Anthropic Formally Files S-1 for Nasdaq Listing Under 'ANT,' Reports $80.7 Billion Half-Year Loss on $16.3 Billion Revenue

Since this morning's reports that Anthropic's prospectus was about to go public, the company has made it official: Anthropic, PBC filed its Form S-1 with the Securities and Exchange Commission today, Oct. 26, for a proposed IPO of its Class A common stock.

The company said it intends to list on the Nasdaq Global Select Market under the symbol "ANT." It said the number of shares and the price range have not been determined.

The numbers in the filing

Revenue for the first half of 2026 was $16.3 billion, up from $1.2 billion in the same period last year, according to the S-1.

Net loss for the half was $80.7 billion. That compares with a loss of nearly $13 billion in the first six months of 2025, more than six times as much.

The filing runs 335 pages. Anthropic had first submitted paperwork confidentially to the SEC in June. OpenAI filed confidentially just over a week later.

Share structure and underwriters

Goldman Sachs and Morgan Stanley lead the deal. The underwriting group also includes JPMorgan Securities, Citigroup, RBC Capital Markets, UBS Securities, BMO Capital Markets and BNP Paribas.

The filing sets up a split between voting and non-voting stock. Each Class A share carries one vote. Class N shares carry no vote, and the company said their holders are primarily strategic business partners.

Anthropic also plans to issue a single Class F share to Founder LLC, a limited liability company set up by its co-founders. The filing states that Class A stock will not be convertible.

The seven founders, including CEO Dario Amodei and his sister Daniela, collectively own nearly 500 million shares, according to the filing.

What the money is for

In the filing, Anthropic said it could use proceeds to acquire other businesses and technology and to invest in infrastructure to compete with rivals. Those include Google, OpenAI, SpaceX's AI division and newer startups in the U.S. and China.

Anthropic was valued at $965 billion in its May 2026 funding round. A final IPO valuation has not been set. Reports put it at $1.5 trillion or as high as $2 trillion, and put the raise at up to $100 billion. Those are reported figures, not numbers in the company's filing. If they hold, the raise would beat SpaceX's June IPO, which brought in $86 billion at a $1.75 trillion valuation.

The listing could come as early as November.

The risk side

The filing lands weeks after Amodei published an essay arguing for a slowdown in development of the most advanced AI models. He also called for third-party safety evaluators embedded at Anthropic and other top labs. That proposal drew criticism that it was riddled with conflicts of interest, according to the New York Post.

Analysts at the investment advisory firm Lightshed see a wide range of outcomes. In a research note ahead of the filing, they wrote: "Anthropic could become the most valuable company in the world. It could also end up in bankruptcy."

Lightshed added that "Anthropic needs capital, with competitors pursuing the same investor dollars. That leaves investors with little time to understand what they are being asked to own."

Anthropic's own framing in the S-1 is optimistic. "We believe the diffusion of AI through the global economy represents one of the largest opportunities in history to improve how humans live and work, and it is just beginning," the company wrote.

The loss figure is the one most likely to draw scrutiny from investors already worried about an AI bubble. Anthropic, OpenAI and SpaceX's AI division are all spending more than they take in.

What comes next

The registration statement has been filed but is not yet effective. Under the company's announcement, no shares can be sold and no offers to buy can be accepted until it becomes effective. Preliminary prospectus copies will be available through Goldman Sachs and Morgan Stanley.

The next filing to watch is the one that sets the share count and price range. That will show what Anthropic is asking the market to pay, and how much it expects to raise.