Anthropic PBC filed on Monday for an initial public offering, setting up what could be one of the largest stock listings on record and giving investors their first detailed look at the finances of the maker of the Claude AI models.
The San Francisco company said in its registration statement that it plans to list Class A common stock on the Nasdaq Global Select Market under the symbol ANT. The number of shares and the price range have not been set. Goldman Sachs and Morgan Stanley are leading the offering, with J.P. Morgan, Citigroup, Barclays, Wells Fargo Securities and BofA Securities among more than 20 underwriters. Existing shareholders will also sell stock, and Anthropic will not receive proceeds from those sales.
Revenue up, paper losses up more
The filing shows revenue of $16.29 billion for the six months ended June 30, 2026, compared with $1.16 billion a year earlier. Revenue in the second quarter rose 1,368% from a year earlier, while compute and infrastructure expenses grew about 300%, the company said.
The headline net loss was $80.75 billion for the half, up from $12.97 billion. Most of that was not cash: about $72.4 billion reflected changes in the fair value of convertible notes, derivative liabilities and simple agreements for future equity, instruments whose recorded value rises along with the company’s valuation. The operating loss narrowed to $693 million from $2.14 billion a year earlier.
Anthropic reported $112.4 billion of cash and cash equivalents and $19.3 billion of short-term investments as of June 30, and said it had raised $141.1 billion of capital in total. As of Sept. 30, it counted more than 11,900 customers producing at least $100,000 of trailing 12-month revenue, more than 1,900 above $1 million and about 250 above $10 million, along with net revenue retention of roughly 900%.
Use of proceeds and control
The company said it will use its share of the proceeds for general corporate purposes, including working capital, compute and infrastructure spending, hiring and retention, and tax obligations tied to restricted stock units, and possibly for acquisitions.
Public investors will have limited say. Anthropic is a Delaware public benefit corporation, and its Long-Term Benefit Trust will hold a Class T share that generally lets it elect a majority of the board. A limited liability company owned by the seven co-founders will hold a single Class F share carrying 50.1% of the voting power on most matters. That makes Anthropic a controlled company under Nasdaq rules.
Financing the buildout
The filing landed the same day that Bank of America, Blackstone, Citi and Morgan Stanley announced a $63 billion financing vehicle to buy Broadcom AI chips and networking equipment for lease to Anthropic, underscoring how much capital the company needs to keep scaling. The S-1 also discloses a 10-for-one forward split of Class A and Class N shares completed on Sept. 17.
Timing of the offering will depend on the registration statement being declared effective by the Securities and Exchange Commission and on market conditions.
