Anthropic, PBC publicly filed a Form S-1 with the U.S. Securities and Exchange Commission on October 26, 2026, for a proposed initial public offering of Class A common stock. The filing proposes a listing on the Nasdaq Global Select Market under ticker ANT. Anthropic said that day its registration statement had not yet become effective, so the filing was a public registration milestone, not the start of trading.
What Anthropic’s public S-1 proposes
The SEC filing, registration file No. 333-299633, sets out Anthropic’s proposed Class A offering and Nasdaq listing. CNBC reported that Anthropic had submitted a confidential draft S-1 in June 2026; the October 26 filing was the public registration. NeoTeo’s earlier coverage of the reported valuation expectations addressed IPO speculation, while the public filing established a separate disclosure milestone.
The preliminary prospectus said the shares could not be sold before the registration statement became effective. It also said the sale would begin as soon as practicable after effectiveness. The prospectus left the share count and price range blank.
What Anthropic’s first-half 2026 figures show
The S-1 reported $16.286 billion in revenue and an $80.748 billion net loss for the six months ended June 30, 2026. That net loss is not a measure of either cash burned or debt: the filing separately reported a $693 million operating loss, a $72.388 billion loss from fair-value changes, and positive operating cash flow of $3.929 billion for the same period.
| Measure | Amount | Period or date |
| Revenue | $16.286 billion | Six months ended June 30, 2026 |
| Operating loss | $693 million | Six months ended June 30, 2026 |
| Net loss | $80.748 billion | Six months ended June 30, 2026 |
| Loss from fair-value changes in convertible notes, derivative liabilities and SAFEs | $72.388 billion | Six months ended June 30, 2026 |
| Operating cash flow | $3.929 billion | Six months ended June 30, 2026 |
| Cash, cash equivalents and short-term investments | $131.651 billion | As of June 30, 2026 |
| Restricted cash, listed separately | $2.5 billion | As of June 30, 2026 |
A net loss is an accounting measure; operating cash flow tracks cash generated or used by operations. Anthropic’s filing reports both, so the large net-loss figure alone does not describe the company’s operating cash flow. The filing also lists $6.203 billion in outstanding Amazon convertible-note principal as of June 30, 2026, a separate figure from the period’s net loss.
Why Anthropic says it is pursuing the offering
The S-1 lists the proposed offering’s purposes as increasing capitalization and financial flexibility, creating a public market for Class A shares, facilitating an orderly distribution for selling stockholders, and giving Anthropic access to public equity markets. The filing says proceeds Anthropic receives would go toward general corporate purposes, including working capital, operating expenses, capital expenditures, compute and infrastructure, hiring, and retention.
