Anthropic Files Its S-1 Publicly, Showing $16.3 Billion in First Half Revenue Before Its IPO

Anthropic on October 26, 2026 publicly filed its Form S-1 with the US Securities and Exchange Commission for an initial public offering of Class A shares on the Nasdaq Global Select Market under the symbol "ANT," the company said in its announcement. The prospectus shows $16.3 billion in revenue for the first half of 2026, while the number of shares and the price range have not yet been set.

The filing turns weeks of leaked and investor reported figures into a public document for buyers of what could be one of the largest AI listings and funding deals. Anthropic filed confidentially in June, according to CNBC, and on May 28, 2026 it raised $65 billion at a $965 billion valuation after the new money.

What does Anthropic's S-1 show about revenue and losses?

Anthropic's S-1 reports revenue of $16.29 billion for the six months ended June 30, 2026, up from $1.16 billion a year earlier, and an operating loss of $693 million, down from $2.14 billion.

The bottom line looks far worse: a first half net loss of $80.7 billion. Of that, $72.4 billion is a change in the fair value of convertible notes, derivative liabilities and SAFEs (simple agreements for future equity), which works out to about 90% of the loss, by this site's arithmetic. These are accounting charges tied to how Anthropic financed itself, not cash spent on running the business, as The Verge notes.

Revenue rose from $4.73 billion in the first quarter of 2026 to $11.56 billion in the second, and the second quarter produced an operating income of $974 million. Of the six quarters in the filing's table, from early 2025 to mid 2026, it is the only one with an operating profit. As of June 30, 2026, it held $112.4 billion in cash and cash equivalents.

Do the filed numbers match what Anthropic told investors in October?

The S-1's first and second quarter revenue matches, after rounding, what Anthropic told prospective investors on October 14, 2026, but the filing leaves revenue for the quarter ended September 30 blank. The $16.8 billion third quarter figure that people familiar with the matter gave CNBC, covered in the report on Anthropic's third quarter revenue, is therefore still not in the public document.

The investor briefing described the third quarter as profitable on an adjusted basis, a measure that leaves out some costs. The financial statements in the S-1 stop at June 30, so the second quarter's $974 million operating income is the only quarterly operating profit the filing shows under standard accounting.

The filing does add detail on where revenue comes from. No single customer accounted for more than 10% of revenue in the nine months to September 30, and about 79% of third quarter revenue came from outside the top five customers, up from about 64% in the first quarter. Sales through cloud marketplaces such as those of Amazon, Google and Microsoft made up about 48% of first half revenue. Anthropic also estimates that 5% to 7% of revenue in the nine months came from customers violating its usage policy or commercial terms.

How much has Anthropic committed to spend on compute?

Anthropic's S-1 lists compute agreements with Microsoft, Google, Amazon, SpaceXAI, Nscale and Lambda that add up to about $475.8 billion in minimums and caps, by this site's arithmetic, and the filing leaves the total of all its commitments blank.

• Google: at least about $114.5 billion from April 2026 to July 2033, plus an estimated $125 billion to $150 billion for more TPU capacity in 2028 to 2031.
• SpaceXAI (formerly X.AI, now part of SpaceX): up to $120.5 billion for Nvidia GPU capacity into 2029, about $3.1 billion a month once all capacity arrives, expected in December 2026. After early 2027, either side can cancel with 90 days' notice.
• Amazon: at least $110 billion from May 2026 to April 2036, regardless of usage.
• Microsoft: at least $44.9 billion from November 2026 to May 2033.
• Nscale: up to about $44.6 billion into 2033, paid only as capacity is delivered.
• Lambda: about $41.3 billion into 2034, also paid as capacity is delivered.
• AMD: no fixed amount, but above $20 billion expected if Anthropic takes the full first tranche.

The cloud providers are also investors and sales channels, and the filing lists that overlap as a risk: they may favor their own needs or rivals they have invested in, as TechCrunch summarizes. For comparison, compute and infrastructure cost Anthropic $8.9 billion in the first half of 2026.

Who will control Anthropic after the IPO?

Anthropic's seven co-founders will hold 50.1% of shareholder voting power through a single Class F share owned by a "Founder LLC," while the Long-Term Benefit Trust will elect a majority of the board, according to the S-1. The Class F and Class T shares that carry these rights have no economic rights.

Because the trust controls the board majority, Anthropic qualifies as a "controlled company" under Nasdaq rules, which lets it opt out of some board independence rules; it says it will use that exemption only for its nominating and corporate governance committee.

The filing also records the step Anthropic announced on October 18: 846,840,960 Class N shares, 5% of its fully diluted shares as of June 30, now sit in the Anthropic Public Benefit Fund. Among its risk factors, Anthropic writes that advanced AI systems could "pose catastrophic or existential risks to humanity," and it names OpenAI and Google as its direct competitors in frontier models.

What we don't know yet

• The share count, price range, IPO date and valuation.
• Revenue and operating results for the third quarter, which the filing leaves blank.
• The total value of Anthropic's compute and infrastructure commitments, also left blank.
• Whether the SEC will ask for changes before the registration becomes effective.