Anthropic files to list on Nasdaq and opens its books

Anthropic has publicly filed a registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering of its Class A common stock. The company announced the filing on October 26, and the Form S-1 says it has applied to list on the Nasdaq Global Select Market under the ticker “ANT”. The number of shares and the price range have not been set. Goldman Sachs and Morgan Stanley are named as lead underwriters. The registration statement is not yet effective, so no shares can be sold yet.

What the filing shows

The S-1 is the first full look at Anthropic’s finances. It reports revenue of $41 million in 2023, $386 million in 2024 and $4.585 billion in 2025. For the six months to June 30, 2026, revenue was $16.286 billion, against $1.163 billion a year earlier.

The losses need careful reading. The operating loss was $8.06 billion in 2025 and $693 million in the first half of 2026. The net loss was much larger: $41.97 billion in 2025 and $80.75 billion in the first half of 2026. The filing attributes most of that to accounting charges from changes in the fair value of convertible notes, $34.31 billion in 2025 and $72.39 billion in the first half of 2026. These are non-cash revaluations that rise as the company’s estimated value rises. The 2025 figures also include a $1.5 billion charge for the Bartz copyright settlement.

Cloud marketplaces matter a lot. The S-1 says sales through cloud service provider marketplaces made up 47% of revenue in 2025 and 48% in the first half of 2026.

Who controls the company

Anthropic is a public benefit corporation, and its share structure is built around that. Under the filing, the Long-Term Benefit Trust elects the Class T directors, who make up a majority of the board. A single Class F share goes to an entity the filing calls the Founder LLC. The S-1 lists Dario Amodei as chief executive and Daniela Amodei as president and board chair. Investors buying Class A shares would get economic exposure but limited say over who sits on the board.

The BBC and The Guardian reported that the listing could value Anthropic at more than $1.5 trillion. That figure comes from their reporting, not the filing, which leaves the price blank.

Why it matters (analysis)

The headline net loss will draw attention, but the operating line tells a different story: revenue grew about fourteenfold year on year in the first half while the operating loss narrowed sharply. For readers following Anthropic and AI investment, the questions to watch are the price range, how much depends on cloud partners, and how public shareholders view a board the trust controls. The filing arrives as rivals keep spending heavily on compute; see our report on OpenAI moving frontier training offline.

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This report is not legal, financial, or health advice. See the disclaimer.