AI firm Anthropic, creator of Claude and one of the year’s most anticipated initial public offerings (IPOs), has filed its registration statement (S-1) with the Securities and Exchange Commission (SEC). Anthropic plans to list its shares on the Nasdaq under ticker symbol ANT. Anthropic shares are expected to trade before Thanksgiving after a road show to boost investor interest. The offering price, selling shareholders, and final proceeds will shake out in the coming weeks. The company expects to use the proceeds for general corporate operations and potential acquisitions.
Goldman and Morgan Stanley are lead book runners.
Anthropic explains its mission to drive growth:
Claude itself has become one of the most powerful drivers of our progress—each new version of a Claude model directly accelerates development of the next. Many aspects of the research, training, and testing of subsequent model generations now involve Claude, including running experiments, generating and processing training data, automating evaluations and safety audits, and writing and reviewing code. We refer to this recursive dynamic as “closing the loop.” A direct expression of this dynamic is our accelerating pace of producing compute multipliers. More capable models help our researchers discover these improvements faster; in turn, more powerful compute multipliers enable us to train even more capable models and deploy them more efficiently.
We believe the diffusion of AI through the global economy represents one of the largest opportunities in history to improve how humans live and work, and it is just beginning. In our view, the world has only begun to use the capabilities of today’s frontier models, and the gap between what Claude can do and how broadly it is used represents one of our largest growth opportunities, alongside continued advances at the frontier. Claude’s capabilities have evolved significantly in recent years, and we expect they will continue advancing rapidly. This will lead not only to an expanding addressable market, but also to an expanding scope of impact on the world. We aim to ensure that impact is as positive as possible. Our core advantages, the speed and scale of enterprise adoption of Claude, and our unprecedented financial model enable us to continue investing aggressively to build an AI-enabled future that benefits humanity broadly.
Anthropic generated $80.7 billion in revenue in the first half of 2026, far higher than the same period last year, when the AI company generated $13 billion in top-line revenue. Like most early-stage firms, Anthropic posted a net loss of $8.1 billion in 2025 and a much smaller loss in the first half of 2026 of $0.7 billion.
Cash and short-term investments were approximately $132 billion as of June 30, 2026, reflecting the 2026 private funding rounds.
Two large customers account for about 20% of its first-half revenue and about a quarter of its 2025 revenue.
In 2025, about 47% of sales went through the Amazon and Google Cloud marketplaces. These same firms are also investors, compute suppliers, and competitors.
Anthropic is a Delaware public benefit corporation (PBC) whose purpose is described as “responsible AI development” for the benefit of humanity.
A Founder LLC of the seven co-founders, including Dario and Daniela Amodei, holds a single Class F share carrying 50.1% of total voting power. Public Class A shareholders will have limited influence over board composition or key matters. The co-founders have pledged a large portion of their personal equity to philanthropy.
Beyond the typical risks outlined in the filing, the 80 pages of potential pitfalls include “catastrophic or existential risks to humanity.” Other highlighted challenges could include: “misalignment, autonomous harmful actions, hallucinations, prompt injection, biology/cyber misuse risks, and the possibility that capability advances could outpace safety measures.”
Anthropic is growing rapidly, with the most recent quarter (Q3) booking about 45% sequential growth. Anthropic went from under $400 million to tens of billions in roughly two years. Other competitors are significantly smaller.
More details will emerge in the coming weeks.
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