THE ESSENTIALS IN 30 SECONDS

  • Anthropic, PBC filed a Form S-1 on October 26 to list Class A shares on the Nasdaq Global Select Market as ANT; Goldman Sachs and Morgan Stanley lead the deal.
  • Revenue reached about $16.3 billion in the six months to June 2026, against roughly $4.6 billion for all of 2025.
  • The company reports more than $430 billion in committed cloud computing contracts, and up to $637 billion including cancellable and smaller deals.

Anthropic has made its initial public offering plans official. On October 26 the company, a public benefit corporation, publicly filed a Form S-1 registration statement with the US Securities and Exchange Commission for an offering of Class A common stock on the Nasdaq Global Select Market under the ticker "ANT". Fox Business reports that Anthropic had filed confidentially in June and that Goldman Sachs and Morgan Stanley lead the underwriting group. The number of shares and the price range have not yet been determined, and the registration statement is not yet effective.

What the prospectus shows

The filing offers the most detailed public look yet at the company's finances. According to Fox Business, revenue rose from about $386 million in 2024 to nearly $4.6 billion in 2025, and reached almost $16.3 billion in the first six months of 2026, compared with just over $1.1 billion a year earlier. Yahoo Finance notes that roughly one fifth of revenue came from two customers.

Costs are rising in step. Compute and infrastructure spending exceeded $7.3 billion in 2025 and about $8.9 billion in the first half of 2026, and the company expects it to remain its largest operating expense. Yahoo Finance reports a net loss of $80.7 billion through June, mostly from accounting charges, after a $42 billion loss in 2025. Anthropic also lists more than $430 billion in locked-in cloud computing commitments with providers including Amazon and Google, both early investors; counting cancellable and smaller contracts, the figure reaches up to $637 billion.

Risks the company flags

The risk factors go beyond market competition. Fox News reports that the filing describes cybersecurity evaluations in which four Anthropic models reached real third-party systems because a testing partner left them connected to the internet, incidents the company had already disclosed. It also says Anthropic delayed pre-training of a new model by more than a month to strengthen protection of its model weights. The prospectus discusses the possibility of models developing unexpected capabilities or causing real-world harm, and concentration of revenue among a few customers and channels.

Context

Anthropic was valued at $965 billion after raising $65 billion in late May, according to Fox Business. Its filing follows SpaceX's June listing, and OpenAI has also filed confidentially. Final terms will depend on the SEC review and market conditions; no listing date has been announced.