Anthropic, PBC publicly filed its registration statement on Form S-1 with the Securities and Exchange Commission on Monday, converting the confidential draft it submitted on June 1 into a public prospectus and starting the formal countdown to an initial public offering. The filing, accepted by EDGAR at 9:00 a.m. Eastern, covers Class A common stock to be sold by the company and by selling stockholders. Anthropic has applied to list on the Nasdaq Global Select Market under the symbol ANT. The number of shares and the estimated price range are blank in this preliminary prospectus, and the statement is not yet effective.
The financial statements are the first public, audited view inside a frontier AI lab, and they describe two companies at once. Revenue for the six months ended June 30, 2026 was $16.286 billion, against $1.163 billion in the same period of 2025, a fourteen-fold increase. Full-year revenue was $4.585 billion in 2025, $386 million in 2024 and $41 million in 2023. The net loss for the first half of 2026 was $80.748 billion, but $72.388 billion of it is a single non-cash line: the change in fair value of convertible notes, derivative liabilities and simple agreements for future equity, which rises as Anthropic’s own valuation rises. The operating loss for the half was $693 million, and the second quarter alone produced GAAP operating income of $974 million, the company’s first operating-profitable quarter. On the company’s adjusted measures it recorded adjusted operating income of $1.618 billion and adjusted net income of $2.671 billion for the half.
The cost engine is visible in the same table. Compute and infrastructure expense was $8.945 billion in the first half of 2026, up from $2.334 billion a year earlier, and $7.326 billion in all of 2025. Personnel costs were $3.152 billion for the half, including $2.2 billion of stock-based compensation, and sales, marketing and partnerships spending jumped to $3.168 billion from $120 million a year earlier. The filing also carries a $1.5 billion Bartz settlement charge in 2025. Against those costs, Anthropic held $131.651 billion in cash, equivalents and short-term investments at June 30, having raised an aggregate of $141.1 billion of capital.
The customer numbers explain the growth rate. As of September 30, 2026 the company counts more than 11,900 customers with at least $100,000 of trailing twelve-month revenue, more than 1,900 above $1 million, and about 250 above $10 million, with net revenue retention of approximately 900 percent. No single customer represented more than 10 percent of revenue in the nine months ended September 30, 2026, and the top five customers together accounted for about 21 percent of third-quarter revenue. Revenue for the second quarter alone grew 1,368 percent year over year while compute and infrastructure expense grew 300 percent, the efficiency gap the company is asking public investors to underwrite.
The governance structure is the other half of the prospectus. Anthropic is a Delaware public benefit corporation, required to balance stockholder returns against its stated purpose of responsible development of advanced AI. Its Long-Term Benefit Trust, a body of financially disinterested trustees, holds Class T stock carrying the right to elect and remove the Class T directors, who will constitute a majority of the board. Immediately before the offering, a single share of Class F stock goes to a limited liability company owned by the seven co-founders, including chief executive Dario Amodei and president Daniela Amodei, carrying 50.1 percent of the total voting power on matters put to stockholders generally, with no economic rights. Class A shares being sold carry one vote each; Class N shares, held mainly by strategic partners, carry none. Anthropic will be a controlled company under Nasdaq rules.
What the filing does not settle is the price of all this. Expectations going in had already been marked down once: reporting from the October 14 investor day put third-quarter revenue at $16.8 billion, up 45 percent on the quarter, a slower rate than the prior quarter’s, and had investors discussing a valuation near $1.5 trillion against roughly $2 trillion talked of earlier. Press reporting around the filing points to a roadshow in the week of November 9, which the public filing now makes possible under the rule that a prospectus be public at least 15 days before marketing begins, with Goldman Sachs, Morgan Stanley and J.P. Morgan the first three names on the filing’s 22-bank underwriting list. The next documents to watch are the first amendment setting the share count and price range, and any disclosure that converts the reported valuation talk into terms.