Anthropic publicly filed its S-1 registration statement with the U.S. Securities and Exchange Commission on October 26, U.S. time. It plans to list Class A common stock on the Nasdaq Global Select Market under the ticker ANT. Goldman Sachs and Morgan Stanley are the lead underwriters, and the underwriting syndicate includes 22 banks in total.
This filing is the third node on a single line that began with the confidential version in June and the version that leaked in September. At this stage, the company is putting its financial figures on the table in a formal document for the first time; until now, every number in circulation could only be described as “reported.”
The number of shares, the price range, the size of the raise and the valuation are all still blank, and will be filled in by a later S-1/A amendment. Anthropic also states in its announcement that the registration statement has not yet become effective and that securities may not be sold before it does. The Wall Street Journal previously reported that the offering could raise more than $100 billion at a valuation of $1.5 trillion to $2 trillion. None of those figures appears in the filing, and the company has not confirmed them.
The revenue curve and that “loss”
The filing shows first-half 2026 revenue of $16.286 billion, against $1.163 billion in the same period a year earlier. Second-quarter revenue alone was $11.56 billion, up about 1,368% year over year; in the same quarter, compute and infrastructure costs rose about 300% year over year.
The net loss for the first half was $80.748 billion. The figure looks alarming, but once broken down it is mostly an accounting item: $72.388 billion of it is the change in fair value of convertible notes, derivative liabilities and SAFEs. That is a non-cash loss, and the faster the company’s valuation rises, the more of it gets booked. Excluding that portion, the remaining loss is roughly $8.4 billion (a rough calculation).
A better indicator of how the business is actually running is another number: second-quarter operating profit of $974 million, the first time operating results have turned positive across the six quarters listed in the filing. The third-quarter revenue of $16.8 billion reported earlier by the Financial Times falls outside the reporting period of this filing and remains a figure from investor roadshows.
Doing the math on customers and contracts
The filing contains two customer metrics. The number of customers with annual contract value above $100,000 rose from just over 950 at the end of September 2025 to more than 11,900 at the end of September 2026, a more than tenfold increase in a year. Net revenue retention as of September 30 was about 900%, meaning existing customers are spending roughly nine times as much this year as they did last year.
Earlier unfinalized versions, cited by several outlets, said two customers contributed about a quarter of revenue and were not tied to long-term contracts. How that ratio is ultimately worded in the public version is currently relayed inconsistently; the text of the filing should be treated as authoritative.
On the spending side, the filing names Google, Amazon, Microsoft, SpaceXAI, Broadcom, Nscale and Lambda as counterparties to compute contracts. One analysis summed the items on pages 171 to 172 of the filing and arrived at about $637 billion; the figure reported earlier was about $518 billion over ten years, with 80% non-cancelable. The gap between the two may stem from differences in scope, and Anthropic has not offered any separate explanation.
A back-of-the-envelope calculation from first-half revenue: if the second half holds at the second-quarter level, full-year revenue would be a little over $39 billion (estimate). Against contractual obligations on the order of $600 billion, even spread over ten years that is around $60 billion a year, so revenue would need to more than double again to cover it. This is also the main basis for the bearish calls from firms such as New Constructs.
The governance structure continues the arrangement disclosed earlier: seven co-founders together hold 50.1% of the voting power through a single share of Class F stock, and a majority of board seats are elected by the Long-Term Benefit Trust. According to the reported timetable, trading could begin as early as mid-November.
Sources: Anthropic official announcement, U.S. Securities and Exchange Commission EDGAR filings, The Wall Street Journal, CocoLoop, The VC Corner; first-half revenue, net loss and non-cash item amounts verified against the S-1 financial statements.