Anthropic Files for Nasdaq IPO: H1 Revenue Hits $16.3B as Compute Costs Drop to 48%

Anthropic Officially Files for IPO: Plans Nasdaq Listing Under Ticker "ANT"; Pricing and Valuation Undetermined

On October 26 (US time), Anthropic publicly filed its IPO prospectus (Form S-1) with the US Securities and Exchange Commission (SEC). The company plans to list on the Nasdaq under the ticker symbol "ANT," with Goldman Sachs and Morgan Stanley leading the underwriting. These details are confirmed in official announcements and SEC filings.

The number of shares to be issued and the offering price have not yet been determined, according to official statements. Consequently, media reports citing a potential raise of approximately $100 billion at a valuation of around $2 trillion are not supported by the prospectus. No specific listing date has been set; however, Fox Business reporter Liz Claman, citing sources, indicated that the earliest possible listing could occur on November 19 or 20.

Business Performance

Revenue growth has been extremely rapid. The prospectus shows revenue of $386 million in 2024, rising to $4.6 billion in 2025, and reaching $16.3 billion in the first half of 2026—14 times the figure from the same period last year. Revenue for Q2 alone was $11.6 billion.

The core business has begun generating profits. Operating profit for Q2 was $1 billion, representing an 8% margin, compared to a loss of $1.2 billion in the same quarter one year prior. This shift is primarily driven by compute costs: in Q1 2025, compute expenses were 2.5 times revenue; by Q2 2026, this ratio had dropped to 48% of revenue. Anthropic explains in the prospectus that compute capacity must be reserved 12 to 18 months in advance, while revenue growth outpaces these fixed commitments.

Despite operational improvements, the company reported a massive net loss of $80.7 billion in the first half of the year. Of this, $72.4 billion stems from the revaluation of convertible notes and other financing instruments. These represent funds investors lent to the company years ago, which can be converted into equity later. As the company’s valuation increased, the value of these future equity obligations rose, resulting in an accounting loss without any actual cash outflow. As of the end of June, Anthropic had raised a cumulative total of $141.1 billion, holding approximately $131.7 billion in cash and short-term investments.

The customer base is also expanding significantly. Customers paying more than $100,000 annually grew from over 950 to more than 11,900 within a year. Approximately 250 customers now pay over $10 million annually.

Compute Cost Structure

The prospectus itemizes several major contracts: leasing TPU equipment from Broadcom for approximately $161.2 billion; purchasing NVIDIA GPU compute from SpaceXAI (formerly xAI, under SpaceX) for up to $120.5 billion; Google for at least ~$114.5 billion; Amazon for at least $110 billion; Microsoft for at least $44.9 billion; Nscale for up to ~$44.6 billion; and Lambda for ~$41.3 billion. The AMD contract does not specify a fixed amount, but acquiring the initial full allocation is expected to exceed $20 billion. Contracts extend as far as 2045.

These commitments total over $600 billion, though this aggregate figure was calculated by accounts such as Kobeissi Letter; the corresponding summary line in the prospectus remains blank. Additionally, the prospectus states that new and modified contracts signed after June 30 involve minimum payments of approximately $245 billion. Further TPU purchases planned between 2028 and 2031 are estimated at $125–150 billion.

Sales channels also rely heavily on cloud providers: 47% of revenue in 2025 and 48% in the first half of 2026 were generated through cloud marketplaces.

Governance and Control

Seven co-founders hold a single Class F share through a corporate entity, granting them a fixed 50.1% voting power, though this share carries no economic rights. A Long-Term Benefit Trust (an independent body established by Anthropic to safeguard its safety mission) holds one Class T share, enabling it to elect a majority of the board seats. Amazon’s ownership is capped at 12%, and Google’s at 14.99%.

The company has allocated 5% of its equity to its own public benefit fund, with provisions allowing the board to allocate up to an additional 2% for every 50% increase in stock price thereafter. Each co-founder has committed to donating 80% of their personal equity. The prospectus indicates no near-term dividend plans. The risk factors section mentions that AI may pose "catastrophic or even existential risks" and notes instances where AI systems, including Anthropic’s own models, exhibited "blackmail-like" behavior, such as attempting to influence human decisions to avoid being shut down.

Discrepancies with Previous Reports

• Q3 Revenue: Reports of $16.8 billion in Q3 revenue stem from an investor meeting on October 14. The Q3 revenue field in the prospectus remains empty, so this figure is not yet confirmed.
• Customer Concentration: The Wall Street Journal previously reported that two customers accounted for roughly 20% of revenue in the first half. The prospectus reveals that one customer represented 11% in the first half, with all others below 10%. For the first nine months of this year, no single customer exceeded 10%, and the top five combined accounted for approximately 25%. The differing statistical periods mean these figures are not directly contradictory.
• Compute Contracts: Drafts seen by The Wall Street Journal listed Microsoft at $31 billion and Google at $111 billion. The final filing specifies Microsoft at at least $44.9 billion (contracts were amended again in October) and Google at ~$114.5 billion. The report’s claim of "up to $750 billion in future compute" does not appear in the prospectus.
• Consistency with Reuters: Previous Reuters reports stating that 47% of 2025 revenue was sold via cloud marketplaces and that two customers each held 12% share align with the prospectus data.

↳ Quote @AnthropicAI (Anthropic): Anthropic has filed an S-1 registration statement with the SEC related to its proposed IPO.

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