Anthropic IPO: S-1 filed for Nasdaq listing as ANT, with $16.3bn half-year revenue

Anthropic, the company behind the Claude chatbot, made its IPO filing public on Monday, 26 October. The S-1 prospectus says it plans to list on the Nasdaq under the ticker ANT, with Goldman Sachs and Morgan Stanley leading the sale.

“Anthropic S1” shot up Google Trends in the US and UK within an hour of the filing landing, and for good reason: this is the first of the big frontier AI labs to open its books to the public.

What the Anthropic S-1 shows

The headline number is revenue. Anthropic booked $16.3 billion in the six months to 30 June 2026, against $1.2 billion in the same period a year earlier, according to the filing as reported by Investing.com and Yahoo Finance.

The loss is even bigger. The company reported a net loss of $80.7 billion for the first half. Investing.com reported that about $72 billion of that came from non-cash accounting charges tied to convertible notes and other financing, so the operating picture is less dramatic than the top line suggests. It is still a business spending far more than it earns.

Other figures from the filing:

• More than 11,900 business customers now pay Anthropic at least $100,000 a year, up from about 950 a year ago.
• Roughly one-fifth of revenue came from two customers, Yahoo Finance reported.
• Cash and equivalents stood at $112.4 billion on 30 June.
• Future payment commitments, mostly for computing power, run to about $245 billion, including at least $110 billion with Amazon through 2036 and up to about $114.5 billion with Google through 2033.

When could Anthropic shares start trading?

The filing does not give a share price, the number of shares or a valuation. The Wall Street Journal, as reported by Investing.com, said the listing is aimed at the week starting 16 November, could raise $100 billion or more and value the company at $1.5 trillion to $2 trillion. Bloomberg reported that marketing to investors would begin on 9 November. These are reports, not company figures, and the timing can still change.

For comparison, Anthropic’s last private funding round in May valued it at $965 billion, Capital Brief noted.

An unusual prospectus

Anthropic is a public benefit corporation with a Long-Term Benefit Trust that elects some of its directors through a special class of shares. The risk section goes further than most: it warns of potentially catastrophic risks from advanced AI, says its models could develop abilities the company does not expect, and admits that losses will continue and revenue growth may slow.

The introduction also asks buyers “not to think of your purchase in purely transactional terms”, a line you rarely see in a stock offering.

What it means for Pakistan

Shares in a US IPO are first allotted mostly to big institutional investors, and few Pakistani retail investors have access to US brokers anyway, so for most readers this is a story to watch rather than trade.

The practical side is the product. Claude Code and the Claude apps are widely used by Pakistani freelancers and software houses. A company that now has to report to shareholders every quarter will face pressure on prices and profits, and the filing’s huge compute bills show how expensive it is to run AI tools that feel cheap to users.

The next date to watch is the updated filing with a price range, expected in early November.