Anthropic, the developer of the Claude family of AI models, has made its initial public offering filing public and plans to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol "ANT," according to its S-1 registration statement. Goldman Sachs and Morgan Stanley are leading the underwriters.

The filing disclosed first-half 2026 revenue of $16.3 billion, up from $1.2 billion a year earlier, and a net loss of $80.7 billion. It also laid out a governance structure under which a trust will elect a majority of Anthropic's board, while an entity owned by its seven co-founders will hold 50.1% of shareholder voting power.

The company announced the public filing on Monday, following a confidential draft submitted to the SEC in June. Details of that draft reported by Reuters last month included backers' hopes for a valuation above $2 trillion. In May, Anthropic raised $65 billion at a $965 billion valuation. Because privately held companies are not required to publish financial results, the public S-1 offers outside observers a standardized, SEC-filed view of Anthropic's finances.

The number of shares to be offered and the price range have not yet been set. Both Anthropic and existing shareholders will sell shares in the offering, with Goldman Sachs and Morgan Stanley named first among 24 underwriters. Under securities rules, the registration statement must become effective before any shares can be sold, and final terms are typically set following a roadshow in the run-up to pricing.

Anthropic confirmed the filing in a post on X:

Anthropic has filed an S-1 registration statement with the SEC related to its proposed IPO. Read more: Legal disclaimer: A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities…

— Anthropic (@AnthropicAI) October 26, 2026

According to the S-1, Anthropic reported revenue of $16.29 billion for the six months ended June 30, 2026, compared with $1.16 billion in the same period a year earlier — a more than fourteenfold increase. Full-year revenue was $4.59 billion in 2025, up from $386 million in 2024 and $41 million in 2023.

The company recorded a net loss of $80.7 billion for the first half of 2026. Most of that came from a $72. billion charge for changes in the fair value of convertible notes and other instruments, which the filing says was primarily driven by an increase in its valuation. Its operating loss for the period was $693 million.

As of June 30, 2026, Anthropic had raised $141.1 billion in total and held $112.4 billion in cash and cash equivalents, plus $19.3 billion in short-term investments, according to the filing. As of September 30, it had more than 1,900 customers generating at least $1 million in revenue over the previous 12 months, and about 250 generating at least $10 million.

Anthropic's governance structure

Anthropic is incorporated as a public benefit corporation, which requires its directors to balance shareholders' financial interests with the interests of those affected by its conduct and its stated purpose: "the responsible development and maintenance of advanced AI for the long-term benefit of humanity."

Under the proposed structure, the Long-Term Benefit Trust, a body of five financially disinterested trustees, will elect a majority of the board through a special class of stock. Immediately before the offering, Anthropic will issue a single Class F share to an entity owned by its seven co-founders, carrying 50.1% of the voting power on most shareholder matters. The filing says that makes Anthropic a "controlled company" under Nasdaq rules — a designation that allows listed companies to opt out of certain governance requirements, such as maintaining a majority-independent board.

Holders of Class A shares will receive one vote per share. The filing warns that the structure "may effectively eliminate the ability of holders of our Class A common stock to influence important decisions, including a change in control."

Anthropic has also contributed about 847 million non-voting shares, representing 5% of its fully diluted shares as of June 30, to a wholly owned subsidiary dedicated to its public benefit purpose. Its co-founders have each pledged to give 80% of their personal equity in the company to philanthropic causes, according to the filing.

The company announced the fund earlier this month, drawing criticism from investor and former White House AI czar David Sacks. "Whether it serves the public good remains to be seen," he wrote on X.

Disclosure: This article was drafted with the assistance of Claude, an AI model developed by Anthropic.