Anthropic files to list on Nasdaq as ANT, disclosing $16.3 billion in first-half revenue against hundreds of billions in compute commitments

Anthropic, PBC (short for public benefit corporation) filed a registration statement on Form S-1 with the Securities and Exchange Commission on October 26. It plans to list Class A common stock on the Nasdaq Global Select Market under the ticker ANT, as a Russian-language channel summarizing the filing also reported. The share count and price range have not been set, and the registration is not yet effective.

Revenue for the six months to June 30, 2026 was $16.3 billion, up from $1.1 billion a year earlier, according to The Next Web. Consumption-based revenue, mostly API and usage billing, made up $13.1 billion, or 80%, and subscriptions made up $3.2 billion. CNBC highlighted a reported net revenue retention of 900% (a measure of how much more existing customers spend year over year). The half-year net loss was $80.7 billion, but $72.4 billion of that came from fair-value changes on convertible notes, derivative liabilities and simple agreements for future equity. Those charges are non-cash and tied to the company's rising valuation.

The larger exposure is compute. Coverage of the filing puts cloud commitments over the next decade at about $450 billion, including $111 billion with Google Cloud, $110 billion with Amazon Web Services and $31 billion with Microsoft. Dealroom reports that total spending could reach $750 billion once deals under negotiation are included. Fortune noted that the commitments are largely fixed while many customer contracts let buyers reduce usage or terminate with limited or no notice. The risk factors run to more than 90 pages. They report that about 20% of revenue came from two customers and that Amazon, Google and Microsoft increasingly treat Anthropic as a competitor when allocating capacity.

Control stays with insiders. A Founder LLC whose sole initial members are the seven co-founders will hold a Class F share with 50.1% of general voting power, and the Long-Term Benefit Trust generally elects a board majority. On October 18, Anthropic committed 5% of its shares to a new Public Benefit Fund, subject to stockholder approval, with another 2% at the board's discretion for each 50% rise in company value above a baseline. The fund is a wholly owned limited liability company (a for-profit legal structure, not a charitable one), and its equity cannot be used for lobbying, Al Jazeera reported.

The Next Web reports a target listing in the week of November 16, raising $100 billion or more at a valuation of $1.5 trillion to $2 trillion. Those figures come from reporting, not from the filing.