Anthropic Files for IPO With First-Half 2026 Revenue Above $16 Billion
Key Facts
Anthropic filed a preliminary registration statement for an initial public offering with the U.S. Securities and Exchange Commission on October 26, 2026, allowing investors to review the company’s performance and plans ahead of a potential listing. The company applied to list its Class A shares on the Nasdaq Global Select Market under the symbol ANT, according to the registration statement. But the filing does not yet specify the number of shares to be offered or their price, leaving the size and value of the deal undecided. It also states that the shares cannot be sold before the registration statement becomes effective, and that the preliminary prospectus does not constitute an offer to sell. Anthropic had filed confidentially in June before publicly releasing the registration statement in October, according to Bloomberg Law. That makes the announcement a preliminary registration step, not confirmation of a listing date or final terms.
The figures in the prospectus show rapid revenue growth, but the company has not yet achieved net profitability. Revenue exceeded $16 billion in the first half of 2026, equivalent to 14 times revenue in the same period a year earlier, according to the Associated Press. In the three months ended June 30, revenue rose 1,368% year over year, according to Reuters. Consumption-based sales accounted for $13.1 billion, or 80% of revenue in the six months ended June 30, while subscription-based revenue totaled $3.2 billion, or 20%. The breakdown reflects greater reliance on actual use of services than on subscriptions, according to the prospectus details. Still, the Associated Press said the company had not yet turned a profit.
The prospectus reports varying measures of profitability: Anthropic recorded a net loss of $41.965 billion in 2025, followed by a net loss of $80.748 billion in the first half of 2026. A $72.4 billion change in the fair value of convertible instruments, derivative liabilities and SAFE agreements in the six months ended June 30 was tied to an increase in the value of convertible notes as the company’s valuation rose, according to the filing. At the operating level, the company posted a loss of $693 million in the first half of 2026, compared with an adjusted operating loss of $1.85 billion a year earlier. In the same period, adjusted operating income turned into a profit of $1.62 billion, according to figures reported by Reuters. The figures show that the large net loss coincided with an improvement in the adjusted operating measure, while the prospectus links much of the accounting change to the valuation of convertible financing instruments.
The company’s growth extended to its base of high-spending customers: the number of customers generating at least $100,000 in revenue on a trailing 12-month basis exceeded 11,900 as of September 30, 2026, compared with more than 950 on the same date in 2025. The prospectus, however, warned that revenue growth may slow over time, possibly faster than the company expects as its revenue base expands and the market matures. Reuters said the prospectus also warned that growth could fluctuate. On financing, the company says it may use IPO proceeds to acquire companies and technologies and invest in infrastructure, while expanding computing capacity will be an important cash use in the foreseeable future. Anthropic will receive no proceeds from shares sold by existing shareholders in the proposed offering. The filing describes the company as a public benefit corporation incorporated in Delaware, with a special share class giving the founders’ limited liability company 50.1% of the voting power on general matters after the offering.
The Associated Press estimated, citing reports, that the offering could raise as much as $100 billion, but said the filing does not specify the final terms. If the company proceeds with a listing, it would follow SpaceX’s offering, which raised $86 billion in June 2026, and could make Anthropic the first AI model developer to list its shares ahead of OpenAI, the agency said. David Hsu, a professor of management at the University of Pennsylvania, said he sees the filing as a step toward diversifying the company’s financial base. From the investor side, Susannah Streeter, head of investment strategy at Wealth Club, said enthusiasm for AI’s ability to change business, boost productivity and reshape industries remains strong, but investors have become more selective. Reuters reported that the offering is expected before Thanksgiving, a projected timing that the prospectus does not confirm. The shares will remain unsellable until the registration statement becomes effective with the U.S. agency.