Anthropic, PBC filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission on 26 October 2026, for a proposed initial public offering of its Class A common stock. In its own announcement, the company said it intends to list on the Nasdaq Global Select Market under the symbol "ANT". The number of shares and the price range "have not yet been determined", it said, and the registration statement has been filed but "has not yet become effective". Anthropic said it first submitted a draft S-1 confidentially on 1 June 2026.
What follows is what the filing contains, as reported by the outlets that read it on the day. Figures are credited to the outlet that carried them.
The numbers
The Verge and TechCrunch both report that Anthropic recorded $16.3 billion in revenue in the first half of 2026 and an $80.7 billion net loss. TechCrunch puts first-half 2025 revenue at $1.2 billion. CNBC gives $16.29 billion against $1.16 billion for the same period a year earlier, and $4.59 billion for all of 2025.
Most of the loss is not cash spent on running the business. TechCrunch says it was largely driven by noncash accounting adjustments tied to convertible debt, and CNBC puts about $72 billion of it down to accounting charges from changes in the value of convertible notes. The Verge notes that the Wall Street Journal had earlier reported this, based on leaked versions of the document.
Per TechCrunch, the S-1 shows an operating loss of $693 million for the first half of 2026, down from $2.1 billion a year earlier. Per TechCrunch, the filing also says Anthropic "may not achieve or sustain profitability in the future". Per CNBC, the S-1 implies a gross margin of about 85% in the first half of 2026, up from about 12% a year earlier, and CNBC noted that the filing says operating margin is expected to "fluctuate over time".
The compute bill
The filing sets out large commitments for computing power. The reported figures:
- Google: at least $114.5 billion through 2033 (The Verge and CNBC).
- Amazon: at least $110 billion in cloud services through April 2036, "regardless of actual usage", according to CNBC, which says the deal is non-cancelable except for a material breach by Amazon.
- Microsoft: per The Verge, the S-1 shows a $44.9 billion Microsoft commitment through 2033. CNBC says at least $44.9 billion between November 2026 and May 2033.
- SpaceX: around $3.1 billion a month for access to Nvidia GPUs once all promised capacity is delivered, up to $120.5 billion into 2029, according to The Verge and CNBC. CNBC's live page elsewhere separately mentions long-term commitments with "SpaceXAI", Nscale and Lambda to secure access to Nvidia chips.
Yahoo Finance reports the company plans to spend upward of $430 billion on locked-in cloud computing deals, and as much as $637 billion if cancellable and smaller deals are counted. CNBC reports that the filing shows future obligations of approximately $417 billion for compute, and that additional capacity ordered for delivery between 2028 and 2031, with pricing not yet finalized, is expected to add $125 billion to $150 billion.
CNBC says Anthropic's compute pool includes Nvidia GPUs, AMD GPUs, AWS Trainium and Google TPUs, and that Anthropic routes workloads across these chip families rather than tying itself to one provider.
Who is underwriting it
CNBC reports that Goldman Sachs and Morgan Stanley are the lead underwriters, with Goldman listed first. Anthropic's announcement names both as sources for copies of the preliminary prospectus.
Bloomberg reported that the company is set to begin formally marketing the offering as soon as the week of 9 November. Citing people familiar with the matter, it also reported that the company expects to match or beat the size of SpaceX's IPO. Neither the share count nor the price range had been set when the announcement was published.
Control and governance
Both TechCrunch and CNBC report that Anthropic's seven co-founders will be the sole members of a "Founder LLC" holding 50.1% of voting power. TechCrunch adds that the Long-Term Benefit Trust, established in 2023, will have the authority to appoint most of the board. CNBC reports that the filing states Amazon's stake is capped at 12%, and that Amazon holds nonvoting shares and has no board or observer seat.
According to The Verge, Dario Amodei's 2025 compensation totalled nearly $18 million, mostly in stock and option awards. His sister Daniela Amodei, the company's president, was the second-highest-paid executive, receiving $16.4 million in 2025, The Verge reports.
The risks it lists
CNBC says the S-1 runs to more than 90 pages of risk factors. Several are reported:
- Catastrophic harm: The Verge reports the company warned of "catastrophic" AI-related incidents. It said no single insurer, "and potentially the insurance industry in the aggregate", could likely underwrite such risk. CNBC quotes the filing as saying researchers and policymakers "have raised concerns that sufficiently advanced AI systems could pose catastrophic or existential risks to society if not developed and deployed responsibly".
- Other risks The Verge lists: AI models developing "forms of sentience", "AI-specific taxes", and unfavourable outcomes in copyright disputes over training.
- Weapons: CNBC reports the company warned of legal liability if its models are used to develop weapons, saying its safeguards are "incomplete" and have previously been "circumvented".
- The Pentagon dispute: per CNBC, the filing says the dispute with the Department of Defense could cause "material revenue losses or business disruptions", and that a federal court in Northern California ruled in Anthropic's favour; CNBC reports the US government filed a notice of appeal against that ruling on 26 October. The D.C. Circuit ruled for the department; CNBC reports the filing says Anthropic is "evaluating its next steps" and that the company has asked the full D.C. circuit to rehear its appeal.
- Power and data centres: Bloomberg reports that Anthropic expects heightened scrutiny of how it handles the environmental and social tensions of building AI infrastructure. CNBC reports the filing also names moratoriums on new data-centre construction as a risk.
The Verge quotes the company's own framing in the filing: "We believe that AI is one of the most consequential technologies in human history."
The state of play
On the day of filing, the sale of the securities was not yet possible: Anthropic's announcement says they may not be sold before the registration statement becomes effective. Share count, price range and the final terms were still to come. The outlets above were reporting the same day, and The Verge was still describing its own piece as a developing story.
Sources
Anthropic (2026) 'Anthropic confidentially submits draft S-1 to the SEC', Anthropic, 1 June 2026, available at: https://www.anthropic.com/news/confidential-draft-s1-sec (Accessed: 26 October 2026).
Anthropic (2026) 'Anthropic files S-1 with the SEC for proposed initial public offering', Anthropic, 26 October 2026, available at: https://www.anthropic.com/news/s1-sec (Accessed: 26 October 2026).
Bellan, R. (2026) 'Anthropic officially files for its public debut', TechCrunch, 26 October 2026, available at: https://techcrunch.com/2026/10/26/anthropic-officially-files-for-its-public-debut/ (Accessed: 26 October 2026).
CNBC (2026) 'Anthropic IPO live updates: Prospectus sheds new light on Alphabet, Amazon stakes', CNBC, 26 October 2026, available at: https://www.cnbc.com/2026/10/26/anthropic-ipo-live-updates-ai-s-1-filing.html (Accessed: 26 October 2026).
Hart, R. (2026) 'Anthropic's IPO filing lays out a plan to 'revolutionize every area of human endeavor' with AI', The Verge, 26 October 2026, available at: https://www.theverge.com/ai-artificial-intelligence/1018476/anthropic-ipo-details-s1-filed-sec (Accessed: 26 October 2026).
Howley, D. (2026) 'Anthropic publicly files IPO prospectus, noting strong revenue growth and massive spending', Yahoo Finance, 26 October 2026, available at: https://finance.yahoo.com/technology/article/anthropic-publicly-files-ipo-prospectus-noting-strong-revenue-growth-and-massive-spending-131807138.html (Accessed: 26 October 2026).
Ludlow, E. (2026) 'Anthropic Is Said to Plan Public Filing for Mega-IPO Monday', Bloomberg, 26 October 2026, available at: https://www.bloomberg.com/news/articles/2026-10-26/anthropic-is-said-to-plan-public-filing-for-mega-ipo-monday (Accessed: 26 October 2026).
Raimonde, O. (2026) 'Anthropic Filing Reveals Concerns Over Data Center Pushback', Bloomberg, 26 October 2026, available at: https://www.bloomberg.com/news/articles/2026-10-26/anthropic-cites-climate-change-as-risk-to-business-in-s-1 (Accessed: 26 October 2026).
Picture credits
- Top picture: Prime Minister Rishi Sunak meets Demis Hassabis, CEO DeepMind, Dario Amodei, CEO Anthropic, and Sam Altman, CEO OpenAI, at 10 Downing Street on 24 May 2023. Image: Simon Walker / No 10 Downing Street (Crown copyright) (source)
- Goldman Sachs's headquarters at 200 West Street, New York. Photo: Z4dude, via Wikimedia Commons (public domain)
