Anthropic Revenue Surges to $16.29 Billion as It Files to Register Potential Nasdaq Offering
Key Facts
Anthropic filed a public S-1 registration statement with the U.S. Securities and Exchange Commission on October 26, 2026, applying to list its Class A shares on the Nasdaq Global Select Market under the ticker ANT, according to the SEC filing. Revenue reached $16.29 billion in the six months ended in June, compared with $1.16 billion in the same period of 2025, according to Reuters. The filing clears the way for a potential offering, but does not mean shares are now being sold; sales cannot begin before the registration statement becomes effective. The company did not disclose the number of shares on offer or the offering price. The disclosure gives investors a view of rapid commercial growth alongside operating costs and substantial computing commitments.
Revenue growth accelerated in prior years as well, reaching $4.59 billion in 2025, after $386 million in 2024 and $41 million in 2023, according to Reuters. First-half 2026 revenue thus exceeded the total for last year. At the same time, the operating loss narrowed to $693 million in the first half of 2026, from $2.14 billion in the corresponding period of 2025. Reuters attributed the improvement to revenue growing faster than total expenses. The figures put operating improvement alongside an expanding business, but do not erase the large net loss recorded during the period.
The net loss was $80.7 billion in the first half of 2026, compared with $13 billion in the same period a year earlier, according to the Associated Press, citing the filing. The figure included a $72.4 billion item for changes in the fair value of convertible securities, derivatives and safe financing agreements, driven mainly by the increase in the value of convertible notes as the company's valuation rose. The net loss therefore reflects a major accounting impact tied to financing instruments alongside operating performance. The operating loss in the same period was $693 million, down from $2.14 billion a year earlier. The divergence between the two measures highlights the importance of separating operating results from the impact of revaluing financing instruments when reading the results.
On the demand side, Anthropic had more than 11,900 customers each generating at least $100,000 in annual revenue as of the end of September 2026, according to TechCrunch. More than 1,900 customers were at the $1 million annual spending threshold, while about 250 spent $10 million a year. These customer tiers point to the company's growing presence among large enterprise spenders. But its customer base comes with substantial infrastructure needs. Anthropic said in the registration statement that computing and infrastructure expenses would remain its largest operating expenses for the foreseeable future, and that it expects them to rise in absolute terms as additional computing capacity comes online.
Reuters reported that the company has committed to spending more than $600 billion with about 8 partners over a decade, with many parts of the agreements non-cancellable or requiring payment regardless of usage. The commitments include at least $110 billion with Amazon, about $114.5 billion with Google and $44.9 billion with Microsoft for cloud computing services over 7 to 10 years. Amazon and Google are both computing suppliers and financial backers of the company. Amazon has invested at least $13 billion and agreed to invest up to another $20 billion, while Google has committed to investing up to $40 billion, according to Reuters. This interdependence means that financing expansion and supplying infrastructure are partly carried out through the same partners.
Anthropic's move comes as markets view the offering as a test of valuations for artificial intelligence companies. Reuters said the offering could set a benchmark for leading labs' valuations and affect investor confidence in companies financing AI infrastructure. The news agency also quoted investor Peter Andersen as saying, "The outcome of this offering will indicate how willing investors remain to support capital spending on AI development." An analyst at IPOX Schuster said success would not benefit all companies in the sector equally, as investors would distinguish between "proven customer demand and spending based on expected growth." In a conditional example, Thomas Hayes of Great Hill Capital said a $1.5 trillion valuation appeared high when compared with hypothetical annual revenue of $16 billion or $32 billion and hypothetical annual losses of $80 billion or $160 billion.
In the broader market, the S&P 500 rose 0.5% in morning trading on October 26, while U.S. stock futures got a brief boost after the offering filing was published, according to Reuters. Under the governance structure, the seven founders will collectively retain 50.1% of the voting power, while the Long-Term Benefit Trust has the authority to appoint a majority of the board, according to the Associated Press. Risks cited in the filing include the possibility of malicious actors using the company's models to make chemical weapons, authoritarian governments using the technology to repress their citizens, and potential existential risks. As for next steps, the Associated Press expected the company to appear in the stock market next month, while Reuters said the offering was expected before Thanksgiving. Anthropic has not announced the number of shares or the offering price, and the proposed sale cannot begin before the registration statement becomes effective.