Anthropic Files Public S-1 for Nasdaq IPO Under Ticker ANT
3 min readAnthropic has publicly filed its S-1 registration statement with the U.S. Securities and Exchange Commission, moving its initial public offering from leaked draft to official record. The company confirmed the filing on October 26 and plans to list Class A common stock on the Nasdaq Global Select Market under the ticker ANT. The number of shares and the price range are still blank.
From leaked draft to the Anthropic S-1
Five days ago we covered the draft prospectus obtained by The Wall Street Journal. The headline numbers survive intact in the public document: revenue of $16.3 billion for the first half of 2026 against $4.6 billion for all of 2025, a net loss of $80.7 billion over the same six months (most of it non-cash charges tied to revaluing financing instruments), and compute and infrastructure expense of $8.9 billion. Anthropic confidentially submitted a draft on June 1. The public filing is the step that starts the clock toward a listing.
What the public filing adds
The new details are about scale and control. According to Unite.AI’s read of the filing, Anthropic held $131.7 billion in cash, equivalents and short-term investments as of June 30 and has raised $141.1 billion in total. As of September 30 it counted more than 11,900 customers paying at least $100,000 a year, more than 1,900 above $1 million and about 250 above $10 million, with net revenue retention of roughly 900 percent. Trailing revenue per employee sits above $6.6 million, up from $1.4 million a year earlier.
Governance is where the filing gets unusual. A single Class F share held by a Founder LLC of the seven co-founders carries 50.1 percent of the voting power. The Long-Term Benefit Trust, five financially disinterested trustees, holds Class T stock that elects a majority of the board. Public investors get Class A shares with one vote each. Anthropic also placed 5 percent of its fully diluted shares into a Public Benefit Fund, and the co-founders have pledged 80 percent of their personal equity to philanthropy.
Goldman Sachs and Morgan Stanley lead a syndicate of more than 20 banks. Proceeds are earmarked for general corporate purposes, with compute and infrastructure first in line. The risk factors include misaligned or autonomous model behavior, reliance on cloud providers that are also investors and customers, and the concentrated voting power described above.
Why it matters
This is the first frontier AI lab to open its books in full, and it lands two days after Anthropic published its UK AISI incident report on Claude Mythos 5. OpenAI is reported to be targeting a $1.25 trillion valuation for its own listing. Public investors will now price a company that lost $80 billion in six months while growing revenue more than tenfold, under a control structure built to keep a safety-focused trust in charge. Watch for the preliminary prospectus that fills in share count and price, and for the November timing the leaked draft pointed to.
The AI bubble debate just got a public ticker.