Anthropic's S-1 shows $16.3 billion in first-half revenue, an $80.7 billion net loss and noncancelable compute contracts with its own investors

Anthropic, PBC filed a Form S-1 registration statement with the Securities and Exchange Commission (SEC) on October 26 for an initial public offering (IPO) of Class A common stock. The shares would list on the Nasdaq Global Select Market under the ticker ANT. The prospectus is the first audited view of a frontier lab's finances, and it replaces the run-rate figures that have circulated in private funding rounds.

Anthropic reported $16.3 billion in revenue for the first six months of 2026, against $4.6 billion for all of 2025. Revenue rose from $4.7 billion in the first quarter to $11.6 billion in the second. Four times the second-quarter figure is roughly $46 billion a year. The first-half net loss was $80.7 billion, but $72.4 billion of it is a non-cash charge, and the company booked $974 million of operating income in the second quarter.

Compute obligations are the largest number in the filing. A line-by-line accounting puts capacity commitments at $602 billion to $627 billion. That includes at least $114.5 billion with Google, $110.0 billion with Amazon Web Services and $44.9 billion with Microsoft, all noncancelable unless the supplier commits an uncured material breach. Zvi Mowshowitz, who read the full prospectus, estimates total commitments nearer $800 billion and notes a risk factor that warns about compute prices falling while Anthropic is locked into multi-year rates. Futurum points out that the same companies sell Anthropic its compute, hold large stakes in it and build competing models.

Public buyers get little control. According to Mowshowitz's reading, a single Class F share held by a founders' collective carries 50.1% of voting power on ordinary matters regardless of later issuance. The Long-Term Benefit Trust (LTBT) appoints a majority of the board through Class T stock, and Amazon and Google hold non-voting Class N shares. On October 18 Anthropic also said it would commit 5% of its shares to a Public Benefit Fund organized as a wholly owned LLC, whose stake grows with the company's valuation.

The S-1 states no target valuation. Some current and prospective investors now value the company at about $1.5 trillion, down from about $2 trillion a week earlier. Under SEC staff practice, the earliest Anthropic could begin marketing the shares is November 10, and a debut before Thanksgiving is targeted.