Anthropic published the prospectus (form S-1) at the Securities and Exchange Commission (SEC), following the confidential request submitted in June. Shares of Class A common stock will be listed on the Nasdaq Global Select Market under the symbol ANT.
The document leaves the price range and number of titles blankand involves the sale of both company shares and shares of existing shareholders. Goldman Sachs and Morgan Stanley lead the consortium, which includes more than 20 banks.
According to anonymous sources cited by the Wall Street Journal, the debut could take place in the week of November 16thwith a collection equal to or greater than 100 billion dollars and a valuation between 1,500 and 2,000 billion. Reuters reported last month that investor expectations were above $2 trillion. None of these figures appear in the prospectus, and the latest official valuation remains that of 965 billion from the 65 billion round closed in May.
In the first six months of 2026 revenues were 16.3 billion dollars, compared to 1.16 billion in the corresponding period of 2025 (approximately +1300%). In the whole of 2025 there were 4.59 billion, compared to 386 million in 2024 and 41 million in 2023. The second quarter it weighed 11.6 billion and produced the first operating profit, of 974 million. An operating loss of 693 million remains for the half-year.
There net loss of 80.7 billion is largely non-monetary. It includes 72.4 billion change in the fair value of convertible bonds and other instruments, which the prospectus attributes mainly to the increase in the company’s valuation. Another $8.8 billion comes from bond purchase agreements with Google and Amazon. Excluding these items and stock-based compensation, adjusted operating income is $1.6 billion, a margin of approximately 10%.
As of June 30, Anthropic had raised a total of 141.1 billionwith 112.4 billion in liquidity and 19.3 in short-term investments. As of September 30th There were over 11,900 customers with annual spending of at least $100,000 (about 950 a year earlier), those over one million approximately 1,900 and those over 10 million approximately 250. The top five customers generated about 25% of revenue in the nine months to September 30. According to the company, 5-7% of revenues for the same period came from customers who violated the terms of use.
THE risk factors mentioned in the documentation are different, and among these there is also the eventuality that an AI-caused disaster exceeds insurance capacity: “No single insurer, and potentially the entire insurance industry as a whole, could have sufficient capacity.”
As for the computing powerlong-term commitments include at least 114.5 billion with Google, at least 110 with Amazon and 44.9 with Microsoftbeyond leasing with Broadcom for approximately 161.2 billion. About 3.1 billion per month is also expected at SpaceX for NVIDIA GPUs, up to 120.5 billion by 2029. The total is not indicated in the prospectus; the Wall Street Journal spoke of a possible expenditure of 750 billion.
