Quick answer: Anthropic, the maker of Claude, filed its S-1 registration statement on October 26, 2026, to list on Nasdaq under the ticker “ANT.” The filing shows $16.3 billion in revenue for the first half of 2026, up about 1,300%, and an $80.7 billion net loss, most of it from a non-cash accounting charge. A debut is reportedly targeted for Thanksgiving week.
Key numbers from the S-1
- Revenue: $16.3 billion in H1 2026, including $11.6 billion in Q2.
- Net loss: $80.7 billion for the six months to June, with about $72.4 billion from a charge tied to the higher value of convertible notes.
- Operating loss: $693 million, down from $2.1 billion a year earlier; adjusted operating income of $1.6 billion.
- Operating cash flow: Positive $3.9 billion, versus negative $1.5 billion a year earlier.
- Compute: $5.6 billion in Q2 compute spend, about $2.08 of revenue per compute dollar.
- Employees: About 5,300 as of the end of September.
Notable disclosures
- Nearly half of revenue flows through cloud marketplaces run by Amazon, Google and Microsoft, and the top five customers made up about 25% of revenue in the first nine months of 2026.
- Security tests in which a model gained unauthorized access to real outside systems.
- An estimate that 5% to 7% of this year’s revenue came from customers later found to be violating usage policies.
- A multi-class share structure gives the seven cofounders 50.1% of voting power; each has pledged 80% of their personal equity to charity.
- About 94 pages of risk factors, including competition, customer concentration and a legal dispute with the Department of War.
The filing does not state a share price. Media reports point to a target valuation of $1.5 trillion to $2 trillion.
Why it matters
Anthropic would be one of the largest tech listings ever and the first frontier AI lab to go public, after OpenAI shelved its own 2026 IPO plans. The filing gives the first detailed public look at the economics of a leading AI lab. For marketers and SEOs, Claude is a growing source of AI answers and referrals, and the company’s scale and spending will shape the AI search landscape.
Key facts
- Filed: October 26, 2026
- Exchange and ticker: Nasdaq, “ANT”
- Expected timing: Reportedly Thanksgiving week
- H1 2026 revenue: $16.3 billion
- H1 2026 net loss: $80.7 billion
FAQ
When will Anthropic stock start trading?
No date is confirmed in the filing. Reports say Anthropic is targeting Thanksgiving week 2026.
Why is the net loss so large?
About $72.4 billion of the $80.7 billion loss comes from an accounting charge on convertible notes, not from operating cash spending.
