Anthropic files to list on Nasdaq as ANT, S-1 shows $16.3bn first-half revenue

Anthropic, PBC filed its Form S-1 registration statement with the US Securities and Exchange Commission, and EDGAR accepted it at 14:00 CET on 26 October 2026. The prospectus says: "We have applied to list our Class A common stock on the Nasdaq Global Select Market under the symbol “ANT.”" The filing reports revenue of $16.3bn ($16,286m) for the six months to 30 June 2026, against $1,163m a year earlier, which Anthropic puts at growth of 1,300%. In its risk factors, it says it does not expect growth at comparable rates to continue.

The operating loss narrowed to $693m from $2,135m a year earlier, so most of the $80.7bn net loss sits below the operating line. The largest item is a $72.4bn charge on the line the S-1 calls "change in fair value of convertible notes, derivative liabilities, and SAFEs", which the company attributes mainly to its higher enterprise valuation lifting the value of its outstanding convertible promissory notes. A further $8.8bn ($8,757m) of other expense, net came mainly from the initial recognition and later revaluation of assets and liabilities under note purchase agreements, Anthropic says. Our convertible-notes explainer covers how that works.

Our 25 October analysis relied on press reports. The S-1 matches Reuters on the net loss, the charge and compute and infrastructure spending of $8,945m, against $2,334m a year earlier, and adds a first-half operating loss that neither Reuters nor the WSJ summary gave. First-half 2025 revenue is $1,163m, about $1.2bn; a Stocktwits summary of the WSJ report gave $1.1bn. The S-1 leaves its contractual-obligations total and third-quarter revenue blank, so Reuters' figures of at least $518bn of commitments and $16.8bn of third-quarter revenue, the latter citing people familiar with an investor meeting, are unconfirmed.

Three compute figures are higher than Reuters reported on 29 September, on the same basis and over the same periods. Microsoft: at least $44.9bn of spending from November 2026 to May 2033, against $31.4bn. Google: at least about $114.5bn from April 2026 to July 2033, against at least $111.1bn. SpaceX.AI LLC, formerly X.AI LLC and now a SpaceX subsidiary: up to $120.5bn into 2029, against up to $84.5bn, cancellable on 90 days' notice after initial periods. The S-1 gives no reason, though it lists 2026 amendments to all three deals. Amazon's at least $110.0bn and about $161.2bn of Broadcom lease payments match.

Anthropic's Long-Term Benefit Trust, as the sole holder of Class T stock, can generally elect and remove the Class T directors, a majority of the board. A single Class F share, to be issued to an LLC whose initial members will be the seven co-founders, including Chief Executive Officer Dario Amodei and President Daniela Amodei, will carry 50.1% of voting power on matters put to stockholders generally, including electing the other directors. Class A shares carry one vote each and Class N shares none, except where law requires. Anthropic says it will be a "controlled company" under Nasdaq rules.