EL7.AI
StocksMedium•26 October 2026•
4 min read

Anthropic Files for IPO With $16.3 Billion in First-Half Revenue

Key Facts

1Anthropic filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission on October 26, 2026.
2Revenue was about $16.3 billion in the first half of 2026, with growth of 1,368% in the quarter ended June 30.
3The net loss was $80.7 billion in the first half of 2026, compared with $13 billion a year earlier.
4Spending on computing capacity and infrastructure was nearly $9 billion in the first half of 2026, compared with $2.3 billion a year earlier.
5The company’s commitments for computing, cloud services and infrastructure exceed $518 billion over a decade.

On October 26, 2026, Anthropic said it had filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission for a proposed initial public offering of its Class A shares. The company intends to list the shares on the Nasdaq Global Select Market under the symbol ANT, it said. Financial statements showed revenue of about $16.3 billion in the first half of 2026, according to Reuters. In the same period, the company posted a net loss of $80.7 billion, according to the Associated Press, compared with $13 billion in the first half of 2025. The filing gives investors a picture of rapid revenue growth alongside a sharp widening in losses, while the terms of the proposed sale remain unspecified.

Anthropic’s revenue rose from $1.1 billion in the first half of 2025 to $16.3 billion in the first half of 2026, according to Reuters via Axios. On a quarterly basis, Reuters said revenue grew 1,368% in the three months ended June 30 compared with the same period a year earlier. The comparison highlights a sharp acceleration in sales over a short period, but it comes alongside an increase in the net loss to $80.7 billion from $13 billion a year earlier. Reuters attributed a large part of the first-half loss to an increase in the fair value of bonds convertible into company shares. The reported financial statements therefore include revenue growth and a loss affected by changes in the value of convertible financial instruments.

The revenue increase was accompanied by a surge in spending on computing capacity and infrastructure. Anthropic spent nearly $9 billion on those items in the first half of 2026, compared with $2.3 billion in the same period a year earlier, according to the S-1 document as reported by Reuters via MarketScreener. The company said it expects computing and infrastructure expenses to rise in absolute terms and to remain its largest operating expenses for the foreseeable future. Reuters also reported that the company has at least $518 billion in commitments over a decade for computing, cloud services and infrastructure. This means investment in the capacity needed to develop and run models is a large and ongoing item in the company’s accounts. Anthropic ties its success to continuing to develop the most advanced and capable AI models, warning in the prospectus that failure to do so could harm its business.

Anthropic disclosed that its revenue and accounts receivable are concentrated among a limited number of customers and distribution channels, according to Reuters. This concentration adds another dimension to assessing its revenue trajectory, alongside the company’s reliance on continued spending on computing and infrastructure. The company has yet to disclose how many shares it plans to sell or the proposed price range, Reuters reported. The registration statement has not become effective, and the company said the securities may not be sold before it does. Goldman Sachs and Morgan Stanley are leading the underwriting group for the offering. Anthropic has not yet announced details on the number of shares or their price, leaving the offering’s size and final value unresolved.

The offering is drawing interest beyond the company’s own details, as Reuters said it could set a benchmark for valuing leading AI companies, including OpenAI. At the same time, the report cited investor concerns about whether debt-financed, massive spending on data centers, chips and computing capacity can generate returns to justify high valuations. The report said some current and prospective investors value Anthropic at about $1.5 trillion, down from nearly $2 trillion a week earlier, after the company disclosed financial data at an investor event. These estimates reflect a rapid shift in some investors’ view of the company before the offering terms are set. Comparing offering sizes, the Associated Press said SpaceX’s offering in June raised $86 billion, setting a record at the time; a potential Anthropic offering could surpass it.

The Associated Press said the filing paves the way for Anthropic to appear on Wall Street the following month, November 2026, while the offering’s value and final price remain unresolved. This timing describes what the filing sets in motion; the company has not announced the number of shares or a price range, and the registration statement has not yet become effective. The next steps will depend on completing the registration process and disclosing the offering terms before the shares can be sold. Until then, ANT remains the proposed symbol for listing on the Nasdaq Global Select Market, not an announcement that public trading has begun. The company has also provided no final details on the offering’s size or share price.