Anthropic S-1 is public: $16.3 billion in six-month revenue, an $80.7 billion net loss and the ticker ANT

Anthropic's Form S-1 is now public, and the numbers in it are the first official look at the company's books. The Anthropic S-1, filed October 26, 2026, lists a Nasdaq symbol of "ANT", names Goldman Sachs and Morgan Stanley as underwriters, and leaves the share count and price range blank. What it does show is revenue of $16.286 billion for the six months ended June 30, 2026.

That figure is the headline, but the filing is more useful for what sits underneath it. Below is what the document says, what it leaves out, and how to read the loss.

What was filed, and what is still blank

The company announced on October 26 that it had filed a registration statement for a proposed initial public offering of Class A common stock. The SEC's EDGAR record for Anthropic, PBC shows the S-1 under accession number 0001628280-26-067168, filed the same day. The announcement says the registration statement is not yet effective and that nothing can be sold until it is.

The prospectus text still carries empty brackets where the price range, the number of shares and some Q3 data will go. That matters because every valuation figure in circulation, including the $1.5 trillion to $2 trillion range we covered in the earlier Q3 revenue report, comes from outside the filing. The S-1 itself prices nothing yet. The company first said on June 1, 2026 that it had confidentially submitted a draft; this is the public version of that process. Our living page on the Anthropic IPO tracks the sequence.

The revenue curve

The summary statements of operations give a clean series. Revenue was $41 million in 2023, $386 million in 2024 and $4.585 billion in 2025. For the first six months of 2026 it reached $16.286 billion, compared with $1.163 billion in the first six months of 2025. Half a year of 2026 therefore already brought in more than three and a half times the whole of 2025.

The customer table tells the same story from the other side. The number of customers paying at least $100,000 on a trailing-twelve-month basis grew from more than 600 on June 30, 2025 to more than 6,000 on June 30, 2026, according to the filing. Those customers generated $12.0 billion of revenue in the first half of 2026, about 74% of the total. The prospectus also states that the count passed 11,900 as of September 30, 2026. Revenue is overwhelmingly consumption-based, and the company says it expects that to stay true.

Where the money goes

Compute and infrastructure was the biggest cost: $2.522 billion in 2024, $7.326 billion in 2025 and $8.945 billion in the first six months of 2026. Personnel cost $3.152 billion in that half-year and sales, marketing and partnerships $3.168 billion, up from $120 million a year earlier. Total operating expenses were $16.979 billion, which leaves an operating loss of $693 million, compared with $2.135 billion in the first half of 2025.

The 2025 column carries a $1.5 billion line labeled the Bartz settlement. The filing also discloses purchase commitments and leases for compute and infrastructure that extend into the 2040s, with substantially all of the remainder falling between 2031 and 2045. The dollar total is left blank in the text we opened, so we cannot give a figure. These are take-or-pay style obligations, and the filing says they "obligate us to pay for resources regardless of actual utilization".

Reading the $80.7 billion net loss

Net loss for the six months was $80.748 billion, after $41.965 billion for 2025. Those numbers look alarming beside a $693 million operating loss, and the gap is almost entirely one line. The change in fair value of convertible notes, derivative liabilities and SAFEs was a $72.388 billion charge in the first half of 2026 and $34.308 billion in 2025. The S-1 explains that the notes are remeasured as the enterprise valuation rises, so a higher valuation produces a bigger accounting loss. Other expense of $8.757 billion also sits in the first-half figure. Interest income of $1.111 billion partly offsets.

In plain terms, the net loss measures how much more the company is worth on paper to the people holding its notes, not cash leaving the building. The operating loss and the compute commitments are the numbers to watch. Neither is small, but only one of them reflects the underlying economics.

Control and governance

The prospectus describes a structure that is unusual for a listed company. The Long-Term Benefit Trust holds a special Class T share that lets it elect and remove directors who make up a majority of the board. A single Class F share, held by an LLC whose members are the seven co-founders, carries 50.1% of the total voting power. Anthropic says it is a "controlled company" under Nasdaq rules, though it does not expect to rely on the exemption except for its nominating and governance committee. We explain the mechanics in our piece on the Trust's new physicist trustee, and the separate explainer published today.

What we would watch next

Three items decide whether this is a credible listing or a priced-in story. First, the amended S-1 with the price range, which turns the valuation chatter into arithmetic. Second, whether the Q3 numbers that Reuters reported to investors appear in the document and match. Third, how the risk factors treat the compute commitments, since fixed obligations running to 2045 meet revenue that has been growing for under three years.

Our position: the filing supports a claim of very fast revenue growth, and it does not yet support any claim about profitability. The company's own wording of its aim is that "our mission is to ensure the world safely makes the transition through transformative AI." Investors will price that mission against a fixed-cost base the size of a small utility. We will update our tracker when the price range lands.