frontier AI models to pursue a public listing1.
The financials
The S-1 disclosed revenue of $16.3 billion in the first half of 2026, up from $1.2 billion in the first half of 2025. Net revenue retention stood at 900%.
The filing also showed a net loss of $80.7 billion in H1 2026, compared with a $13 billion net loss in H1 2025. The H1 2026 loss was largely driven by an increase in the value of Anthropic's convertible bonds. Of the $80.7 billion net loss, nearly $9 billion came from computing power and infrastructure costs3.
Anthropic disclosed nearly $800 billion in commitments over 10 years. The filing did not disclose the size of the offering or a target valuation, nor did it define a total addressable market for its products.
Valuation and timeline
Anthropic submitted a confidential prospectus in June. Bloomberg reported that Anthropic would begin marketing its offering on November 9 and was seeking a valuation that would match or exceed SpaceX's $1.8 trillion IPO valuation. Anthropic was valued at $965 billion in a funding round in May. The company is targeting a float in the week starting November 16.
ANALYSIS The revenue trajectory from $1.2 billion to $16.3 billion in a single year, paired with 900% net revenue retention, reflects rapid expansion of existing customer spend. The $80.7 billion headline loss, however, is dominated by non-cash convertible-bond revaluation rather than operating burn alone; the $9 billion infrastructure figure offers a closer read on actual compute expenditure. The nearly $800 billion in long-term commitments underscores the capital intensity of frontier model development at Anthropic's scale.
Anthropic wrote in the S-1 introduction that it encourages prospective stockholders not to think of their purchase in purely transactional terms, framing it instead as an opportunity to participate in something larger.