Anthropic Files for IPO as ANT: $16.3 Billion Revenue, $80.7 Billion Loss

Anthropic, the company behind the Claude AI models, has filed to go public.

On Monday, October 26, it published its S-1, the filing a company submits to the US Securities and Exchange Commission before selling shares. In it, Anthropic says it plans to list on the Nasdaq under the ticker ANT.

For anyone waiting on the Anthropic IPO, here's when it's expected, what's known about the price, and how a company that made $16.3 billion in six months still lost $80.7 billion.

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When Is the Anthropic IPO, and How Much Will the Stock Cost?

• Ticker: ANT
• Exchange: Nasdaq Global Select Market
• Expected date: Thanksgiving week, starting November 23, according to Fortune
• Price range: Not set yet. The S-1 leaves it blank.
• Valuation: Fortune reports a target of $1.5 trillion to $2 trillion, up from $965 billion in May

Anthropic will add the price range and the number of shares on offer in an updated filing. Until it lists, ANT shares can't be bought on a public exchange.

Anthropic Revenue: $16.3 Billion in Six Months

Anthropic made $16.29 billion in the first half of 2026, up from $1.16 billion a year earlier. That's 14 times more, and over three times its $4.59 billion revenue for all of 2025.

Its big-spending customers are growing too. As of September 30, more than 1,900 customers had paid Anthropic $1 million or more over the past year, and around 250 had paid $10 million or more.

Its two biggest customers are Amazon and Google, which also sell Claude to their own cloud customers. The S-1 lists that reliance as a risk.

Why Anthropic Lost $80.7 Billion

Most of the loss isn't money Anthropic spent.

Of the total, $72.39 billion is an accounting charge on convertible notes, investor money that later turns into shares. As Anthropic's value soared, those future shares became worth more. Under accounting rules, that increase is recorded as a loss.

The business itself lost far less. Anthropic's operating loss, which leaves out that charge, narrowed to $693 million from $2.14 billion a year earlier.

Computing is the higher long-term cost. Anthropic spent $9 billion on AI infrastructure in the first six months of 2026, more than the $7.3 billion it spent in all of 2025. Most of its future spending commitments are tied to computing infrastructure, with some extending as far as 2045.

Who Controls Anthropic After the IPO

Buying ANT shares will give investors limited control over Anthropic. The company is a public benefit corporation, which means it is legally required to consider a stated public benefit alongside its profits.

Public investors will receive Class A shares, each carrying one vote. However, a Long-Term Benefit Trust made up of five independent trustees elects a majority of the board.