Analysis
Anthropic, PBC filed a public S-1 registration statement with the SEC on October 26, 2026, and applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol "ANT." The filing, reviewed on SEC EDGAR, is the company's first public prospectus after months of leaked drafts and press reports.
The numbers: revenue was $41 million in FY2023, $386 million in FY2024, $4.585 billion in FY2025, and $16.286 billion for the six months ended June 30, 2026 (H1 2026) -- up from $1.163 billion in H1 2025, roughly 14x year over year. Net loss for H1 2026 was $80.7 billion, but $72.4 billion of that is a non-cash change in the fair value of convertible notes, derivative liabilities and SAFEs. Strip that out and the operating loss was $693 million on $16.3 billion of revenue.
“Net loss for H1 2026 was $80.7 billion, but $72.4 billion of that is a non-cash change in the fair value of convertible notes, derivative liabilities and SAFEs.”
As of September 30, 2026, Anthropic had more than 11,900 customers with $100,000 or more of revenue on a trailing-twelve-month basis, up from more than 950 a year earlier, including about 250 customers spending $10 million or more. As of June 30, 2026, the company held $112.4 billion in cash and cash equivalents, $19.3 billion in short-term investments, and $3.2 billion available under its credit facility.
What the filing leaves blank matters just as much: the IPO price range, share count, total raise size, aggregate compute-commitment figure and Run-Rate Revenue as of October 31, 2026 are all unfilled placeholders in the prospectus. The S-1 states no IPO valuation. Governance stays unusual for a public company: the Long-Term Benefit Trust holds Class T stock and elects a majority of the board, and a Founder LLC holds a single share of Class F stock.
The cover page lists 24 underwriters led by Goldman Sachs, Morgan Stanley, J.P. Morgan, Citigroup, Barclays, Wells Fargo Securities, BofA Securities, Deutsche Bank Securities, RBC Capital Markets and UBS Investment Bank. Full breakdown, including the net-loss accounting and what's still unknown, is on Value Add VC.
