Anthropic files public IPO registration with SEC, proposes Nasdaq listing under ticker ANT

Anthropic, PBC, which calls Claude its “frontier AI” in the filing, publicly filed a Form S-1 registration statement with the Securities and Exchange Commission on Monday, Oct. 26, for a proposed initial public offering of Class A common stock. EDGAR shows the filing accepted at 9 a.m. under file No. 333-299633.¹²

The preliminary prospectus says the company has applied to list on the Nasdaq Global Select Market under the symbol “ANT.” The number of shares and the price range are blank. In a post on its website, the company said both “have not yet been determined” and that the registration statement “has not yet become effective,” so the shares may not be sold until it does.²³

Anthropic said in June that it had confidentially submitted a draft registration statement to the SEC, NPR reported at the time.⁴

Revenue and losses

The filing reports revenue of $16,286 million for the six months ended June 30, 2026, compared with $1,163 million a year earlier, and $4,585 million for the full year 2025.²

It reports a net loss of $80,748 million for the six months ended June 30, 2026, and $41,965 million for 2025. The operating loss was $693 million for the 2026 half-year and $8,060 million for 2025. The rest is mainly a line for changes in the fair value of convertible notes, derivative liabilities and simple agreements for future equity, a loss of $72,388 million in the 2026 half-year and $34,308 million in 2025. A footnote attributes those changes “primarily” to an increase in the fair value of the company's outstanding convertible promissory notes.²

The company also reports adjusted operating income, a non-GAAP measure it defines itself: $1,618 million for the 2026 half-year, against a GAAP operating loss of $693 million, and an adjusted operating loss of $4,854 million for 2025, against a GAAP operating loss of $8,060 million.²

Operating expenses include compute and infrastructure: $8,945 million in the 2026 half-year and $7,326 million in 2025. The 2025 expenses include a $1,500 million line labeled “Bartz settlement.” The prospectus says the company has committed spending, “substantially all of which is related to compute and infrastructure,” but the dollar amount is blank.²

Governance

Anthropic is a Delaware public benefit corporation whose stated purpose is “the responsible development and maintenance of advanced AI for the long-term benefit of humanity,” the filing says. It describes five share classes. Class A, the stock offered, carries one vote per share. Class F, held by a limited liability company whose initial members are the seven co-founders, would carry 50.1% of total voting power and no economic rights. Class T stock is held solely by the Long-Term Benefit Trust, described as “an independent body of five financially disinterested voting trustees,” which generally has the authority to elect and remove the Class T directors, who make up a majority of the board.²

Because the trust can elect a board majority, the company says it is considered a “controlled company” under Nasdaq rules and plans to use that exemption only for its nominating and corporate governance committee.²

Underwriters and risks

The cover lists 22 underwriters, with Goldman Sachs & Co. LLC and Morgan Stanley listed first. The company says it plans to use net proceeds “for general corporate purposes.” The first risk listed in the summary concerns its ability “to continue to develop the most advanced and capable AI models.”²

What the records do not show

• The number of shares, price range, amount to be raised and offering date; none is set in the filing.²
• Revenue for the three months ended Sept. 30, 2026, and the total of the company's committed spending; both are left blank in the preliminary prospectus.²
• Whether or when the SEC will declare the registration effective.³
• What the “Bartz settlement” line refers to; the prospectus text does not describe it.²