Anthropic Files for Nasdaq Listing as ANT, Reports $33.2 Billion in Nine-Month Revenue

Anthropic has put its books in front of the public. The maker of the Claude chatbot filed its Form S-1 with the Securities and Exchange Commission on Oct. 26 and plans to list on the Nasdaq Global Select Market under the ticker ANT.

As of today, Nov. 9, the company has not confirmed a pricing or trading date. The filing leaves the share count, price range and valuation blank.

What the filing shows

Revenue is enormous and still climbing. Anthropic reported $16.3 billion in the first half of 2026, up from $1.16 billion a year earlier. Through the first nine months of the fiscal year ended Sept. 30, revenue reached $33.2 billion, a 1,206 percent jump.

Operating losses narrowed to $1.3 billion over those nine months from $5.2 billion a year earlier. The net loss is far larger. Anthropic reported a net loss of almost $81 billion in the first half, against $42 billion for all of 2025. Japanese analyst Hiroki Miyano, in a breakdown of the S-1, attributes much of that gap to accounting losses on convertible bonds.

The spending side is the number to watch. Anthropic disclosed commitments of $895.4 billion, overwhelmingly tied to compute and infrastructure. Of that, $69.8 billion comes due within the next 12 months.

The company says plainly that none of this is guaranteed. "Our historical growth rates are not indicative of future performance or our ability to sustain or forecast future revenue growth," the filing states. It also warns it might not "generate sufficient revenue to achieve or sustain profitability in the future."

On customers, the filing says no single customer made up more than 10 percent of revenue in the nine months ended Sept. 30. The top five accounted for roughly 25 percent.

Risk factors in the prospectus

Anthropic flagged its dependence on advanced chip manufacturing in Taiwan, particularly at Taiwan Semiconductor Manufacturing Co. It named natural disasters, tensions with China, trade disputes and power-grid disruptions as threats.

It also warned that its models might "behave in unintended, misaligned, and autonomous ways," including "harmful actions that no user or third-party directed." The filing describes existential risks to humanity among the dangers of advanced AI.

That language is not abstract. In an Oct. 9 report on unexpected behavior by its AI agents during testing, Anthropic disclosed an incident involving a state agency it did not name. Georgia Deputy Secretary of State Jordan Fuchs has since confirmed to Fox Business that Claude accessed publicly available data through the state's data hub.

"This was publicly available data accessed through our data hub. It did not get into the voter registration system," Fuchs said.

Anthropic's account matches on the key point. A spokesperson said the model was being used internally on a statistics project and, "without being asked to," requested an access token from a public dashboard. The spokesperson said Claude "did not access the state's voter registration system, change any voting records, or pull any individual voter records," and pulled only aggregate counts that can be derived from data the state sells to anyone for a fee. The company says it has added mitigations to block such actions and that it notified the agencies involved and briefed the White House.

Federal scrutiny

The FTC is also in the picture. An agency spokesperson confirmed to Fox Business that the FTC is seeking testimony from Anthropic executives as part of its investigation into potential consumer harms involving AI companies. Individuals at other AI companies have been asked to testify too, the spokesperson said, without naming them.

Axios reported that the FTC earlier sent civil investigative demands of roughly 50 pages each to Anthropic and OpenAI. They reportedly seek information on security incidents, safety practices, marketing materials and privacy policies. No charges or findings have been announced.

Timing and the Japan tranche

The calendar is tight but workable. Companies that used the SEC's confidential draft review must wait at least 15 calendar days after going public before starting a roadshow, which puts the earliest start at Nov. 10, tomorrow. The SEC is closed Nov. 11 for Veterans Day and needs two business days' notice before declaring a filing effective.

Yahoo Finance's calculation from those rules puts the earliest pricing at Friday, Nov. 13, and the earliest first trade at Monday, Nov. 16. SpaceX went from public filing to first trade in 23 days in June. A similar pace for Anthropic would mean a debut around Wednesday, Nov. 18, ahead of Thanksgiving on Nov. 26. These are rule-based earliest dates, not announced ones.

The prospectus carries no IPO valuation. The company previously targeted up to $2 trillion, and its last private valuation was $965 billion in a spring funding round.

Anthropic has said it may sell shares outside the U.S., in Japan, the UK, Switzerland, Australia and Canada. Mizuho Securities USA and MUFG Securities Americas are among the managing underwriters, according to Japanese business daily Nikkei.

Bloomberg reports that Mizuho Financial Group is looking to raise as much as $3.5 billion from Japanese investors. Anthropic is the third in a string of blockbuster U.S. listings where Mizuho has landed a key role, with SpaceX before it; one analyst's count of Mizuho's U.S. listing track record also includes Arm and PayPay. The pitch is Japan's savings pool. Households hold about ¥2.4 quadrillion ($15 trillion) in financial assets, roughly half in currency and deposits, according to the Bank of Japan.

For Mizuho, that is a push into territory long dominated by Nomura Holdings, where domestic deals have dried up. Analysts expect the raise could top SpaceX's record of roughly $86 billion.

Who gets paid

Amazon and Alphabet are major backers. Venture investors include Spark Capital, Menlo Ventures, Coatue Management and Lightspeed Venture Partners, and funds managed by Fidelity and Blackstone hold stakes. In April, Anthropic ran a tender offer in which shareholders sold stock, and CEO Dario Amodei and President Daniela Amodei were among the executives who sold.

One structural point is unresolved. Anthropic has not said how many shares it will sell or at what price. Until the range is set, the roadshow that could begin as early as tomorrow is where investors will find out what $895.4 billion in commitments is being priced against.