Anthropic Files S-1 for IPO Under Ticker ANT, Reports $80.748 Billion Net Loss in First Half of 2026

Zhidongxi reported on October 26 that just now, the U.S. AI unicorn Anthropic officially submitted an S-1 registration statement to the U.S. Securities and Exchange Commission (SEC), applying for an initial public offering (IPO) of Class A common stock, and plans to list on the Nasdaq Global Select Market under the ticker symbol "ANT". Anthropic has not yet disclosed the number of shares planned for issuance, the offering price range, or the specific listing date.

Separately, according to The Wall Street Journal, people familiar with the matter said the company is aiming to list in the week of November 16, though the timing may change. The people also said the company may raise as much as $100 billion in the IPO, or more, with a valuation possibly between $1.50 trillion and $2 trillion.

The prospectus shows that Anthropic achieved revenue of $4.585 billion (about RMB 30.574 billion) in 2025, a year-on-year increase of about 1088%; in the first half of 2026, revenue further reached $16.286 billion (about RMB 108.598 billion), a year-on-year increase of about 1300%.

At the same time, Anthropic's net loss is also continuing to widen.

In 2025, Anthropic's net loss was $41.965 billion (about RMB 279.831 billion); in the first half of 2026, the net loss reached $80.748 billion (about RMB 538.444 billion).

In addition to financial data, Anthropic also disclosed in detail in the prospectus its special equity governance structure.

After listing, Anthropic co-founder and CEO Dario Amodei will control 50.1% of shareholder voting rights through special shares he holds, while a long-term benefit trust will have the power to elect a majority of the board members.

Anthropic hopes to continue retaining important control by the founding team and AI safety governance body over the company after entering the public capital markets.

The filing comes as competition between Anthropic and OpenAI in the capital markets intensifies.

According to a Reuters report on October 23, OpenAI is accelerating a financing round of about $30 billion (about RMB 200.046 billion), hoping to lock in some potential investors before Anthropic's expected IPO in mid-November.

1. Half-year revenue exceeds $16 billion, net loss reaches $80.7 billion

According to financial data disclosed by Anthropic, this AI company founded in 2021 has achieved rapid revenue growth over the past three years.

Anthropic's revenue in 2023 was only $41 million. It grew to $386 million in 2024 and further increased to $4.585 billion in 2025. In the first half of 2026, its revenue reached $16.286 billion, an increase of about 1300% compared with $1.163 billion in the same period of 2025.

▲Anthropic's main financial data (Note: Chart by Zhidongxi)

But rapid growth has not made Anthropic profitable. In the first half of 2026, Anthropic's net loss reached $80.748 billion, far higher than revenue in the same period.

The prospectus shows that in the first half of 2026, Anthropic recognized a loss of $72.388 billion due to changes in the fair value of convertible notes, derivative liabilities, and simple agreements for future equity (SAFE), accounting for nearly 90% of the net loss in the same period. Anthropic explained that these changes were mainly related to the increase in the company's valuation, which led to an increase in the fair value of outstanding convertible notes.

By contrast, its operating loss has narrowed significantly. In the first half of 2025, Anthropic's operating loss was $2.135 billion; in the first half of 2026, the operating loss fell to $693 million.

At the same time, in the first half of 2026, Anthropic's computing power and infrastructure expenses were still as high as $8.945 billion. These expenses cover model research and development, inference services, and other computing power needs, and AI infrastructure remains an important expenditure item for Anthropic.

According to the prospectus, as of June 30, 2026, Anthropic held cash, cash equivalents, and short-term investments totaling $131.651 billion, with total assets of $147.358 billion.

2. More than 1,900 customers contributing over $1 million annually, Claude expands into the enterprise market

In the prospectus, Anthropic regards enterprise customers as an important source of growth. It currently mainly provides services to customers through the Claude model, development platform, and application products, and its business model includes billing by token usage and subscription fees. Its product line covers the Claude API, Claude Code, and AI applications for knowledge work. Anthropic also disclosed four customer-scale metrics in the prospectus.

As of September 30, 2026, Anthropic had more than 11,900 customers that contributed revenue of ≥$100,000 over the past 12 months; more than 1,900 customers that contributed revenue of ≥$1 million over the past 12 months; about 250 customers that contributed revenue of ≥$10 million over the past 12 months; and about 40 million long-tail customers that contributed less than <$100,000 annually over the past 12 months. A year earlier, the number of customers contributing more than $100,000 in revenue was only more than 950.

The rapid growth in customer spending is also reflected in retention data.

Anthropic disclosed that, as of September 30, 2026, its net revenue retention (NRR) was approximately 900%.

However, this metric reflects the combined changes in revenue expansion, contraction, and churn among existing customers that meet the statistical criteria, and does not fully mean that all customers increased their spending ninefold.

Anthropic believes that as Claude's capabilities improve, enterprises are gradually embedding it into business workflows and expanding the scope of their use of AI models. For example, in the programming field, Claude Code can assist developers with software development tasks; in the knowledge work field, Claude Cowork can read files, operate applications, and handle multi-step work.

The prospectus also discloses that in September 2026, Anthropic began integrating Claude Cowork with Claude.ai, hoping to let users complete everyday conversations and complex AI tasks in the same application.

According to the prospectus, in the first nine months of 2026, Anthropic's top five customers together contributed about 25% of revenue, but no single customer contributed more than 10% of revenue.

In the third quarter of 2026, revenue from customers other than the top five accounted for about 79%, up from about 64% in the first quarter of 2026. At the same time, the quarterly revenue contributed to Anthropic by each of the top five customers also hit a record high in the third quarter.

Anthropic also cautions that some large customers have not signed long-term contracts, or their contracts are about to expire, so customers may adjust their spending levels at any time.

At the same time, AI Agent products such as Claude Code are also driving existing customers to increase spending.

According to the prospectus, in the third quarter of 2026, Claude Enterprise users who did not use Claude Code spent less than $75 per month on average (about RMB 504); among Claude Enterprise users who did use Claude Code, the top 5% by spending spent about 20 times that amount per month on average.

In the large-enterprise market, Anthropic's coverage has already reached a high level.

As of September 30, 2026, more than 50% of Fortune 500 companies had become Anthropic customers contributing at least $100,000 in revenue over the past 12 months, and among Global 2000 companies that proportion exceeded 30%. Among them, all of the Fortune 10 companies have met the above payment threshold.

However, Anthropic's depth of penetration within these large enterprises is still limited. In the third quarter of 2026, the revenue Anthropic obtained from the above Fortune 500 customers averaged less than 0.1% of those customers' total spending over the same period. Even for the 10 Fortune 500 customers that contribute the most revenue to Anthropic, the fees they paid to Anthropic averaged less than 1% of their respective total spending.

Anthropic uses this to illustrate that there is still room to further expand the scope of deployment within existing customers and increase revenue scale.

As products such as Claude Code and Claude Cowork penetrate more enterprise business processes, Anthropic hopes to continue increasing usage and spending among existing customers.

III. Cumulative financing of $157.51 billion, with Google and Amazon continuing to invest

Anthropic's rapid growth is inseparable from the support of external capital and computing power partners.

Since its founding, Anthropic has completed multiple rounds of equity financing from Series A to Series H, raising a cumulative $157.51 billion. Another $6.2 billion in convertible notes has not been converted.

Among them, in the first half of 2026, Anthropic raised $110.4 billion through Series G and Series H financing alone.

According to the prospectus, from March to June 2023, Anthropic raised about $445 million through Series C financing; from January to May 2024, it raised about $1.2 billion through a Series D preferred stock offering. From January to March 2025, Anthropic raised about $3.568 billion through Series E-1 financing; from August to September of the same year, its Series F-1 financing further reached about $13 billion.

Entering 2026, Anthropic's financing scale further expanded.

In the first quarter of 2026, Anthropic completed $30.2 billion in Series G preferred stock financing; in the second quarter, it raised an additional $15 billion through Series G financing and completed $65.2 billion in Series H financing.

The prospectus shows that both Google and Amazon have large equity investments and convertible note arrangements with Anthropic.

Among them, Google invested $10 billion in Anthropic's Series H preferred stock financing in May 2026.

According to the prospectus, the two parties previously signed an agreement in March 2026 under which Anthropic may, subject to meeting relevant conditions, obtain up to $30 billion in funding through convertible notes or non-voting common stock by the end of 2030. After Google completed the $10 billion equity investment, the remaining issuable amount under the agreement fell to $20 billion.

Also in May 2026, Amazon invested $5 billion in Anthropic's Series H preferred stock financing. The two parties had previously signed a related financing arrangement of up to $20 billion, and after this equity investment, the remaining amount available under the agreement dropped to $15 billion.

However, these agreement amounts cannot be directly regarded as funds Anthropic has already received.

On the technical infrastructure side, Anthropic adopts a multi-chip architecture, simultaneously using AWS Trainium, Google TPU, Nvidia GPUs and AMD GPUs to support different model training and inference workloads. It hopes to improve infrastructure efficiency by coordinating computing power from different partners in a unified way.

However, large-scale computing investment also means long-term spending pressure. Anthropic states in the prospectus that it will continue to make large-scale computing investments in the future, and the expenses generated by putting new computing capacity into operation may come earlier than the full realization of related revenue, thereby putting periodic pressure on profit margins.

At the same time, Anthropic's listing will also adopt a relatively special equity governance structure.

According to the prospectus, before the IPO is completed, Anthropic plans to issue 1 share of Class F common stock to Founder LLC, a limited liability company formed by seven co-founders.

This special share will carry voting rights corresponding to 50.1% of the company's total voting power, for general shareholder voting matters, including the election of some directors.

On the other hand, Anthropic's Long-Term Benefit Trust (LTBT), through Class T shares, in principle has the power to elect and remove Class T directors, and Class T directors will occupy a majority of the authorized seats on the company's board of directors. Neither the Class F nor Class T special shares carry economic rights.

In addition, Anthropic has also established Class N non-voting common stock for strategic business partners, as well as Class E special common stock planned to be issued to non-co-founder employees.

Under Nasdaq corporate governance rules, Anthropic will be regarded as a Controlled Company after listing. This structure is intended to allow Anthropic to retain the core position of its founding team and public interest governance mechanism after listing.

Anthropic also disclosed the compensation of its core management in the prospectus.

In 2025, the total compensation of Anthropic co-founder and CEO Dario Amodei was approximately $17.9583 million (about RMB 121 million), of which base salary was approximately $654,200, stock awards were approximately $9.2649 million, option awards were approximately $4.0286 million, and the rest mainly included benefits such as security services and related items.

His sister, Anthropic co-founder and President Daniela Amodei, had total compensation of approximately $16.4090 million (about RMB 110 million) in 2025, of which base salary was also approximately $654,200.

In 2026, the two further increased their annual base salaries. According to the prospectus, effective July 1, 2026, both of their annual base salaries will be raised to $1.38 million (about RMB 9.27 million).

Conclusion: Anthropic's listing brings AI giants to public market scrutiny

Anthropic's formal submission of its prospectus means that the capitalization process of the world's leading large-model companies has taken another step forward. Judging from the disclosed data, the commercialization scale of Claude has expanded rapidly, especially in the enterprise customer segment, where Anthropic has demonstrated strong revenue growth capability.

However, its financial statements also reflect the complexity of large-model companies: on the one hand, rapid revenue growth is improving operating losses; on the other hand, changes in the valuation of financial instruments, large-scale infrastructure investment, and continuously increasing computing demand in the future will still affect the company's financial performance.