Anthropic, PBC on Monday made its IPO prospectus public, filing a registration statement on Form S-1 with the Securities and Exchange Commission that was accepted at 9:00 a.m. ET. The company said it has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol “ANT.”
The numbers
The filing shows revenue of $16,286 million for the six months ended June 30, 2026, up from $1,163 million a year earlier, according to the “Summary Consolidated Financial and Other Data” section. Net loss for the six months was $80,748 million, compared with $12,969 million in the first half of 2025.
Most of that loss came below the operating line. The filing lists a change in fair value of convertible notes, derivative liabilities and SAFEs of $72,388 million for the period. Operating loss was $693 million. The company says in its “Management’s Discussion and Analysis” section that the change “was primarily driven by an increase in the fair value of our outstanding convertible promissory notes resulting from an increase in our enterprise valuation.”
For full-year 2025, the filing shows revenue of $4,585 million and a net loss of $41,965 million. Compute and infrastructure expense was $8,945 million in the first half of 2026, up from $2,334 million. Cash, cash equivalents and short-term investments were $131,651 million as of June 30, 2026.
Draft figures confirmed
The public filing confirms the $80.7 billion first-half loss reported from the confidential draft last week, as AI Tech Daily reported. The $72.4 billion fair-value line covers convertible notes, derivative liabilities and SAFEs together, not convertible notes alone.
Offering terms still blank
The share count and price range are blank in the prospectus. Anthropic and selling stockholders are both offering shares. Goldman Sachs and Morgan Stanley are listed first among 22 underwriters on the cover. The offering would come a few months after SpaceX’s Nasdaq debut, which raised $85.7 billion, CNBC reported.
Governance
The prospectus cover says Anthropic is a Delaware public benefit corporation. Its Long-Term Benefit Trust, through a single share of Class T stock, generally elects directors who will make up a majority of the board. A single Class F share held by an LLC of the seven co-founders will carry 50.1% of total voting power on most stockholder matters. The company says it will be a “controlled company” under Nasdaq rules.
Earlier coverage: Anthropic’s IPO timing.