Anthropic files publicly for a Nasdaq IPO under ticker ANT: $16.3 billion in half-year revenue

Anthropic filed its IPO paperwork publicly on 26 October 2026, asking to list Class A shares on the Nasdaq Global Select Market under the ticker ANT.¹² The S-1 doesn't yet give a price range, a share count or the amount Anthropic plans to raise.²

The filing is the first full look at the company's finances. Here is what stands out.

Revenue grew about 14 times in a year

Anthropic reported $16.3 billion of revenue for the six months to 30 June 2026, against about $1.16 billion a year earlier.¹² Second-quarter revenue alone was $11.56 billion, up 1,368% on the same quarter of 2025.²

Customers spending $100,000 or more a year rose from over 950 to over 11,900 between September 2025 and September 2026, according to The VC Corner's reading of the filing.² It puts net revenue retention at about 900%, which means existing customers are spending around nine times what they did a year ago.²

An $80.7 billion loss, mostly on paper

The headline loss for the half is $80.7 billion.¹² Most of it, about $72.4 billion, comes from non-cash changes in the fair value of convertible notes, derivatives and SAFEs, the kind of accounting entry that swings as a startup's valuation rises.² Seoul Economic Daily also says much of the loss was non-cash.¹

The operating numbers tell a different story. Seoul Economic Daily reports a first-half operating loss of $690 million, down from $2.1 billion a year earlier.¹ The VC Corner says Anthropic made $974 million of operating income in the second quarter alone, its first profitable operating quarter in the six shown.² Both can be true: a loss in the first quarter, then a profit in the second.

Where the money goes

Computing and infrastructure cost $8.9 billion in the half, and those costs rose 300% year on year in the second quarter, far slower than revenue.¹² Sales, marketing and partnership spending rose to $3.2 billion from $120 million.¹

The VC Corner adds up named compute contracts with Google, Amazon, Microsoft, SpaceXAI, Broadcom, Nscale and Lambda to roughly $637 billion. That's the author's own total, not a figure Anthropic states.²

Who controls the company

Seven co-founders hold 50.1% of the votes through a single Class F share, and the Long-Term Benefit Trust elects a majority of the board, The VC Corner reports.² Anthropic has also issued 5% of its shares as non-voting stock to its Public Benefit Fund.¹

The credit question

One point cuts against the growth story. The Financial Times reported, via TechCrunch, that credit agencies are expected to give Anthropic a high junk rating after the IPO, which would make borrowing more expensive. Blackstone, which anchors a $63 billion chip financing deal for Anthropic, now expects a double-B rating.³ Anthropic and Blackstone declined to comment to TechCrunch.³

What it means for investors in India

Indian investors can't buy ANT on Indian exchanges. Exposure would come through overseas investing under the Liberalised Remittance Scheme or through funds that hold US tech shares, once the listing happens. The S-1 will matter beyond Anthropic too: it gives the market its first audited view of what running a frontier AI lab costs. This is not investment advice.

Dates to watch

• The price range and offering size, which a later version of the S-1 should include.
• The listing date. Seoul Economic Daily says trading could begin as early as November.¹

Related: OpenAI trims its funding target to $20 billion and the AI safety bill Anthropic is circulating.

Disclosure: Anawords uses Claude, made by Anthropic, as one of its research tools. Anthropic has no say in our coverage.