Anthropic IPO filing: $16.3bn of revenue in six months, and the founders keep control

Anthropic has made its IPO filing public. The maker of the Claude AI models filed its registration statement with the Securities and Exchange Commission on 26 October 2026, and plans to list its Class A shares on the Nasdaq under the symbol “ANT”. Revenue was $16.3bn in the first six months of 2026, 14 times the $1.16bn of a year earlier. The filing leaves the price and the number of shares blank, so the Anthropic IPO cannot happen for some weeks yet.

The prospectus answers two questions investors have asked since the company first filed in confidence on 1 June. How fast is the business growing, and who will control it? The answers are: very fast, and not the new shareholders.

What the Anthropic IPO filing shows

The growth is the headline. Revenue was $41m in 2023, $386m in 2024 and $4.6bn in 2025. In the first half of 2026 alone it was more than three times the whole of 2025.

Anthropic revenue, $bn. Source: Anthropic, Form S-1, 26 October 2026 (SEC EDGAR). Years to 31 December; the first half to 30 June.

2023	0.04
2024	0.39
2025	4.59
First half 2026	16.29

Source: Anthropic, Form S-1, 26 October 2026 (SEC EDGAR). Years to 31 December; the first half to 30 June.The Macro Notebook

The losses from running the business are shrinking fast. The operating loss was $8.1bn in 2025, larger than revenue. In the first half of 2026 it was $693m, about 4% of revenue, against $2.1bn a year earlier. Compute and infrastructure cost $8.9bn, 55 cents for each dollar of revenue, as we reported on 22 October from an early draft. Sales and marketing rose to $3.2bn, from $120m.

The bottom line looks far worse, and most of it is accounting. The net loss was $80.7bn in the half-year, but $72.4bn of that was a rise in the value of convertible notes and similar securities, which the company must book as a loss when its own valuation goes up. Those notes turn into shares at the IPO. Anthropic had $131.7bn of cash and short-term investments at the end of June.

Customers: from 950 to 11,900 large accounts

The customer figures show where the money comes from. At the end of September 2026, more than 11,900 customers had paid Anthropic $100,000 or more over the previous 12 months, up from more than 950 a year earlier. More than 1,900 had paid at least $1m, and about 250 at least $10m.

Existing customers are spending far more each year. The company puts its net revenue retention at about 900% at the end of September: on its measure, customers who paid in the quarter a year earlier, leaving out Pro and Max subscribers, paid about nine times as much in the latest quarter. The filing warns that its operating metrics are not checked by outside parties.

Who will control Anthropic after the IPO?

Buyers of the IPO will get Class A shares, with one vote each. Control sits elsewhere.

• Class F: a single share held by a company owned by the seven co-founders, led by Dario Amodei, the chief executive, and Daniela Amodei, the president. It carries 50.1% of all votes on most matters but no claim on profits.
• Class T: a single share held by the Long-Term Benefit Trust, a panel of trustees with no financial stake. It lets the trust elect and remove directors who make up a majority of the board.
• Class N: shares with no votes, held mainly by strategic partners.

Anthropic is a public benefit corporation, so its directors must balance shareholders’ interests with those of people affected by its conduct and with its stated purpose: “the responsible development and maintenance of advanced AI for the long-term benefit of humanity”. It has also given 5% of its fully diluted shares, about 847m, to its own Anthropic Public Benefit Fund, and the board may add up to 2% more each time the share price rises 50% above the last such mark, starting from the IPO price. The co-founders have each pledged 80% of their personal stakes to charity.

Anthropic IPO date and price: how to buy the shares

There is no date and no price yet. The S-1 says the price “will be between $ and $”: the range comes in an amendment, after the SEC’s review and before the banks take orders. Anthropic’s cover page names 22 banks, led by Goldman Sachs, Morgan Stanley, J.P. Morgan and Citigroup. Reuters has reported that the company may seek a valuation of about $2tn; the filing gives no figure.

Until the listing, the shares cannot be bought on any exchange. Once trading starts, any broker can buy them at the market price. Shares at the offering price go mostly to the banks’ large clients. The insiders’ lock-up runs for up to 180 days. Our guide to how an IPO works explains each step, from the S-1 to the lock-up.

What to watch next

• The price range, in an amended S-1. It will put a value on the company for the first time in public.
• Third-quarter results. The S-1 covers the half-year to June. Any amendment may add the quarter to September.
• The rest of the queue. Big listings have kept out of Anthropic’s way this autumn, as we wrote in September when Oura pulled its own IPO.