Anthropic has filed its S-1 with the SEC and plans to list on Nasdaq under the ticker "ANT." Reports put the valuation above $1.5 trillion, while the filing shows an $80.7 billion loss for the first half of the year.
Anthropic, the company behind the Claude language model, has filed its S-1 registration statement with the US Securities and Exchange Commission and intends to list on the Nasdaq Global Select Market under the ticker "ANT." The number of shares and the price range have not yet been set, but Goldman Sachs and Morgan Stanley are named as underwriters for the offering. An IPO of this size would set a new benchmark for how the market values generative artificial intelligence, at a time when the company is both growing fast and losing enormous sums.
The S-1 shows a net loss of $80.7 billion in the first half of 2026, against roughly $16.3 billion in revenue over the same period. The Wall Street Journal reports the IPO could value Anthropic above $1.5 trillion, up from $965 billion in May. In the filing, Anthropic also warns that artificial intelligence could bring "catastrophic or existential risks to humanity" without adequate safeguards.
AI critic Gary Marcus has pointed out that Anthropic left third-quarter revenue figures out of the filing, arguing the omission "tells you all you need" to know about demand.
The numbers also show another side of the company's trajectory: second-quarter revenue was $11.56 billion, up from $787 million a year earlier, and Anthropic posted its first operating profit, $974 million, after five consecutive loss-making quarters.
More than half of Anthropic's customers spending $100,000 or more annually now use both the Claude Platform and a first-party application such as Claude Code, up from about 30% a year ago. As of September 30, Anthropic counted more than 11,900 customers spending $100,000 or more a year, more than 1,900 spending $1 million or more, and around 250 spending $10 million or more. That has driven net revenue retention of roughly 900%.
Close to half of Anthropic's revenue flows through the cloud divisions of Microsoft, Amazon and Google, all of which are also investors in the company. Up to $77 billion in notes could go to Amazon, Broadcom and Google. In the filing, Anthropic itself flags the risk of conflict of interest with its cloud partners and of customer concentration, noting that Amazon, Google and Microsoft may end up prioritizing their own AI products, or rivals they have invested in themselves.
Growth investor Brad Bernstein warns that a weak debut could trigger a "trickle-down effect" that resets valuations across the AI venture-funding world. Because Anthropic's S-1 is one of the first from a major private AI model developer, the numbers in the filing and the market's reception to them become a reference point for how investors price generative artificial intelligence more broadly — both the still-enormous growth and the equally enormous losses.
Sources: Anthropic, Euronews, TechCrunch, CNBC
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