Anthropic Makes IPO Filing Public, Plans Nasdaq Listing Under ‘ANT’

What it claims

Anthropic made its S-1 registration statement public on 26 October 2026. It plans to list Class A common stock on the Nasdaq Global Select Market as "ANT". Both the company and existing shareholders will sell shares. The share count and price range are not yet set. The public filing follows a confidential draft submitted to the SEC in June 2026. In May 2026, Anthropic raised $65 billion at a $965 billion valuation. Reuters reported last month that backers hoped for a valuation above $2 trillion.

Evidence

Revenue grew from $41 million in 2023 to $386 million in 2024 and $4.59 billion in 2025. First-half 2026 revenue was $16.29 billion, against $1.16 billion in the first half of 2025.

The operating loss for the first half of 2026 was $693 million. The $80.7 billion net loss came mostly from a $72.4 billion fair-value charge on convertible notes and other instruments. The filing says that charge was driven mainly by the rise in Anthropic's own valuation, so it is not an operating cost.

On 30 June 2026, Anthropic held $112.4 billion in cash and cash equivalents and $19.3 billion in short-term investments. On 30 September 2026, more than 1,900 customers had each generated at least $1 million in revenue over the prior 12 months. About 250 had each generated at least $10 million.

How it works

Anthropic is a public benefit corporation. Its directors must balance shareholder returns against the interests of those its conduct affects and against its stated purpose: "the responsible development and maintenance of advanced AI for the long-term benefit of humanity."

Control is split three ways:

• Long-Term Benefit Trust. Five financially disinterested trustees elect a majority of the board through a special class of stock.
• Co-founders. Just before the offering, an entity owned by the seven co-founders receives a single Class F share. That share carries 50.1% of voting power on most shareholder matters, which makes Anthropic a "controlled company" under Nasdaq rules.
• Public buyers. Class A shares carry one vote each.

Anthropic also put about 847 million non-voting shares into a wholly owned subsidiary dedicated to its public benefit purpose. That is 5% of fully diluted shares as of 30 June 2026. Each co-founder has pledged to give 80% of their personal equity to philanthropy.

Limits

The filing itself warns that the structure "may effectively eliminate the ability of holders of our Class A common stock to influence important decisions, including a change in control." David Sacks, investor and former White House AI czar, criticized the public-benefit share fund, writing: "Whether it serves the public good remains to be seen."

The registration statement is not yet effective. The figures above are the article's reading of the S-1, not the filing itself. Decrypt states that the article was drafted with help from Claude, an Anthropic model.