Anthropic filed its public S-1 on October 26, 2026, and moved its long-planned Nasdaq debut under the ticker ANT. The Claude maker has not yet set how many shares it will sell or at what price, even as the filing shows rapid revenue growth and an $80.75 billion first-half loss.

What Anthropic has put on the table

The San Francisco artificial intelligence company first filed confidentially in June before making the paperwork public this week. It plans to sell Class A common stock, and the filing says the offering size and price range are still undecided.

Anthropic is structured as a public benefit corporation, meaning it is supposed to balance shareholder returns with broader public interests. The filing says a Long-Term Benefit Trust can elect and remove a majority of the board, while Chief Executive Dario Amodei, President Daniela Amodei and five other co-founders will hold special Class F shares through a founders’ entity.

Goldman Sachs and Morgan Stanley are leading the underwriting syndicate, with J.P. Morgan, Citigroup, Barclays and Wells Fargo Securities also involved. Public marketing is expected to begin in the week of November 9, and industry sources said the company wants an offering large enough to match or exceed SpaceX’s record listing.

Revenue is surging, but so are the losses

The filing shows how quickly Anthropic has scaled. Revenue rose from $41 million in 2023 to $386 million in 2024 and $4.6 billion in 2025. In the first six months of 2026, it reached $16.3 billion, which the company said represented year-on-year growth of 1,300 per cent.

Anthropic also warned investors that it does not expect that pace to continue. The company reported a net loss of $41.97 billion in 2025 and $80.75 billion in the first half of 2026.

The filing said roughly $72 billion of the half-year loss came from the revaluation of convertible notes, derivatives and SAFE agreements, an amount that did not necessarily represent an equivalent operating cash outflow. IT Boltwise, citing the filing, said the operating loss narrowed to about $0.7 billion in the first half even as compute and infrastructure costs reached roughly $9 billion.

Why Wall Street is watching so closely

The IPO arrives as investors argue over Anthropic’s worth. Some existing and prospective investors now value the company at about $1.5 trillion, down from earlier expectations of around $2 trillion, after recent financial details were disclosed at an investor event. Anthropic raised $65 billion in late May at a post-money valuation of $965 billion.

The filing also lays out the scale of the infrastructure bill behind the growth. Anthropic has signed or expanded cloud and data-centre agreements since the start of 2026 with minimum payments of about $417 billion. The Wall Street Journal, as cited by The Motley Fool, reported that compute spending could reach $750 billion over the next decade, including $450 billion in non-cancellable cloud commitments.

Customer growth has been just as steep. The number of customers contributing at least $100,000 in trailing-12-month revenue rose from more than 950 at the end of September 2025 to more than 11,900 a year later. Some shareholders may also be allowed to sell up to 10% of their locked-up holdings on the first trading day, with longer lockups covering the rest.

For investors, the filing turns Anthropic into a test of how much the market will pay for AI growth, and how long it will tolerate the cost of building it.