Anthropic, the developer of the Claude AI models, made its S-1 registration statement public on October 26, 2026, ahead of a planned initial public offering on the Nasdaq under the ticker “ANT,” according to Fortune. This reference sets out the figures reported from the filing and the valuation figures reported by news outlets, with the source of each.

Filing status

NPR reported on June 1, 2026 that Anthropic had filed preliminary IPO paperwork. The public S-1 followed on October 26 (Fortune; sec-api.io). The filing does not specify a price or share count, according to Fortune. Reported timing of the debut differs: Fortune reports that a Thanksgiving-week debut was reportedly targeted, while The Wall Street Journal, as relayed by Benzinga, reported a debut targeted for the week of November 16.

Revenue

The filing reports revenue of $16.3 billion for the six months ended June 30, 2026, according to Fortune. sec-api.io’s analysis lists $1.2 billion for the same period of 2025; The Wall Street Journal, as relayed by Al Jazeera, reported $1.1 billion. Revenue for the second quarter of 2026 was $11.6 billion (Fortune; sec-api.io). Annual revenue was $4.6 billion in 2025, $386 million in 2024 and $41 million in 2023 (sec-api.io). In the first half of 2026, 80% of revenue ($13.1 billion) was consumption-based and 20% ($3.2 billion) was subscription (sec-api.io).

Losses and profit measures

Net loss for the first half of 2026 was $80.7 billion. Of that, $72.4 billion is a non-cash charge reflecting the increased value of convertible notes Anthropic has issued, according to Fortune; sec-api.io describes it as a fair-value change on convertible notes, derivative liabilities and SAFEs. The Wall Street Journal and Reuters, as relayed by Al Jazeera, put the charges at about $72 billion. Net loss for full-year 2025 was $42.0 billion, including a $34.3 billion fair-value change (sec-api.io); Reuters separately reported a 2025 net loss of $42 billion (via Al Jazeera). A draft prospectus cited by Al Jazeera put the net loss for the first half of 2025 at $13 billion.

Operating loss for the first half of 2026 was $693 million, compared with $2.1 billion a year earlier (Fortune). Second-quarter operating profit was $974 million, an 8.4% margin (sec-api.io). Excluding stock-based compensation, non-cash charitable contributions and legal settlement expenses, Anthropic reported $1.6 billion of operating income, about a 10% margin (Fortune). Operating cash flow was $3.9 billion for the six months, against negative $1.5 billion a year earlier (Fortune).

Bar chart on a black background of Anthropic first-half 2026 figures in US dollars billions: revenue 16.3, net loss 80.7 of which 72.4 is a non-cash fair-value change, and operating loss 0.693.
Anthropic’s first-half 2026 revenue, net loss and operating loss as reported from its S-1. The 8.3 “all other” segment is Lens’s subtraction (80.7 minus 72.4).

Cash, compute and commitments

Anthropic had about $132 billion in cash and readily accessible investments at the end of June, according to its filing as reported by The New York Times (via Khaleej Times). It spent $5.6 billion on compute in the second quarter against $11.6 billion of revenue, which the company says equals $2.08 of revenue per compute dollar (Fortune). sec-api.io lists purchase commitments of $265.6 billion and leases not yet commenced of $321.4 billion. The New York Times’ tally of compute and infrastructure commitments in the filing is up to $807 billion (via Khaleej Times), and The Wall Street Journal reported in October that Anthropic indicated it could spend up to $750 billion on computing capacity in coming years (via Al Jazeera). Anthropic warned in the filing, “We expect our costs will increase over time and our losses will continue” (Fortune).

Customers

The five largest customers accounted for about 25% of revenue in the first nine months of 2026, and no customer exceeded 10% (Fortune; sec-api.io). Nearly half of revenue flows through cloud marketplaces run by Amazon, Google and Microsoft (Fortune). As of September 30, more than 11,900 customers had $100,000 or more of trailing-twelve-month revenue, against more than 950 a year earlier, and about 250 exceeded $10 million (sec-api.io). Net revenue retention was about 900%, and the United States accounted for 72% of first-half revenue by billing address (sec-api.io).

Valuation figures

  • May 2026: Series H at a $965 billion post-money valuation, in a $65 billion round (sec-api.io; Benzinga).
  • August 2026: Backers told the Financial Times they expected an IPO valuation of $2 trillion or higher, according to Fortune.
  • October 21, 2026: Reuters reported that investors at Anthropic’s investor day were weighing a valuation near $1.5 trillion, which it called “a significant step down from the roughly $2 trillion valuation previously expected for the November share sale” (via Al Jazeera).
  • October 2026: The Wall Street Journal, as relayed by Benzinga, reported a debut targeted for the week of November 16, raising $100 billion or more at a valuation of $1.5 trillion to $2 trillion.
  • October 26, 2026: Fortune reported that media reports put the target valuation between $1.5 trillion and $2 trillion, and that some investors have predicted a market value as high as $2.4 trillion once trading begins. The S-1 itself does not state a price or share count.

Share structure and governance

Seven co-founders hold a fixed 50.1% of votes through a single Class F share, and the Long Term Benefit Trust elects four of seven directors (sec-api.io). Restricted stock unit expense of $26.6 billion begins at the IPO: $2.9 billion at once, then $23.7 billion over about 2.1 years (sec-api.io). Of the filing’s 335 pages, 94 cover risk factors (The New York Times, via Khaleej Times).

Figures that differ between sources

  • Revenue for the first half of 2025: $1.1 billion (The Wall Street Journal, via Al Jazeera) and $1.2 billion (sec-api.io; Benzinga).
  • Adjusted operating income: $1.6 billion, about 10% of revenue (Fortune), and $2.2 billion, 19%, which sec-api.io appears to apply to the second quarter.
  • Compute commitments: $265.6 billion of purchase commitments plus $321.4 billion of leases not yet commenced (sec-api.io), up to $807 billion (The New York Times tally) and up to $750 billion (The Wall Street Journal).
  • Debut timing: Thanksgiving week (Fortune) and the week of November 16 (The Wall Street Journal, via Benzinga).

Sources and notes

Filing coverage: Fortune, October 26, 2026; sec-api.io analysis of the S-1; Khaleej Times, republishing The New York Times. Earlier coverage: Al Jazeera, citing The Wall Street Journal and Reuters; Fortune, August 14, 2026; Benzinga, citing The Wall Street Journal; NPR, June 1, 2026. The S-1 itself was not read; figures are from Fortune’s and sec-api.io’s reports of it and were not checked against the filing. Only the first 100,000 characters of the sec-api.io page were read. Valuation and timing figures are press reports, and the filing contains no price range. The Benzinga and NPR items are cited from search excerpts. Graphic: Lens, from the cited reporting. Thumbnail photo: Nasdaq MarketSite in Times Square, New York, September 2021. Photo by ajay_suresh via Wikimedia Commons, licensed under CC BY 2.0; cropped. Illustrative photo; it does not show Anthropic or the events described.