Anthropic, PBC filed its public Form S-1 with the U.S. Securities and Exchange Commission on October 26, 2026. The registration statement describes a proposed Class A share offering and details the company’s compute strategy, infrastructure agreements, first-half financial results and investments in life sciences.
Anthropic said it intended to list on the Nasdaq Global Select Market under the ticker ANT. In its October 26 announcement, the company said the share count and price range were undetermined, and that the registration statement was not yet effective. It had not announced a first trading date. An S-1 is a registration statement for a proposed offering, not a completed IPO.
NeoTeo previously covered reports of a possible November IPO window in its earlier coverage of Anthropic’s timing. The public S-1 now lays out the company’s proposed listing alongside substantial operating and financial disclosures.
Anthropic’s compute strategy spans four chip families
Anthropic says its proprietary orchestration software routes workloads among AWS Trainium, Google TPUs, NVIDIA GPUs and AMD GPUs to optimize price and performance. In its filing, the company describes these resources as a shared compute pool. That approach lets its software assign work across different hardware families.
The S-1 also describes “Anthropic Direct,” a hybrid model in which Anthropic leases accelerators in dedicated data centers operated on its behalf, alongside cloud computing. The filing lists distinct agreements with cloud, chip and infrastructure providers:
| Counterparty | Disclosed amount and type | Term or structure |
| Amazon | $110.0 billion minimum spend | May 2026 to April 2036 |
| Approximately $114.5 billion minimum spend, plus an estimated $125.0 billion to $150.0 billion for additional TPU capacity | Minimum spend from April 2026 to July 2033; additional capacity expected in 2028 to 2031, dependent on delivery and deployment | |
| Microsoft | $44.9 billion minimum spend | November 2026 to May 2033 |
| SpaceXAI | Up to $120.5 billion | Through 2029; capacity and fees vary by delivery and ramp period |
| Nscale | Up to approximately $44.6 billion | Through 2033 |
| Lambda | Approximately $41.3 billion | Through 2034 |
| Broadcom | Approximately $161.2 billion in rent over five years, excluding interest | Rent generally begins when equipment is ready for service, with exceptions |
These figures describe different kinds of obligations. Some are minimum spending commitments, others are estimates or maximum amounts, and Broadcom’s figure is lease rent. Delivery, acceptance, payment and cancellation terms also differ across the agreements.
The first-half loss includes several different financial measures
For the six months ended June 30, 2026, Anthropic reported $16.286 billion in revenue, a $693 million operating loss and an $80.748 billion net loss. The S-1 lists the following measures for that period:
| Measure | Amount | Period |
| Revenue | $16.286 billion | Six months ended June 30, 2026 |
| Operating loss | $693 million | Six months ended June 30, 2026 |
| Fair-value loss on convertible notes, derivative liabilities and SAFEs | $72.388 billion | Six months ended June 30, 2026 |
| Other expense, net | $8.757 billion | Six months ended June 30, 2026 |
| Net loss | $80.748 billion | Six months ended June 30, 2026 |
Operating loss measures the operating result; net loss also reflects items such as fair-value changes on convertible notes, derivative liabilities and SAFEs, or simple agreements for future equity. Anthropic separately reported $974 million in operating income for the three months ended June 30, 2026, a different period from the six-month operating loss.
Customer figures and governance terms
As of September 30, 2026, Anthropic reported more than 11,900 customer organizations with at least $100,000 in trailing-twelve-month revenue, more than 1,900 with at least $1 million, and approximately 250 with at least $10 million. For the nine months ended September 30, no single customer represented more than 10% of revenue; the five largest customers together accounted for approximately 25%.
Anthropic also reported net revenue retention of approximately 900% as of September 30. This measure of expansion and contraction in customer revenue excludes Claude Pro and Max subscriptions, whose fixed prices do not reflect those changes in the same way.
The S-1 describes separate voting and board-selection arrangements. A single Class F share held by Founder LLC is entitled to 50.1% of voting power on matters generally submitted to stockholders. Through Class T stock, the Long-Term Benefit Trust generally elects and removes a majority of authorized board seats.
Anthropic has invested in life-sciences capacity
Anthropic says it has hired life-sciences specialists, built a molecular biology lab, acquired computational biology company Coefficient Bio and partnered with industry participants. The company says it uses Claude in drug discovery and development.
Those investments are distinct from scientific or clinical outcomes. Anthropic warns that drug candidates or other discoveries could face lengthy, costly and uncertain development and regulatory pathways, and may never generate revenue. The S-1 also identifies risks from models operating laboratory equipment, including bodily injury, property damage, damage to equipment or experimental materials, and the release of hazardous substances.
A Forbes segment hosted by Kieran Meadows reviews selected financial disclosures and Anthropic’s stated risks around models operating laboratory equipment.
