Anthropic Files S-1: $16.3B H1 Revenue, $80.7B Loss, Nasdaq 'ANT'

Anthropic's S-1 is public on SEC EDGAR as of October 26, 2026. It confirms the Nasdaq ticker "ANT," $16.3 billion of H1 2026 revenue and an $80.7 billion net loss, most of it a non-cash charge. The price range, share count, raise size and compute commitment total are all left blank.

As of October 26, 2026: Anthropic, PBC filed its S-1 registration statement with the SEC. This page reads the filing itself, not leaks or reported drafts, and every figure below is cited to the SEC EDGAR filing. For the run-up to this filing, see our Anthropic profitability breakdown and valuation and funding history.

Anthropic S-1 Key Numbers (as of October 26, 2026)

All figures from Anthropic's S-1 registration statement, filed with the SEC on October 26, 2026. Source: SEC EDGAR.

What the filing says: listing, offering, banks

The S-1 was "filed with the Securities and Exchange Commission on October 26, 2026" by registrant "Anthropic, PBC." It states: "We have applied to list our Class A common stock on the Nasdaq Global Select Market under the symbol 'ANT.'" Source: SEC EDGAR.

The offering is both primary and secondary: "We are selling shares of Class A common stock and the selling stockholders identified in this prospectus are selling an additional shares" — the share counts themselves are blank in the filing. The price range is also unset: the filing reads, "It is currently estimated that the initial public offering price per share will be between $ and $ ." Neither the price range nor the share count has been filled in yet, and the filing states no IPO valuation. Value Add VC is not stating one.

The cover page lists 24 underwriters led by Goldman Sachs & Co. LLC, Morgan Stanley, J.P. Morgan, Citigroup, Barclays, Wells Fargo Securities, BofA Securities, Deutsche Bank Securities, RBC Capital Markets and UBS Investment Bank. Use of proceeds is described as "general corporate purposes, including working capital, operating expenses, and capital expenditures, including investments in compute and infrastructure, as well as hiring and retention of highly skilled personnel."

Before this filing went public, Reuters had reported investors discussing an IPO valuation of around $1.5 trillion after Anthropic's October 14 investor meeting — per Reuters, October 15, 2026. That is press speculation, not a figure from the S-1 itself, which leaves the valuation and price range blank.

Revenue, FY2023 to H1 2026

The statement of operations shows revenue of $41 million in FY2023, $386 million in FY2024, $4.585 billion in FY2025, $1.163 billion in H1 2025 and $16.286 billion in H1 2026 — about 14x year over year for H1. Source: SEC EDGAR S-1.

Anthropic S-1, SEC EDGAR, filed October 26, 2026

Data

Anthropic Revenue, FY2023-H1 2026 ($B)

Item	Value
FY2023	$41M
FY2024	$386M
FY2025	$4.585B
H1 2025	$1.163B
H1 2026	$16.286B

The net loss explained: $693M operating loss vs. an $80.7B non-cash charge

Anthropic reported "a net loss of $1.5 billion, $8.3 billion, and $42.0 billion for the years ended December 31, 2023, 2024, and 2025, respectively, and $80.7 billion for the six months ended June 30, 2026." The headline H1 2026 number is dominated by one line: "Change in fair value of convertible notes, derivative liabilities, and SAFEs" was a $72.4 billion charge in H1 2026 alone. Source: SEC EDGAR S-1.

Strip that non-cash fair-value charge out and the operating loss for H1 2026 was $693 million — against $16.3 billion of revenue. The S-1's operating loss line reads $551 million (2023), $2,980 million (2024), $8,060 million (2025), $2,135 million (H1 2025) and $693 million (H1 2026), all in thousands converted here to millions.

Operating expenses in H1 2026 broke down as compute and infrastructure $8.945 billion, personnel $3.152 billion, sales, marketing and partnerships $3.168 billion, and other operating and administrative $1.714 billion, for total operating expenses of $16.979 billion. FY2025 operating expenses also include a one-time $1.5 billion Bartz copyright settlement. Interest income in H1 2026 was $1.111 billion. Source: SEC EDGAR S-1.

Customers, cash, compute and cloud partners

Anthropic "had more than 11,900 customers with $100,000 or more of revenue on a TTM basis as of September 30, 2026, up from more than 950 as of September 30, 2025," plus "more than 1,900 customers with $1 million or more of revenue" and "approximately 250 customers with $10 million or more of revenue." The remainder of revenue is "generated by approximately 40 million customers, each with less than $100,000 of revenue." Source: SEC EDGAR S-1.

On cash: "As of June 30, 2026, we had cash and cash equivalents of $112.4 billion, $19.3 billion of short-term investments, and $3.2 billion available under the Credit Facility."

Anthropic runs a "multi-chip compute architecture across AWS Trainium, Google TPUs, NVIDIA GPUs, and AMD GPUs," and says it relies on "a limited number of CSPs — Amazon.com, Inc. ..., Google, and Microsoft Corporation," with Claude accessible on all three major cloud platforms. The filing names Alphabet and OpenAI Group PBC as its primary competitors. The aggregate compute commitment total is left blank in the filing — the S-1 phrase reads "aggregate committed spend of more than $ ," with no figure filled in — so Value Add VC is not stating a compute-commitment number. Source: SEC EDGAR S-1.

Governance: PBC, the Long-Term Benefit Trust, and share classes

Anthropic is a public benefit corporation. Its Long-Term Benefit Trust holds Class T common stock and "has the authority to elect and remove the Class T directors, who together will constitute a majority of the authorized members of our board of directors." A Founder LLC — held by Dario Amodei, Daniela Amodei and five other co-founders — holds a single share of Class F common stock. The capital structure also includes the listed Class A, plus Class N and Class E (for employees, with no economic rights). Source: SEC EDGAR S-1.

Dario Amodei is Chief Executive Officer and Co-Founder; Daniela Amodei is President, Co-Founder and Chairperson of the board.

What's not in the filing yet

The S-1 leaves several figures blank, and Value Add VC is not estimating them: the IPO price range and per-share price are unset ("between $ and $"); the number of shares being sold by the company and by selling stockholders is unset; total raise size follows from those two blanks, so it is also unset; the filing does not state an IPO valuation at all; the aggregate compute commitment total is unset ("aggregate committed spend of more than $"); and Run-Rate Revenue, which the S-1 defines as 28-day consumption annualized times 13 plus monthly subscriptions times 12, is unset as of October 31, 2026 ("Run-Rate Revenue was $ as of October 31, 2026"). Anything about valuation that has appeared in press reports is attributed to that reporting, not to the S-1 itself. Source: SEC EDGAR S-1.

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