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Anthropic has filed for an initial public offering of its Class A common stock, seeking a listing on the Nasdaq Global Select Market under the ticker ANT. The Claude developer reported $16.286 billion in revenue for the first half of 2026, about 14 times its revenue a year earlier, alongside a sharply narrower operating loss.
Goldman Sachs and Morgan Stanley head the 22-bank underwriting group, which also includes J.P. Morgan, Citigroup, Barclays, and Wells Fargo Securities.
Both Anthropic and existing stockholders plan to sell shares, with the company receiving no proceeds from the stockholders’ sales. The share count and price range remain to be determined.
AI Usage Drives Revenue Growth
Anthropic’s S-1 registration statement traces its expansion from $41 million in revenue in 2023 to $386 million in 2024 and $4.585 billion in 2025. Revenue in the six months ended June 30, 2026, exceeded the previous full-year total by more than three times.
| Financial Metric | First Half 2025 | First Half 2026 |
|---|---|---|
| Revenue | $1.163 billion | $16.286 billion |
| Compute and infrastructure expense | $2.334 billion | $8.945 billion |
| Operating loss | $2.135 billion | $693 million |
| Net loss | $12.969 billion | $80.748 billion |
Consumption-based revenue accounted for $13.064 billion, or about 80%, of first-half 2026 sales. Subscriptions contributed $3.222 billion, or about 20%. In a consumption-based business, customer spending rises with use rather than being determined solely by a fixed subscription fee. That makes the scale of customers’ deployments central to revenue growth.
The number of customers contributing at least $100,000 in trailing-12-month revenue rose from more than 950 at the end of September 2025 to more than 11,900 a year later. As of September 30, 2026, more than 1,900 customers were generating at least $1 million each on the same basis, and approximately 250 were generating at least $10 million.
Anthropic reported net revenue retention of approximately 900% at that date. The metric captures expansion, contraction, and churn among existing customers, showing how revenue from a customer cohort changes over time rather than how much growth comes from adding new accounts.
Cloud providers are also a substantial distribution channel. Sales through cloud-service-provider marketplaces accounted for approximately 48% of first-half 2026 revenue, compared with 44% in the same period of 2025. Those marketplaces allow customers to buy access through cloud platforms they already use, alongside Anthropic’s own products and services.
Operating Loss Narrows Despite Compute Spending
Anthropic’s operating loss narrowed to $693 million in the first half of 2026 from $2.135 billion a year earlier, even as total operating expenses rose to $16.979 billion from $3.298 billion. Revenue grew faster than spending over that period.
Compute and infrastructure remained the largest expense, at $8.945 billion. That was about 55% of revenue, down from roughly 201% a year earlier. The expense category covers resources needed to develop and operate AI systems; it is not simply the cost of serving paying customers.
Anthropic trains and serves Claude across four chip families: AWS Trainium, Google TPUs, NVIDIA GPUs, and AMD GPUs. Its multi-chip architecture lets it allocate workloads across different accelerators, and the company credits that approach, together with research and algorithmic improvements, with improving compute efficiency.
The quarterly figures show how quickly the operating picture changed within the first half. Anthropic recorded a $1.667 billion operating loss in the March quarter, followed by $974 million in operating income in the June quarter, when revenue reached $11.555 billion.
The company’s much larger net loss reflects a different set of accounting effects. First-half net loss reached $80.748 billion, including $72.388 billion in fair-value charges tied to convertible notes, derivative liabilities, and simple agreements for future equity, or SAFEs. Anthropic attributes those charges primarily to increases in the value of outstanding convertible notes as its enterprise valuation rose.
These non-cash revaluations explain most of the gap between the operating result and the net loss. They should not be read as an equivalent amount of spending on chips, staff, or model development. In 2025, the same category produced $34.308 billion in charges, contributing to a $41.965 billion net loss.
Anthropic also recorded a $1.5 billion charge in 2025 for the Bartz copyright class-action settlement. The district court approved the settlement in July 2026.
Founders and Benefit Trust Retain Separate Powers
Anthropic would remain a Delaware public benefit corporation after the offering. That structure requires it to balance stockholders’ financial interests, the interests of people materially affected by its conduct, and its stated public benefit purpose of developing and maintaining advanced AI for humanity’s long-term benefit.
Its Long-Term Benefit Trust would exercise board-selection rights through Class T common stock. The trust can generally elect and remove Class T directors, who together would constitute a majority of the authorized board. Those shares carry no economic rights and do not otherwise vote on matters submitted to stockholders generally.
A separate Class F share would give the founders control over general stockholder votes. Immediately before the offering closes, Anthropic plans to issue that single share to an LLC initially owned by its seven co-founders, including CEO Dario Amodei and President Daniela Amodei. The share would carry 50.1% of total voting power on general stockholder matters, including the election of directors other than Class T directors, without carrying economic rights.
Public Class A shares would have one vote each. Class N shares, held primarily by strategic business partners, generally have no voting rights and would ordinarily convert to Class A when transferred to an unaffiliated third party. Anthropic also plans to authorize Class E stock for employees other than co-founders, with limited voting rights and no economic rights.
The arrangement separates financial ownership, general voting control, and authority over most board seats. Anthropic expects to qualify as a controlled company under Nasdaq’s corporate governance rules.
The proposed structure accompanies other public benefit commitments. Anthropic recently outlined a public benefit fund with a proposed initial 5% equity allocation, subject to stockholder approval, with discretionary additions as its value rises. Separately, it has committed $150 million over three years to the Genesis Mission, providing Claude, Claude Code, API credits, and technical support to federal scientific research projects.
