Anthropic, the artificial intelligence firm behind the Claude models, has officially filed its registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO). The company intends to list its Class A common stock on the Nasdaq Global Select Market under the symbol "ANT." While the exact number of shares and the price range remain undetermined, reports suggest the IPO could value Anthropic between $1.5 trillion and $2 trillion, a figure that would place it among the largest public companies globally.
The S-1 filing reveals significant financial activity for Anthropic. In the first half of 2026, the company reported revenue of $16.29 billion, a substantial increase from $1.16 billion during the same period in 2025. Revenue for the second quarter of 2026 alone reached $11.56 billion. However, the company also disclosed a net loss of $80.7 billion for the first six months of 2026. Anthropic attributes a large portion of this net loss to accounting adjustments related to convertible notes and financing agreements, with a significant portion being a non-cash fair-value charge. Excluding these non-cash items, the company reported an adjusted net income that was positive. For the entirety of 2025, Anthropic reported a net loss of approximately $42 billion on revenue of $4.6 billion.
Anthropic's filing also details substantial compute contracts with major technology providers, including Google, Amazon, Microsoft, and SpaceXAI. These agreements sum to approximately $637 billion in disclosed compute contracts. The company is committed to spending at least $44.9 billion between November 2026 and May 2033 under an arrangement with Microsoft, regardless of actual usage.
The company's S-1 filing emphasizes its vision for the future of artificial intelligence, stating, "We believe that AI is one of the most consequential technologies in human history." Anthropic aims to realize benefits such as accelerating scientific innovation and increasing economic growth, while also actively working to prevent the risks associated with such a powerful technology. The filing also highlights a high net revenue retention rate of approximately 900%, indicating that existing customers are significantly increasing their spending on Anthropic's services. The company describes a strategy it calls "closing the loop," where each iteration of its Claude model assists in the development of the next, aiming to compress development timelines.
Despite the optimistic outlook and rapid growth, the filing also acknowledges risks. Anthropic notes that a significant portion of its revenue, 25%, comes from just five customers, presenting a concentration risk. The company also repeats its longstanding safety warnings, detailing concerns that advanced AI could concentrate power, destabilize institutions, and cause widespread harm. The S-1 filing also includes explicit risk language regarding the concentration of power, warning that AI deployed at scale could erode trust and destabilize geopolitical order.
Anthropic previously filed a draft registration statement confidentially with the SEC in June 2026. The company's last private funding round in May 2026 valued it at $965 billion. The IPO is expected to take place in mid-November 2026, pending SEC review and market conditions.