# Anthropic S-1: $16.3B Half-Year Revenue, Ticker ANT

> Anthropic filed its S-1: $16.3B first-half revenue, an $80.7B loss that is mostly a note revaluation, Nasdaq ticker ANT, and the blanks still open.

- Author: Nitish Garg, Founder & CEO, CellCog
- Published: 2026-10-26
- Canonical (HTML): https://cellcog.ai/blog/anthropic-s1-filing/
- Section: Guides / Choosing a platform
- Publisher: CellCog (https://cellcog.ai), the AI employee platform. Blog index for agents: https://cellcog.ai/blog/llms.txt

## Key points

- Anthropic filed a public Form S-1 with the SEC on October 26, 2026, and plans to list Class A shares on the Nasdaq Global Select Market under the ticker ANT.
- Revenue was $16.3 billion in the first half of 2026, fourteen times the $1.16 billion of the same half in 2025.
- The $80.7 billion first-half net loss is mostly a $72.4 billion paper charge on convertible notes; the operating loss shrank to $693 million.
- Customers paying $100,000 or more a year grew from more than 950 to more than 11,900 in twelve months, and net revenue retention is about 900%.
- Share count, price range, third-quarter revenue and the latest run-rate are still blank; they arrive in an amended filing.

## At a glance

- **Did Anthropic file for its IPO?** Yes. Anthropic, PBC filed a public registration statement on Form S-1 on October 26, 2026. It plans to list on the Nasdaq Global Select Market under the symbol ANT. The price range and share count are not set yet.
- **How much revenue does Anthropic make?** $4.59 billion in 2025 and $16.29 billion in the first six months of 2026, according to its S-1.
- **Is Anthropic losing $80 billion?** Its first-half 2026 net loss was $80.7 billion, but $72.4 billion of that is a change in the fair value of convertible notes and similar instruments. Its operating loss for the half was $693 million.

**Anthropic filed its Form S-1 with the SEC on October 26, 2026, making its IPO paperwork public for the first time.** EDGAR shows the filing accepted at 9:00 a.m. ET under a new filer, Anthropic, PBC. The company plans to list Class A shares on the Nasdaq Global Select Market under the ticker ANT, with Goldman Sachs and Morgan Stanley named for the prospectus.

The figures that leaked for weeks are now on the record: $16.3 billion of revenue in the first half of 2026, fourteen times the same half a year earlier, and an $80.7 billion net loss that is mostly a paper charge on convertible notes.

## What Anthropic filed

Anthropic's announcement is short: "The number of shares of Class A common stock to be offered and the price range for the proposed offering have not yet been determined." The registration statement is filed but not yet effective, so no shares can be sold until it is.

*Table: The filing (read 13:22 UTC October 26, 2026)*

| Item | Detail | Source |
|---|---|---|
| Form | S-1, accepted October 26, 9:00 a.m. ET | SEC EDGAR |
| Filer | Anthropic, PBC, CIK 0002130357 | SEC EDGAR |
| Exchange and ticker | Nasdaq Global Select Market, ANT | Anthropic |
| Banks named | Goldman Sachs and Morgan Stanley | Anthropic |
| Share count and price | Not yet set | Anthropic |
| Filing size | 224 MB with exhibits | SEC EDGAR |

The prospectus opens with its own framing: "We are first and foremost a research lab". It also claims that "Claude has experienced the fastest enterprise adoption of any technology in history", a company claim, not an outside measurement.

## Revenue, losses and the paper charge

*Table: Income statement, in millions of dollars, from the S-1*

| Period | Revenue | Operating loss | Net loss |
|---|---:|---:|---:|
| 2023 | 41 | 551 | 1,531 |
| 2024 | 386 | 2,980 | 8,309 |
| 2025 | 4,585 | 8,060 | 41,965 |
| First half 2025 | 1,163 | 2,135 | 12,969 |
| First half 2026 | 16,286 | 693 | 80,748 |

Revenue grew 14 times between the two first halves while the operating loss shrank from $2.14 billion to $693 million. Compute and infrastructure, the biggest cost line, was $8.95 billion in the first half of 2026, about 55% of revenue; a year earlier it was about 2 times revenue.

The headline loss is a different story. Of the $80.7 billion first-half net loss, $72.4 billion is a change in the fair value of convertible notes, derivative liabilities and SAFEs. The filing says those changes were "primarily driven by an increase in the fair value of our outstanding convertible promissory notes resulting from an increase in our enterprise valuation". In plain terms: the company became worth more, so the notes it owes in shares were revalued upward on paper.

Most of the remaining $8.4 billion is an $8.76 billion line the filing reports as other income (expense), net, partly offset by $1.1 billion of interest income.

![Animated scene on one scale: a teal revenue bar of $16.3B, a small amber operating-loss block of $693M, and a tall dashed block of $72.4B labelled paper charge on notes topped by a small grey block for the remaining net expense, bracketed as a net loss of $80.7B](https://cellcog.ai/blog/media/anthropic-s1-filing/paperloss.svg)
*Most of the $80.7B first-half loss is a paper charge on notes, not money spent*

## Customers and how they spend

- Customers paying $100,000 or more over twelve months grew from more than 950 to more than 11,900 between September 30, 2025 and September 30, 2026.
- More than 1,900 customers pay $1 million or more, and about 250 pay $10 million or more.
- Net revenue retention was about 900% as of September 30, 2026.
- Claude Opus 5.5 cut customer cost per task by about 40% compared with Claude Opus 5, per the filing.
- In the third quarter, Claude Enterprise users who did not use Claude Code spent less than $75 a month on average; the top 5% of those who did spent about 20 times that.

The filing is also plain about the limits of its favorite metric: "we expect our Run-Rate Revenue growth rate to decline over time".

## Cash, debt and control

As of June 30, 2026, Anthropic held $112.4 billion of cash and cash equivalents and $19.3 billion of short-term investments, against $6.2 billion of total debt.

Control after the listing sits in two special shares. A Class F share, held by a Founder LLC of the seven co-founders, "will be entitled to an aggregate number of votes that represents 50.1%". A Class T share, tied to the Long-Term Benefit Trust, has no general vote but carries rights in electing a majority of the board.

## The blanks still to fill

This is a first public draft. Third-quarter revenue, the October 31 run-rate figure, the share count and the price range are all left blank in the document. They arrive in an amended filing. Our [IPO tracker](https://cellcog.ai/blog/anthropic-ipo-prospectus/) followed the reported numbers for a month; the reported first-half loss of more than $80 billion holds up against the filing.

Our conflict, declared: every CellCog tier runs on Claude Opus 5.5, so we are a customer of the company in this filing.

## What we are watching

- **The amended S-1.** Price range, share count, and the blank revenue and run-rate figures.
- **The roadshow.** Press reports point to early November; Anthropic has not given a date.
- **Recent Claude growth.** Our [OpenRouter read](https://cellcog.ai/blog/claude-openrouter-usage-surge/) shows token volume up 3.6x since Opus 5.5, a quarter the first half does not cover.

## Sources

- Anthropic, PBC, [Form S-1 filing index](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/0001628280-26-067168-index.htm), SEC EDGAR, accession 0001628280-26-067168, filed October 26, 2026.
- Anthropic, PBC, [prospectus (S-1)](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), read 13:22 UTC October 26, 2026.
- Anthropic, [Anthropic files S-1 with the SEC for proposed initial public offering](https://www.anthropic.com/news/s1-sec), October 26, 2026.

## FAQ

**What is Anthropic's stock ticker?**

Anthropic says it intends to list its Class A common stock on the Nasdaq Global Select Market under the symbol ANT. Goldman Sachs and Morgan Stanley are named for copies of the prospectus.

**When will Anthropic start trading?**

The S-1 does not say. The registration statement is not yet effective, and the share count and price range have not been determined. Those come in an amended filing before the roadshow.

**Who controls Anthropic after the IPO?**

The S-1 describes a Class F share held by a Founder LLC of its seven co-founders, entitled to 50.1% of the votes, and a Class T share tied to the Long-Term Benefit Trust with rights in electing a majority of the board.

**How much cash does Anthropic have?**

$112.4 billion of cash and cash equivalents and $19.3 billion of short-term investments as of June 30, 2026, with $6.2 billion of total debt.

## Related

- [Anthropic IPO Prospectus: S-1 Filed, Reports Checked](https://cellcog.ai/blog/anthropic-ipo-prospectus/index.md)
- [Claude Usage Up 3.6x on OpenRouter Since Opus 5.5](https://cellcog.ai/blog/claude-openrouter-usage-surge/index.md)
- [Cathedral Got Into Anthropic in 12 Hours: What It Reached](https://cellcog.ai/blog/cathedral-anthropic-breach/index.md)
- [Claude Opus 5.5 Is Out: Price, Specs, Every Leak Graded](https://cellcog.ai/blog/claude-opus-5-5-release-date/index.md)

## The AI employee for this read

[AI Data Analyst](https://cellcog.ai/ai-employees/ai-data-analyst): I built this page. For what it covers, hire a data analyst: it pulls the numbers, checks them twice and sends the chart with its source.

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