Anthropic’s S-1, filed with the SEC on October 26, 2026, shows $16.3 billion of revenue in the first half of 2026, up from $1.16 billion a year earlier. The same filing reports an $80.7 billion net loss, of which $72.4 billion came from marking its convertible notes to fair value. The operating loss was just $693 million. Shares will list on Nasdaq as ANT.
Key takeaways
- First-half revenue hit $16.3 billion, roughly 14 times the $1.16 billion of a year earlier.
- $72.4 billion of the $80.7 billion net loss is a convertible-note fair-value charge.
- Anthropic held $131.7 billion in cash and short-term investments on June 30.
What does the Anthropic S-1 show?
The Anthropic S-1 shows a business whose sales are compounding at a pace few public companies have ever disclosed, next to a net loss five times its revenue. Revenue grew about 14-fold in a year. Most of the loss is an accounting charge, not cash leaving the building. The offering size and price range are still blank.
The registration statement on EDGAR lists revenue of $386 million for 2024, $4.59 billion for 2025 and $16.29 billion for the six months ended June 30, 2026. Revenue for the June quarter alone rose 1,368% year over year, the filing says.
Anthropic confirmed the filing in a short statement. It intends to list Class A common stock on the Nasdaq Global Select Market under the ticker ANT. The number of shares and the price range “have not yet been determined.”
| Metric | 2024 | 2025 | H1 2025 | H1 2026 |
|---|---|---|---|---|
| Revenue | $386M | $4.59B | $1.16B | $16.29B |
| Compute and infrastructure | $2.52B | $7.33B | $2.33B | $8.95B |
| Operating loss | $2.98B | $8.06B | n/a | $693M |
| Net loss | $8.31B | $41.97B | n/a | $80.75B |
How did Anthropic lose $80.7 billion?
Anthropic lost $80.7 billion mostly on paper. The S-1 books a $72.4 billion change in the fair value of its convertible notes for the first half, up from $10.9 billion a year earlier. As Anthropic’s valuation climbed, the notes became worth more, and that gain for noteholders hits the issuer’s income statement as a loss.
Strip that out and the picture changes. The GAAP operating loss for the half was $693 million. According to Yahoo Finance’s read of the filing, Anthropic lost $1.7 billion at the operating line in the March quarter and earned $974 million in the June quarter, its first operating profit.
Still, the full-year 2025 net loss was $42 billion, and that year’s operating loss alone was $8.06 billion. Investors should not read “mostly non-cash” as “mostly harmless.” Much of that note liability converts to equity, which means dilution for whoever buys the IPO.
How fast is Anthropic’s revenue growing?
Very fast, and unevenly. Yahoo Finance reports quarterly revenue of $4.7 billion in the first quarter of 2026 and $11.6 billion in the second, a jump of almost 2.5 times in three months. Full-year 2025 revenue was $4.59 billion, so the June quarter alone beat all of last year.
The customer base explains part of it. As of September 30, the S-1 counts:
- More than 11,900 customers paying $100,000 or more on a trailing twelve-month basis.
- More than 1,900 customers paying $1 million or more.
- About 250 customers paying $10 million or more.
- Revenue per employee above $6.6 million on a trailing basis.
Here is the skeptical read. A quarter that grows 2.5 times sequentially is rarely a steady state. The filing itself warns that “a substantial portion” of revenue and receivables comes from a limited number of customers. Large enterprise and cloud-marketplace deals can make quarters lumpy, and competition is pulling at those deals: OpenAI recently used discounts to win Replit’s $100 million-plus contract away from Anthropic.
How much is Anthropic spending on compute?
Compute is the bill that matters. Compute and infrastructure cost $8.95 billion in the first half of 2026, per the S-1, against $2.33 billion a year earlier. That is 55% of revenue, down from more than 200%. The long-term commitments are far larger than any single half-year.
The Wall Street Journal, reviewing the confidential draft, reported roughly $450 billion of cloud commitments over the next decade, including $111 billion to Google Cloud, $110 billion to Amazon Web Services and $31 billion to Microsoft, according to Investing.com’s summary. Total future compute spending could reach $750 billion, the Journal reported.
Yahoo Finance adds that arrangements with SpaceXAI run up to $120.5 billion into 2029, or about $3.1 billion a month once capacity arrives, expected in December 2026. Those sit on top of the chip financing we covered in Broadcom’s $60 billion Anthropic debt package and the Nscale data center deals near $90 billion.
The cushion is real: $131.7 billion in cash, cash equivalents and short-term investments at June 30. But at roughly $3 billion a month for one supplier, plus three hyperscaler contracts, that cash is already spoken for over a multi-year horizon. The IPO is as much a financing event as a liquidity event.
Who controls Anthropic after the IPO?
Public shareholders will not. The S-1 sets up five share classes. Class F, held by a Founder LLC, carries 50.1% of total voting power on most matters. Class T, held by the Long-Term Benefit Trust, elects directors who will form a board majority. Class A buyers get one vote per share and little practical say.
What the other share classes do
Class N stock has no votes except where the law requires them and converts to Class A when sold to an unaffiliated party. Class E goes to employees other than the co-founders and votes only on limited matters. Goldman Sachs and Morgan Stanley head a cover page of more than 20 banks.
The lockup is unusual too. Yahoo Finance reports that some insiders can sell on day one, with staggered lockups across more than 20 unlock windows over about a year. That spreads selling pressure out, but it also means supply hits the market in waves.
What is Anthropic worth?
The filing does not say. Anthropic’s last private mark was $965 billion in May 2026, according to Yahoo Finance. Reported IPO talk has ranged from $1.5 trillion to $2 trillion, after slipping from the top of that range earlier this month, as we reported when Anthropic IPO valuation talk fell to $1.5 trillion.
Our own math puts that in context. Annualize the $11.6 billion June quarter and you get about $46 billion of run-rate revenue. At $1.5 trillion, that is roughly 32 times run-rate sales. At $2 trillion, about 43 times. Those multiples assume the June quarter is the floor, not a peak.
Why this matters
This is the first full, audited look inside a frontier AI lab. Until now, investors priced Anthropic, OpenAI and their suppliers on leaks and private marks. The S-1 turns that into a reference point for the whole AI trade.
It matters most for the companies on the other side of the compute contracts. Google, Amazon and Microsoft book Anthropic’s spending as cloud revenue. Chip and data center suppliers have backlogs tied to it. If Anthropic’s revenue holds up, those commitments look sound. If growth stalls, the $450 billion question lands on their balance sheets too.
It also sets the bar for OpenAI, whose own valuation was cut to $1.25 trillion ahead of a $30 billion round. Public investors can now compare. This post is not financial advice.
What to watch next
Three dated events this week and one later signal will shape how the market reads the filing:
- October 28, after the close: Microsoft and Alphabet report, per The AI Insider. Watch cloud backlog comments tied to large AI customers.
- October 29, after the close: Amazon reports. It is both a major Anthropic noteholder and its $110 billion cloud partner.
- The amended S-1: a price range, share count and third-quarter revenue are still blank. Their arrival signals the roadshow.
- December 2026: SpaceXAI capacity is expected online, starting roughly $3.1 billion a month in payments.
FAQ
When did Anthropic file its S-1?
Anthropic filed its public Form S-1 with the SEC on October 26, 2026. The registration statement is not yet effective, so no shares can be sold.
What ticker will Anthropic use?
Anthropic plans to list Class A common stock on the Nasdaq Global Select Market under the ticker ANT.
How much revenue did Anthropic make in 2026?
Anthropic reported $16.3 billion of revenue for the six months ended June 30, 2026, versus $1.16 billion a year earlier and $4.59 billion for all of 2025.
Why is Anthropic’s net loss so large?
Of the $80.7 billion first-half net loss, $72.4 billion came from the rising fair value of its convertible notes. The operating loss was $693 million.
Will public shareholders control Anthropic?
No. A Founder LLC holds 50.1% of voting power on most matters, and the Long-Term Benefit Trust elects a board majority.
What valuation will the Anthropic IPO target?
The S-1 does not give one. Reports have put IPO talk between $1.5 trillion and $2 trillion, against a $965 billion private valuation in May 2026.
The bottom line
The Anthropic S-1 proves the revenue is real and the operating business is near breakeven. It also proves the company has signed up for compute bills that only keep working if revenue keeps multiplying. The headline loss is mostly accounting. The commitments are not.
Expect the next amendment to carry third-quarter revenue. If it shows the June quarter was a step, not a spike, a valuation near $1.5 trillion holds. If it shows a plateau, the price range will say so first.
Free guide · 12 pages
AI Tools Every Investor Should Use in 2026
10 tools for research, stock signals, charts and crypto, what each one costs, three ready-made stacks from $0 a month and 7 copy-paste prompts for filings and earnings calls. Enter your email and we will send it to you.
Plus one email a week: AI Money This Week, every Sunday. Unsubscribe anytime.
Sources
- Anthropic, PBC: Form S-1 registration statement (SEC EDGAR, October 26, 2026)
- Anthropic: announcement of public S-1 filing (October 26, 2026)
- Yahoo Finance: Anthropic IPO live updates
- Investing.com: summary of the Wall Street Journal’s review of the draft S-1
- The AI Insider: the week ahead in AI, earnings calendar
Wealth Engine researches and drafts with AI tools and checks every figure against the sources above. How we report.
Leave a Reply