Anthropic's Public S-1 Shows $16.3B of First-Half Revenue and an $80.7B Net Loss, $72.4B of It Fair-Value Changes; the Price Range Is Still Blank
Anthropic filed its S-1 publicly on Oct. 26 for a planned Nasdaq listing under the symbol ANT. The filing shows $16.3B of revenue in the first half of 2026, up from $1.2B a year earlier, and an $80.7B net loss, of which $72.4B is fair-value changes on convertible notes, derivatives and SAFEs. It leaves the share count, price range and third-quarter revenue blank; the week of Nov. 16 and a $1.5T–$2T valuation come from WSJ sources.
Anthropic's public filing puts the company's own name on the figures the WSJ reported from a confidential draft on October 20, and leaves blank the two numbers investors most want: the price and the number of shares. Anthropic said on Monday, October 26, that it had filed a registration statement on Form S-1 with the SEC for an initial public offering of its Class A common stock, which it intends to list on the Nasdaq Global Select Market under the symbol "ANT." The number of shares and the price range have not been determined, Anthropic said. We reported the draft's figures earlier as relayed from the WSJ; they now appear in the filing itself.
What the S-1 says about revenue and losses#
The S-1 reports revenue of $16.3 billion for the six months ended June 30, 2026, up from $1.2 billion in the same period of 2025. For full years, it lists revenue of $41 million in 2023, $386 million in 2024 and $4.6 billion in 2025. The operating loss was $693 million in the first half, down from $2.1 billion a year earlier.
The net loss was $80.7 billion for the half, after $42.0 billion for 2025. Of the first-half figure, $72.4 billion is change in the fair value of convertible notes, derivatives and SAFEs (simple agreements for future equity). The filing says those changes were primarily driven by a rise in the fair value of the convertible notes as Anthropic's enterprise valuation increased.
Anthropic also reports Adjusted Operating Income of $1.6 billion for the half, against an Adjusted Operating Loss of $1.8 billion a year earlier. That is a non-GAAP measure that Anthropic defines and reconciles in the filing. Operating activities provided $3.9 billion of cash in the half, against $1.5 billion used a year earlier.
Cash, customers and headcount#
As of June 30, 2026, Anthropic held $112.4 billion in cash and cash equivalents and $19.3 billion in short-term investments, and says it had raised $141.1 billion of capital in total. As of September 30, 2026, it counts more than 11,900 customers with $100,000 or more of trailing-twelve-month revenue, more than 1,900 above $1 million and approximately 250 above $10 million. It had approximately 5,300 employees on that date.
No single customer accounted for more than 10% of revenue in the nine months ended September 30, 2026, the filing says, and its top five customers represented approximately 25%.
What the filing leaves blank, and what comes from sources instead#
The filed document leaves blank the share count, the price range and the revenue figure for the three months ended September 30, 2026. The amounts in its contractual-obligations table are blank too. Goldman Sachs and Morgan Stanley are the representatives of the underwriters.
The IPO date and size come from the Wall Street Journal, not from the filing. Citing people familiar with the matter, the WSJ reported that Anthropic is aiming to go public in the week of November 16, though the timing could change, and that the IPO could raise as much as $100 billion or more at a valuation of $1.5 trillion to $2 trillion. Anthropic has not confirmed those figures. The valuation range matches the roughly $1.5 trillion some investors were discussing in mid-October, according to Reuters' sources at the time.
The filing also covers more than the headline numbers. We cover its compute commitments, founder voting control and the Long-Term Benefit Trust, safety disclosures and the Broadcom financing in separate reports.
Limits#
- We read the S-1 as filed on SEC EDGAR (accession 0001628280-26-067168) on October 27. Figures are quoted as the filing states them; blanks in this version may be completed in a later amendment.
- The IPO week, raise size and valuation range come from the WSJ's unnamed sources, which we read through BusinessDesk's syndicated copy of the WSJ article. Anthropic has not confirmed them, and the S-1 contains no date or price.
- Reuters' sources said on October 22 that marketing to investors would begin the week of November 9; the WSJ's sources put the listing in the week of November 16. The two timetables can both hold, and neither is confirmed by Anthropic.
- Adjusted Operating Income is Anthropic's own non-GAAP measure, and the customer and employee counts are Anthropic's own figures. We did not check them independently.
Sources#
- Anthropic: Anthropic files S-1 with the SEC for proposed initial public offering (October 26, 2026)
- SEC EDGAR: Anthropic, PBC Form S-1 (October 26, 2026)
- The Wall Street Journal via BusinessDesk: Anthropic unveils paperwork for blockbuster IPO (October 26, 2026)
- Reuters via CNA: Analysis: Anthropic IPO stands alone as AI market jitters sideline others (October 22, 2026)
- Times of AI: Anthropic public S-1 update, formerly the draft-S-1 report (updated October 27, 2026)
- Times of AI: Anthropic IPO valuation talk (October 16, 2026)