Anthropic has filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission, beginning the process of listing on the Nasdaq under the ticker “ANT.” A Form S-1 is the registration document a company must file before its shares can be offered to public investors, laying out financials, risk factors and offering terms ahead of a debut. The company first filed confidentially in June, and the expected listing window is Nov. 19-20, although Anthropic has not confirmed a date.

The filing provides the first public look at the finances of the company behind Claude. Anthropic reported $16.3 billion in revenue and an $80.7 billion net loss for the first half of 2026. It also reported a net revenue retention rate of about 900% as of Sept. 30, meaning existing customers were spending roughly nine times more than they had a year earlier. By comparison, the median public cloud software company had a 108% net revenue retention rate as of January, according to Altimeter Capital partner Jamin Ball.

Anthropic said customers frequently begin with one use case and expand into additional departments. Goldman Sachs and Morgan Stanley are the lead underwriters. The prospectus includes more than 90 pages of risk factors, identifies OpenAI and Google as competitors, and warns of possible “material revenue losses” resulting from actions by the Trump administration.

The Kobeissi Letter reported the filing on X:

BREAKING: Anthropic officially files its S-1 registration statement for an IPO, seeking to list on the Nasdaq under the ticker symbol $ANT . FULL SUMMARY OF ANTHROPIC'S S-1 FILING: 1. Anthropic posted H1 2026 revenue of $16.3 billion with a net loss of $80.7 billion 2.… — The Kobeissi Letter (@KobeissiLetter) October 26, 2026

https://x.com/KobeissiLetter/status/2114710153417118191?ref_src=twsrc%5Etfw

Hyperliquid contracts tied to Anthropic

Traders are already taking leveraged positions on the potential IPO through two crypto contracts on Hyperliquid, a decentralized crypto exchange: Entropy’s ANTH and trade.xyz’s ANT. Both are perpetual swaps, or futures agreements with no expiration date, a contract format that originated in crypto derivatives markets. Applying it to a pre-IPO company gives outside traders pre-listing exposure at a stage when access to Anthropic’s equity has otherwise been limited to participants in private funding rounds. Neither contract delivers Anthropic shares or claims to represent them. Positions are backed only by traders’ collateral, with winners paid by losing positions on the other side.

Trade.xyz’s ANT is settled in the USDC stablecoin and permits leverage of up to 10 times. Entropy’s ANTH is priced according to Anthropic’s implied company valuation: each $1 in the contract price represents $1 billion in value. A price near 1,880 therefore implies a valuation of about $1.9 trillion. Trade.xyz’s ANT instead tracks the price of one Class A share.

The ANT contract opened near $138 at 9 a.m. ET on Saturday and fell to about $110 by 11:50 a.m. Trading volume reached $8.7 million, while open interest stood at $2.2 million. With 10-fold leverage, a 10% move against a position is enough to eliminate the trader’s collateral. The contract’s decline represents a drop of roughly 20% from its opening level.

Trading restrictions and risks

Thin liquidity is a key risk for the contracts. In May, a SpaceX contract on Hyperliquid dropped about 45% in 30 minutes and liquidated 405 users. Open interest in that contract was below $2.9 million at the time.

U.S. traders are barred from trading derivatives on Hyperliquid. Trade.xyz says it uses geoblocking and wallet screening to exclude Americans. Hyperliquid’s terms also prohibit users in the United States, Ontario and sanctioned territories, although the platform does not verify users’ identities.

Anthropic has not commented on the Hyperliquid contracts. The company’s help page says that anyone claiming to sell Anthropic shares through forward contracts or tokenized securities is likely offering something worthless. Anthropic has not said whether that warning applies to perpetual contracts.

Trade.xyz expects ANT to convert into a standard perpetual contract tracking the stock after Anthropic’s shares begin trading. The platform has set Nov. 20 as the expected listing date, with a grace period extending through Jan. 19, 2027, if the listing is delayed.

The Financial Times reported that investors expect Anthropic to list at a valuation of $1.5 trillion to $1.75 trillion. The company’s most recent private funding round, held in May, valued it at $965 billion. Until Anthropic’s shares actually trade, those figures and the levels implied by the contracts themselves are the main reference points available to holders of the pre-IPO positions. Fox Business’s Liz Claman said pricing remains on track for Nov. 19-20.

Original CoinCentral report