Anthropic Files to Go Public as "ANT," Revealing $16.3 Billion in First-Half Revenue

SAN FRANCISCO - Anthropic, the company behind the Claude chatbot, filed publicly for an initial public offering on Monday, putting it on track to reach the stock market ahead of its rival OpenAI. The company said in an announcement that it intends to list its Class A shares on the Nasdaq Global Select Market under the symbol “ANT.” It has not yet set the number of shares it will sell or a price range.

The S-1 registration statement gives the first full public look at Anthropic’s finances. Revenue reached $16.3 billion in the first six months of 2026, up from $1.2 billion in the same period last year. For all of 2025, the company booked $4.6 billion in revenue, up from $386 million in 2024 and $41 million in 2023.

Screenshot: @AnthropicAI on X

The losses are large but mostly on paper. Anthropic reported an operating loss of $693 million for the first half, down from $2.1 billion a year earlier, while its net loss reached $80.7 billion. About $72.4 billion of that came from changes in the fair value of convertible notes, derivative liabilities and SAFEs, noncash accounting charges tied largely to the company’s convertible debt. Anthropic warned in the filing that it “may not achieve or sustain profitability in the future.”

Its biggest cost is computing. Compute and infrastructure expenses were $8.9 billion in the first half, and the filing lays out how much Anthropic has promised to spend in the years ahead. It agreed to pay up to $120.5 billion through 2029 to a SpaceX subsidiary for access to Nvidia GPUs, about $3.1 billion a month once all the capacity is delivered, which it expects in December. It has also committed to spend at least about $114.5 billion with Google through July 2033, at least $110 billion with Amazon through April 2036 and at least $44.9 billion with Microsoft through May 2033.

Screenshot: SEC EDGAR

Enterprise customers drive the business. As of Sept. 30, Anthropic had more than 11,900 customers generating at least $100,000 in revenue over the prior 12 months, more than 1,900 generating at least $1 million and about 250 generating at least $10 million. The filing singles out Claude Code, its coding agent, as the product that “most concretely defined what autonomous AI work looks like.”

Control will stay with the founders. Anthropic’s seven co-founders, including Chief Executive Dario Amodei and President Daniela Amodei, will hold a new class of stock through a “Founder LLC” that carries 50.1 percent of the voting power, with no economic rights attached. The company’s Long-Term Benefit Trust, set up to protect its public benefit mission, will have the authority to appoint most of the board, TechCrunch reported.

Screenshot: Anthropic

The risk factors are unusual even for an AI company. Anthropic warns that debates over whether AI systems “possess or could develop forms of sentience or moral status” could lead to new rules or public pressure on how it builds its models. It also says that advanced AI could “pose catastrophic or existential risks to humanity” without proper safeguards, and that no single insurer, “and potentially the insurance industry in the aggregate,” may have the capacity to cover the harm from a catastrophic AI incident.

Goldman Sachs and Morgan Stanley are leading a long list of underwriters. Anthropic first filed confidentially in June, The Verge reported, and Dario Amodei’s compensation for 2025 totaled nearly $18 million, most of it in stock and option awards.