Anthropic, the company behind the Claude model family, filed Form S-1 with the US Securities and Exchange Commission (SEC) on October 26, 2026, in connection with a proposed initial public offering of Class A shares. The company intends to list the Class A shares on the Nasdaq Global Select Market under the symbol "ANT". The number of shares offered and the price range have not yet been determined, per the company's own statement.

The filing and the leadership

The S-1 is the first public filing in the process, after the company submitted a confidential draft S-1 to the SEC in June 2026.

The document is signed by the co-founders and management: Dario Amodei (CEO), Daniela Amodei (president) and CFO Krishna Rao. Netflix co-founder Reed Hastings signs as a board member. The company is incorporated as a public benefit corporation under Delaware law, and the prospectus will be distributed via Goldman Sachs and Morgan Stanley, per the prospectus information.

Numbers from the prospectus

Anthropic was founded in 2021 and publicly launched its first commercial product, Claude, in the first quarter of 2023.

Revenue from the S-1:

  • 2023: $41 million in revenue, almost entirely usage-based.
  • 2024: roughly $386 million — of which $288 million (75 percent) usage-based and $98 million in subscription revenue.
  • 2025: roughly $4.6 billion — of which $3.8 billion (83 percent) usage-based and $789 million in subscription revenue.
  • First half of 2026: roughly $16.3 billion — of which $13.1 billion (80 percent) usage-based and $3.2 billion in subscription revenue.

Usage-based revenue, which the company calls "pay-for-intelligence", is measured in tokens and is the dominant revenue stream. The company itself notes that the growth rate is expected to slow over time.

The company has posted a loss every year since its founding: $1.5 billion (2023), $8.3 billion (2024), $42 billion (2025) and $80.7 billion for the first half of 2026. According to the prospectus, a large part of the loss consists of non-cash fair value changes on convertible notes, derivative liabilities and SAFEs — $72.4 billion for the first half of 2026, compared with $34.3 billion for full-year 2025. The company had around 5,300 employees worldwide as of September 30, 2026.

Use of proceeds

According to the S-1, the company intends to use the net proceeds from the IPO for general corporate purposes: liquidity, operating expenses and capital investments, including investments in compute and infrastructure, as well as recruiting and retaining employees. Some of the funds may also be directed toward acquisitions or investments in companies, products or technologies, though there are no binding agreements for any specific deals at this time. A portion is set aside for tax payment obligations tied to the vesting of restricted stock units (RSUs).

Why it matters

The filing is the first step in the public IPO process, after the confidential S-1 of June 2026. If the listing goes ahead, Anthropic becomes one of the largest AI companies to go public on a US exchange — and the market's attention will likely fall on the contrast between revenue growth (roughly 12 times larger in 2025 than the year before, with the first half of 2026 already more than three times all of 2025) and the loss structure, even though most of the loss is non-cash fair value changes.

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