The maker of Claude has opened its books ahead of what could be one of the largest stock market debuts in history. Here are the numbers that matter.
By Rajan | Published 3 November 2026 | 6 min read
Key takeaways
- Anthropic publicly filed its S-1 on 26 October 2026 to list on the Nasdaq Global Select Market under the ticker ANT.
- Revenue for the first half of 2026 was $16.3 billion, up from $1.2 billion a year earlier and far above $4.6 billion for all of 2025.
- The company reported an $80.7 billion net loss for the half, but $72.4 billion of that is a non-cash accounting charge.
- Reports put the target listing in the week of 16 November 2026, at a valuation of $1.5 trillion to $2 trillion.
- Goldman Sachs and Morgan Stanley are leading the offering.
When is the Anthropic IPO? No date has been set. Anthropic filed publicly on 26 October 2026, and reports say it is targeting the week of 16 November, subject to change. Under SEC rules, its investor roadshow cannot start until at least 15 days after the public filing, and the price range will appear in an amended S-1.
What does the Anthropic S-1 reveal?
The filing shows one of the fastest revenue ramps any technology company has disclosed.
| Period | Revenue |
|---|---|
| Full year 2023 | $41 million |
| Full year 2024 | $386 million |
| Full year 2025 | $4.6 billion |
| First half 2026 | $16.3 billion |
| Q2 2026 alone | $11.6 billion |
Q2 2026 was also the first quarter with positive operating income, at $974 million, after a $1.7 billion operating loss in Q1. Anthropic held $131.7 billion in cash, cash equivalents and short-term investments at 30 June 2026, and has raised $141.1 billion to date.
Why did Anthropic lose $80.7 billion?
Most of the headline loss is on paper. Of the $80.7 billion net loss for the six months, $72.4 billion is a non-cash change in the fair value of convertible notes, derivative liabilities and SAFEs. Those charges typically rise when a company’s valuation climbs quickly ahead of a listing.
The real cash cost to watch is compute. The filing commits Anthropic to spend up to $120.5 billion with SpaceXAI through 2029, alongside data centres it leases under a programme called Anthropic Direct.
How much is Anthropic worth?
Anthropic’s last company-stated valuation was $965 billion after its Series H round in May 2026. The Wall Street Journal reports the IPO could value it at $1.5 trillion to $2 trillion and raise $100 billion or more. Those figures are press reports, not company guidance.
What risks does Anthropic flag?
The S-1 lists risks unusual for a prospectus, including:
- Catastrophic AI incidents: the filing warns misuse of AI systems could pose catastrophic or even existential risk.
- Insurance gaps: coverage may not be enough for liability from such an incident.
- Regulation: increasingly restrictive AI rules in key markets.
- Insider selling: some employees and insiders can sell on the first trading day, with staggered unlocks over about a year.
What does it mean for businesses using AI?
For companies building on Claude, a public Anthropic means quarterly disclosures on pricing, capacity and strategy. It also brings new pressure to grow revenue, which could shape API pricing and product priorities. Teams relying on a single AI vendor may want to review their contracts and fallback options before the listing.
Frequently asked questions
What is Anthropic’s stock ticker? Anthropic has applied to list on the Nasdaq Global Select Market under the ticker ANT.
When will Anthropic go public? No date is confirmed. Reports point to the week of 16 November 2026, subject to change.
How much revenue does Anthropic make? Anthropic reported $16.3 billion in revenue for the first six months of 2026, including $11.6 billion in Q2.
Is Anthropic profitable? Not on a net basis. It reported an $80.7 billion net loss for the first half of 2026, mostly non-cash, but posted $974 million in operating income in Q2.
Can retail investors buy Anthropic stock? Only once it lists. Until then, the price range and share count have not been set. Note that some similarly named ETF tickers are not Anthropic shares.
