Anthropic IPO tracker: the prospectus, the numbers, the dates

The Anthropic IPO is the most watched listing in AI, and as of October 4, 2026 the picture is half documented and half rumor. Anthropic itself has confirmed one thing: a confidential draft S-1 went to the SEC on June 1. A draft prospectus then reached the press in late September, and nearly every number below comes from reporting on that leaked draft, not from a public filing we could open. This page tracks the anthropic ipo as it moves, with each figure tagged by source and date.

What we know as of October 4, 2026

• Confirmed by the company: On June 1, 2026, Anthropic said it had "confidentially submitted a draft registration statement on Form S-1" for a proposed IPO of its common stock, and that the number of shares and the price had not been set (Anthropic, June 1).
• Reported, not on EDGAR as far as we could verify: A draft prospectus leaked on September 28 to Reuters, according to Fortune (September 29). Fortune says it was not officially filed publicly. Yahoo Finance (September 30) says the S-1 was "filed" two days earlier. Those two accounts conflict, and we treat the leak version as the safer reading until a public filing appears.
• Valuation: Roughly $2 trillion is the figure in circulation. Fortune and Yahoo Finance call it a target, and The Decoder (September 20), citing the Wall Street Journal and The Information, says investors expect about that number. No price range has been published. Treat $2 trillion as reported.
• Timing: The Decoder reported on September 20 that the listing slid from October toward November, with Anthropic wanting to show strong third-quarter results first. Capital Brief (September 29) says the float is anticipated after the November U.S. midterm elections.

Dated timeline

• June 1, 2026: Confidential draft S-1 submitted to the SEC (Anthropic, primary).
• September 20, 2026: Delay to late October at the earliest, more likely November, reported by The Decoder citing the Wall Street Journal and The Information.
• September 28, 2026: Draft prospectus leaks to Reuters (Fortune, September 29).
• September 29, 2026: Reporting on the governance structure: seven co-founders and a Founder LLC holding one Class F share worth 50.1% of votes on major decisions (The Next Web, September 29). We covered it in Anthropic IPO control: seven co-founders seek 50.1% of the vote.
• September 30, 2026: Yahoo Finance reports preliminary second-quarter revenue of $11.6 billion and a $518 billion compute commitment figure.
• October 4, 2026: No public S-1, no price range, no listing date confirmed.

The numbers, as reported

The leaked draft is the source for everything in this list. We have not seen the document itself.

• 2025 revenue: $4.59 billion, up from $386 million in 2024 (Capital Brief, September 29, citing the Reuters-accessed prospectus). Fortune rounds it to $4.6 billion.
• 2025 operating loss: $8.06 billion, widened from $2.98 billion (Capital Brief, September 29).
• 2025 net loss: $41.97 billion, of which about $34 billion is a non-cash accounting charge (Capital Brief, September 29). Fortune reports the net loss as $42 billion.
• Compute and infrastructure expense, 2025: $7.33 billion, 58% of operating expenses (Capital Brief, September 29).
• Cash, end of 2025: $20.28 billion (Fortune and Capital Brief, September 29). The Decoder (September 20) separately cites $120 billion to $130 billion in cash as of early August, which we cannot reconcile and flag as unverified.
• Second-quarter 2026 revenue: $11.5 billion in the draft per Fortune, up from $4.73 billion in the first quarter. Yahoo Finance (September 30) gives a preliminary $11.6 billion, against $787 million a year earlier. The gap between $11.5 billion and $11.6 billion is unexplained.
• Profitability: Fortune (September 29) reports the company reached adjusted operating profit in the second quarter. Yahoo Finance calls it the first such quarter. Fortune says it is the second consecutive one. The reports disagree.
• Compute commitments: $518 billion, including an $11.6 billion seven-year Akamai agreement (Yahoo Finance, September 30; Capital Brief, September 29).
• Customer concentration: Two customers account for about 25% of revenue, roughly 12% each (Fortune and Capital Brief, September 29).
• Risk factors: About 80 of the prospectus's 261 pages (Capital Brief, September 29).

Risk, control and the lender

The risk section is the part people quote, and it is long. The draft reportedly warns that advanced models could cause harm, including what Fortune renders as "existential risks to humanity." Read that as a legal disclosure habit as much as a confession: a lab with this much exposure lists everything. The more useful risk pages are mundane ones, namely customer concentration and the binding nature of the compute bills.

Control is the second structural question. The Next Web reports that the Founder LLC's single Class F share carries 50.1% of votes, that the filing itself warns founder-controlled decisions "may conflict with shareholders' financial interests," and that the special share phases out once two or fewer founders remain in the LLC. Public investors would be buying economics without the final say.

The third thread is financing. Our own reporting on Broadcom's up to $42 billion convertible note facility shows a chip supplier acting as lender against a TPU commitment. As we reported there, no notes had been issued as of August 2, 2026, and no rate or conversion price is disclosed.

Open questions

• Will a public S-1 appear before roadshow marketing starts, and does it match the leaked draft?
• Which valuation is real? A $2 trillion target and any eventual price range may differ sharply.
• How much of the $518 billion is binding? We have no verified split.
• Which second-quarter revenue number holds, $11.5 billion or $11.6 billion, and was it the first or second profitable quarter?
• How will the Class F structure be priced by buyers, and will exchanges or index providers react?
• Does a November window survive a bad market week?

What to watch

• A public S-1 on SEC EDGAR, which ends the reliance on leaks.
• An amended filing with a price range and share count.
• Third-quarter results, since reporting says the company wants them in hand before listing.
• Changes to the Broadcom facility or other supplier financing.
• Any official Anthropic statement on timing. The company has said nothing public beyond June 1.

How this page will be updated

We update this page when a primary document or a named, credible outlet changes a fact, and we add the date to the line we changed. Figures stay marked "reported" until we can match them to a filing we have opened. If a number is corrected, we keep the old value and say so. Our position: treat every figure above as provisional until the S-1 is public, and treat the $2 trillion headline as the least settled number on the page. For another outlet's coverage, AI Newspedia ran its own prospectus explainer on September 29 at ainewspedia.com. This is a reality check, not investment advice.