Anthropic Files S-1 for Nasdaq IPO Under Ticker ANT

Anthropic has made its IPO filing public. The company announced on Monday, October 26, 2026, that it filed an S-1 registration statement with the SEC and plans to list Class A common stock on the Nasdaq Global Select Market under the ticker ANT.

Anthropic said in a post on X that it had filed the registration statement for its proposed offering.

View the post on X

Goldman Sachs and Morgan Stanley lead the underwriters, with 24 banks in the syndicate in total. Share count and price range have not been set. Both Anthropic and existing shareholders will sell shares. The public filing follows a confidential draft submitted to the SEC in June.

Financials in the filing

The S-1 shows revenue of $16.29 billion in the first half of 2026, against $1.16 billion a year earlier. Full-year revenue was $4.59 billion in 2025, $386 million in 2024 and $41 million in 2023.

The bottom line is distorted by accounting. Net loss for the first half was $80.7 billion, of which $72.4 billion was a fair-value charge on convertible notes and other instruments, driven mainly by a higher valuation. Operating loss was $693 million.

As of June 30, Anthropic had raised $141.1 billion in total and held $112.4 billion in cash plus $19.3 billion in short-term investments. By September 30, more than 1,900 customers had generated at least $1 million in trailing 12-month revenue, and about 250 had generated at least $10 million.

Governance and risk factors

Anthropic is a public benefit corporation. Its Long-Term Benefit Trust, made up of five financially disinterested trustees, will elect a majority of the board through a special class of stock. A single Class F share, issued to an entity owned by the seven co-founders, carries 50.1% of voting power, which makes Anthropic a "controlled company" under Nasdaq rules. Class A shares carry one vote each.

The filing warns that this structure:

"may effectively eliminate the ability of holders of our Class A common stock to influence important decisions, including a change in control."

Anthropic S-1 filing

The filing also cautions that "our development of highly advanced models, platforms, and applications and expansion of use cases could further increase the risk that our models cause harm." Separately, Anthropic contributed about 847 million non-voting shares, 5% of fully diluted shares as of June 30, to a subsidiary dedicated to its public benefit purpose, and each co-founder pledged 80% of personal equity to philanthropy.

That public benefit push has already drawn fire. David Sacks criticized the company's public-benefit fund, announced earlier this month, writing on X: "Whether it serves the public good remains to be seen."

View the post on X

Valuation and market reaction

Pricing has not been fixed. The Wall Street Journal has pointed to a listing the week of November 16, and Fox Business's Liz Claman said a Nov. 19 or 20 pricing remains on track. Earlier reports floated a raise of up to $100 billion at up to a $2 trillion valuation, while the Financial Times reported investor expectations of $1.5 trillion to $1.75 trillion. In May, Anthropic raised $65 billion at a $965 billion valuation.

Crypto venues reacted quickly. Hyperliquid's ANTH pre-IPO contract spiked to about $1,980 around the 9 a.m. ET filing time, then fell roughly 6% to about $1,857 within minutes, with about $12 million changing hands over 24 hours. Pre-IPO derivatives imply a value of roughly $1.9 trillion. In equities, chip stocks rose premarket: Nvidia gained 1.4%, Broadcom 1.5% and Micron 2.3%.

For market participants, the dual-class control structure will draw as much scrutiny as the revenue growth. Anthropic also expects infrastructure investment to rise significantly, which will weigh on future cash flows. Until a price range appears in an amended filing, derivatives markets offer the clearest available signal of what investors may pay.