Anthropic files public S-1: $16.3B first-half revenue

Anthropic made its IPO prospectus public on Monday, October 26, 2026, filing a Form S-1 with the SEC for a Nasdaq listing under the ticker ANT. Enki covered the draft filing on September 30 from Reuters and Financial Times accounts. The public version reports results through June 30, 2026, while the share price range and the size of the raise are still blank.

The numbers through June

Per the filing, first-half 2026 revenue reached $16.3 billion, against $1.2 billion a year before. The operating loss shrank to $693 million from $2.1 billion. The net loss was $80.7 billion, driven mostly by noncash changes in the fair value of convertible notes, derivatives and SAFEs; Crunchbase News puts that share at roughly 90%. Anthropic itself warns that growth at this pace should not be expected to last.

Selling more to the same accounts

As of September 30, Anthropic counts more than 11,900 customers paying at least $100,000 over the trailing year, over 1,900 above $1 million and about 250 above $10 million, with net revenue retention near 900%. More than half of that $100,000-plus group used the Claude Platform plus at least one first-party app such as Claude Code in the third quarter, versus about 30% in late 2025. As TechCrunch notes, the filing also describes selling through AWS, Google Cloud and Azure while Anthropic keeps the customer contract, and it concedes those same cloud providers build rival products and could put their own compute needs first.

Founder control and a gas bill

A Founder LLC owned by the seven co-founders will hold a single Class F share worth 50.1% of shareholder votes, and the Long-Term Benefit Trust can name and remove most directors. Between them they can choose the entire board, so buyers of Class A stock get little practical say, a point TechCrunch calls controversial.

Some planned data centers rely on on-site natural gas generation, and certain power and data center contracts pass fuel costs through to Anthropic without a cap. It expects more competition for the same gas and pipeline capacity, which could raise prices, as The Verge reports. Since the end of 2025 it has signed or amended compute and facility deals with about $417 billion in minimum future payments, plus an estimated $125 billion to $150 billion under terms not yet final, footnotes that WIRED singled out.

What we don't know yet

• The price range, the amount Anthropic plans to raise and its target valuation are all left blank.
• Third-quarter revenue and the total committed spend are blank too. An accounting professor told WIRED the company would have to add third-quarter results if the listing slips past roughly mid-November.
• Timing is unconfirmed; WIRED cites a Wall Street Journal report that the offering could come later in November.