Anthropic Files for Potential Nasdaq Listing With Revenue Exceeding $16 Billion
Key Facts
Anthropic filed a registration statement on October 26, 2026, for a proposed initial public offering on the Nasdaq Global Select Market under the ticker ANT, putting its listing plans in investors’ focus. The company has not yet set the number of shares to be offered or the price range, and the registration statement has not become effective. The filing highlights a company generating rapid revenue growth but facing substantial losses and computing needs tied to major technology partners. According to the Associated Press, the filing could pave the way for the company to appear on Wall Street the following month. But the offering size, the company’s valuation and its final price have not been officially determined.
Anthropic’s revenue exceeded $16 billion in the first half of 2026, about 14 times revenue in the same period a year earlier, according to the Associated Press. This acceleration puts the company on a striking expansion path ahead of the proposed offering. Revenue growth, however, does not remove cost pressures: the company recorded a net loss of $80.7 billion in the first half, compared with a loss of $13 billion a year earlier. AP said losses excluding certain items were a small fraction of the reported figure. In the second quarter alone, sales were $11.6 billion and operating profit was $974 million, according to an Investing.com report citing the offering filing.
The sales figures point to growing commercial reliance on the cloud infrastructure of major companies. Forty-eight percent of Anthropic’s revenue passed through the cloud marketplaces of Google, Amazon and Microsoft in the first half of 2026, up from 11% in 2023, according to Investing.com. In 2025, 47% of the company’s sales to customers were routed through Amazon and Google Cloud, according to Reuters. The relationship combines commercial partnerships, investment and computing provision, while all three companies also operate in the AI market. Anthropic said in its offering prospectus that using partners’ platforms allows it to benefit from their sales networks and reach customers, achieving market penetration at a scale that would be difficult for a standalone company to replicate.
Anthropic warned in the prospectus that reliance on a limited number of partners and suppliers creates “complex dynamics that could lead to conflicts of interest and adversely affect our access to compute capacity.” The warning puts securing computing capacity at the heart of the company’s risks, alongside the distribution opportunities offered by the platforms. The partners’ interests also overlap as suppliers, investors and AI competitors. The company said cloud channels help it reach customers quickly and at scale. This means continued commercial growth is also tied to its relationships with infrastructure providers.
Amazon’s and Alphabet’s investments provide important financial context for the offering, but the documented details differ between the two companies. Amazon said in its filing with the Securities and Exchange Commission that its outstanding convertible notes will convert, upon completion of an Anthropic IPO or a liquidity event, into non-voting common shares, subject to its ownership cap. Amazon also expects a customary lock-up period after the offering. In its second-quarter earnings filing, the company said its net income included $53.4 billion in pre-tax other income, most of it attributable to its investments in Anthropic. Alphabet, meanwhile, invested about $23 billion and committed up to an additional $20 billion tied to performance targets, with an ownership cap of 14.99% under the latest financing agreement, according to Investing.com.
On the stock market, Amazon closed at $249.7142 on October 26, compared with $248 on October 23, while Alphabet closed at $318.99, versus $320.21 in the previous session, according to EL7 data. Those closing prices alone do not establish a direct link between the two stocks’ movements and the value of their Anthropic investments. The listing date, proceeds and final price remain subject to details the company has not specified in its filing. AP said the offering could raise up to $100 billion, according to reports, a figure that remains unconfirmed. By comparison, SpaceX’s offering raised $86 billion in June, according to the same report.