Anthropic publicly filed a preliminary Form S-1 on October 26, 2026, proposing an IPO of Class A common stock and a listing on the Nasdaq Global Select Market under the ticker ANT. The registration statement is not effective, the offering is not complete, and the securities cannot be sold before it becomes effective. Anthropic says the share count and price range have not been determined.
This is a public filing, not a completed stock-market debut. NeoTeo previously covered Anthropic’s confidential draft filing and the then-reported possibility of a November IPO; the October 26 filing made the proposed offering public.
What Anthropic’s filing says about the offering
Anthropic’s announcement says the company applied to list its Class A shares on Nasdaq under ANT. The preliminary prospectus remains subject to completion, and its registration statement must become effective before the securities can be sold. The filing does not set an offering price, a number of shares, or a completed listing date.
How to read Anthropic’s first-half financial results
For the six months ended June 30, 2026, Anthropic reported $16.286 billion in revenue and an $80.748 billion net loss under generally accepted accounting principles (GAAP). The net-loss figure includes a $72.388 billion fair-value loss tied to convertible notes, derivative liabilities, and SAFEs. A fair-value change reflects a change in the accounting value of those instruments; Anthropic said increased enterprise valuation primarily drove this change.
The filing reports several other measures for the same six-month period. They answer different questions, so adjusted earnings and cash flow should not be substituted for GAAP net income or loss.
| Measure | Amount | Basis and period |
| Revenue | $16.286 billion | GAAP, six months ended June 30, 2026 |
| Operating loss | $693 million | GAAP, six months ended June 30, 2026 |
| Net loss | $80.748 billion | GAAP, six months ended June 30, 2026 |
| Fair-value changes in notes, derivative liabilities, and SAFEs | $72.388 billion loss | Included in H1 2026 net loss |
| Adjusted operating income | $1.618 billion | Non-GAAP, six months ended June 30, 2026 |
| Adjusted net income | $2.671 billion | Non-GAAP, six months ended June 30, 2026 |
| Cash provided by operating activities | $3.929 billion | Cash flow, six months ended June 30, 2026 |
| Cash used in investing activities | $17.181 billion | Cash flow, six months ended June 30, 2026 |
| Cash provided by financing activities | $110.774 billion | Cash flow, six months ended June 30, 2026 |
Non-GAAP means a company-defined measure that adjusts the figures reported under GAAP. Anthropic’s adjusted results exclude specified items, and the filing cautions that these measures have limitations and are not substitutes for GAAP results. The $80.748 billion net loss therefore is not the same measure as cash spent: the cash-flow statement separately reports $3.929 billion provided by operating activities.
Compute and infrastructure expense was $8.945 billion for the six months ended June 30, 2026, equal to 55% of revenue. For the three months ended June 30, the second-quarter expense was $5.558 billion. The half-year and quarterly figures cover different periods.
WSJ reporter Anissa Gardizy’s English-language walkthrough discusses the filing’s revenue growth, infrastructure costs, accounting loss, and risk disclosures.
Compute agreements cover different terms
Anthropic’s S-1 describes compute and infrastructure arrangements with different providers, durations, and conditions. The amounts below refer to separate agreements and estimates, not one combined bill.
| Provider | Agreement | Amount | Term and conditions |
| Microsoft | Compute commitment | At least $44.9 billion | November 2026 to May 2033; subject to agreement exceptions |
| Compute commitment | At least $114.5 billion | April 2026 to July 2033 | |
| Additional TPU compute estimate | $125 billion to $150 billion | Estimated payments, separate from the contractual-commitments table | |
| Amazon | Compute commitment | At least $110 billion | May 2026 to April 2036; subject to stated exceptions |
| SpaceXAI LLC | Compute arrangements | Up to $120.5 billion | Terms extend into 2029; spending depends on capacity delivery |
| Broadcom | Equipment leases | Approximately $161.2 billion, excluding interest | Five years; rent generally begins when equipment is ready for service |
A minimum commitment, a conditional maximum, an estimate, and equipment-lease rent do not describe the same kind of obligation. Their different terms and scopes make a single total misleading.
The proposed structure gives founders and a trust distinct powers
Under the proposed structure, Founder LLC would hold one Class F share carrying 50.1% of voting power on general shareholder matters. Class A shares would carry one vote each. Separately, the Long-Term Benefit Trust generally would appoint and remove the Class T directors, who make up a majority of the board. The voting share and board appointments are separate parts of the proposed governance structure.
