Anthropic publicly releases IPO prospectus, will list on Nasdaq
Anthropic publicly released its IPO prospectus, with Goldman Sachs Group and Morgan Stanley serving as lead underwriters for the listing. The prospectus shows that Anthropic's revenue in the first half of 2026 was $16.3 billion, an increase of 1304% from $1.16 billion in the same period last year; its net loss was $80.7 billion, an expansion of 526% from $12.9 billion in the same period last year. The Amodei siblings and five other co-founders will be the sole members of Founder LLC, an entity that will hold 50.1% of the voting power of the issued shares. The company said this governance structure has no direct precedent among listed companies.
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The prospectus discloses Anthropic's revenue growth rate, scale of losses, and the founders' voting rights structure, which can be used to observe its pre-IPO financial and governance arrangements.
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Anthropic
Prospectus
The filing shows that Goldman Sachs Group and Morgan Stanley are serving as lead underwriters for Anthropic's listing.
Financial Situation
The prospectus shows that Anthropic's revenue in the first half of 2026 was $16.3 billion, an increase of 1,304% from $1.16 billion in the same period last year; for the full year of 2025, Anthropic's revenue was $4.59 billion, a year-over-year increase of 1,089%.
In the first half of 2026, Anthropic's net loss was $80.7 billion, an increase of 526% from a net loss of $12.9 billion in the same period last year; for the full year of 2025, Anthropic's net loss was approximately $41.9 billion, an increase of 405% from a net loss of $8.3 billion in 2024.
Financial Situation
The company has primarily focused on the enterprise market. The prospectus shows that Anthropic's net revenue retention rate reached 900%. This metric measures a company's ability to retain existing customers and increase their spending over time.
Anthropic said that in the nine months ended September 30, 2026, no single customer accounted for more than 10% of the company's total revenue. In the third quarter of this year, customers other than the top five contributed 79% of revenue.
Equity Structure
Anthropic's founders rank among its largest individual shareholders, occupying positions typically held by large investment institutions.
According to the filing, in addition to CEO Dario Amodei, who owns or controls 245 million Class A shares, Dario's sister Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish and Christopher Olah each hold more than 200 million Class A shares.
The filing shows that the Amodei siblings and the other five co-founders will be the "sole members" of Founder LLC, an entity that will hold 50.1% of the voting power of the outstanding shares.
Shareholding Situation
Anthropic said the company has adopted a novel capital and corporate governance structure that "has no direct precedent among public companies."
The prospectus states: "Our governance structure may reduce the likelihood of the company receiving unsolicited merger proposals, unsolicited takeover bids, or removing directors through proxy contests. As a result, our governance structure may make it more difficult to replace directors and management, and may also cause shareholders to lose the opportunity to sell their shares at a premium above the current market price."
Anthropic will formally launch its IPO roadshow as early as the week of November 9, and begin trading on the public market as early as the week before Thanksgiving.