Anthropic files for a stock market listing and opens its books: $16.3 billion in revenue and an $80.7 billion paper loss

Anthropic opened its books to the public on Monday, and the numbers describe a company growing faster than almost any business that has ever filed to sell shares.

The artificial intelligence company filed its Form S-1 registration statement with the Securities and Exchange Commission and applied to list its Class A shares on the Nasdaq Global Select Market under the symbol ANT. Goldman Sachs and Morgan Stanley lead the underwriting group. The filing leaves the two numbers buyers want most still blank: the number of shares to be sold and the price range have not been determined, and the registration has not yet taken effect, so no shares can be sold until it does.

Revenue is the headline. Anthropic took in $41 million in 2023, its first year of commercial sales, then $386 million in 2024 and $4.585 billion in 2025. In the first six months of 2026 it took in $16.3 billion, up from $1.2 billion in the same period of 2025. The second quarter alone brought $11.6 billion, a rise of 1,368 percent over the year before, and produced $974 million in operating income, the first profitable quarter the company has reported. For the full half year the company still ran an operating loss of $693 million, down from $2.135 billion a year earlier.

The net loss line reads $80.7 billion for the half year. About $72.4 billion of that is a non cash charge from revaluing convertible notes, derivatives and simple agreements for future equity as the company's own valuation climbed. Operating cash flow for the half was positive at $3.93 billion. The cost underneath the growth is computing power: infrastructure spending reached $8.95 billion in the first half, up from $2.33 billion a year earlier, and stock based compensation rose to $2.2 billion for a workforce of about 5,300 people.

The filing also shows how concentrated the business remains. About 20 percent of first half revenue came from two customers the filing does not name, down from nearly a quarter of revenue in 2025. Anthropic sells its Claude models through the cloud platforms of Amazon, Google and Microsoft, which are at once its distributors, its suppliers and its rivals.

Control stays with the founders. Anthropic is a public benefit corporation, and the filing gives a single special Class F share to a company owned by the seven cofounders, among them Chief Executive Dario Amodei and President Daniela Amodei. That one share carries 50.1 percent of the total voting power on matters put to stockholders, and a trust elects the majority of the board. Public buyers will own the economics of the company without holding control of it.

The risk section runs longer than is usual even for a young technology company, with pages on model alignment and on the chance of a catastrophic incident, and a warning that damages from a serious AI related security event could exceed the company's insurance cover.

Reuters reported that some current and prospective investors are valuing Anthropic at about $1.5 trillion, as of October 26, down from roughly $2 trillion a week earlier, after the company shared financial details at a recent investor event. USA Today reported that investors expect a debut on Wall Street next month and that the offering could surpass SpaceX's June listing, which raised about $86 billion at a valuation near $2 trillion. Whether buyers pay anything like those figures will be settled when the company fills in the blank price range and takes the offering on the road.