Anthropic files S-1 for Nasdaq IPO under ticker ANT

Anthropic publicly released its S-1 IPO registration filing on October 26, 2026, setting out its finances, computing contracts and governance ahead of a planned listing on Nasdaq. According to The Information, the company plans to begin its investor roadshow in about two weeks and is targeting a listing in the week of November 16 under the ticker ANT.

The filing shows first-half 2026 revenue of $16.3 billion, 14 times higher than a year earlier, with $11.6 billion of that booked in the second quarter. Anthropic posted $974 million in operating profit in Q2 2026 and positive operating cash flow of $3.9 billion for the half. Its first-half net loss was $80.7 billion, mostly due to a one-off $72.4 billion convertible bond charge; excluding that item, the net loss was about $8.4 billion. Computing costs fell to 48% of revenue in Q2 2026 from 251% in Q1 2025. At the end of June the company held $112.4 billion in cash and cash equivalents, about 80% of the $141.1 billion it has raised since founding.

Valuation and long-term commitments

The New York Times reported that Anthropic's valuation could reach up to $2 trillion, which would make it the largest IPO ever, ahead of SpaceX. The Information estimated the valuation at more than $1.5 trillion. According to the NYT's own tally, Anthropic has committed up to about $807 billion over the next 10 years for data centers, chips and computing power, much of it non-cancellable. Its computing deals include $114.5 billion with Google Cloud, $110 billion with Amazon Web Services, $44.9 billion with Microsoft and $120.5 billion with SpaceX, plus a $161 billion contract to lease Google chips through Broadcom for five years. Total cloud commitments are $657 billion, of which $417 billion is non-cancellable; the SpaceX contract can be cancelled by either side with 90 days' notice.

The 400-page document presents a roughly $40 trillion addressable market based on the economic value created by global knowledge workers in 2025. From January to September 2026, Anthropic's top five customers accounted for 25% of revenue, and 48% of first-half revenue came through cloud providers, with distribution fees equal to 17% of revenue. Anthropic issues five classes of stock, with its seven co-founders holding special shares that give them 50.1% of voting power on key matters. The Long-Term Benefit Trust, set up in 2023 to advise on safety, has the right to elect a majority of the board, though that power can be removed with founder, employee and shareholder consent.

The S-1 warns that advanced AI could pose catastrophic or existential risks to humanity and that Anthropic's support for AI regulation could provoke political backlash or excessive regulation. The filing omits third-quarter results, and comes after Oura and SoftBank subsidiary SB Energy recently postponed their listings. LightShed Partners analyst Brandon Ross said investors are scrutinizing Anthropic's latest results to judge whether it can meet its spending commitments and grow into its valuation.