Anthropic has filed its public registration statement for an initial public offering, aiming to list Class A shares on the Nasdaq Global Select Market under the symbol ANT. The company has not yet disclosed how many shares it will offer or the expected price range.
The filing gives investors a detailed view of Anthropic’s rapid growth, its escalating infrastructure commitments, and an unusual governance model that would preserve substantial control for its founders after the listing. Anthropic says the offering can proceed only after the Securities and Exchange Commission declares its registration statement effective.
Revenue growth meets exceptional costs
Anthropic, the maker of the Claude family of AI models, reported $16.29 billion in revenue for the first six months of 2026. That compares with $1.16 billion in the same period a year earlier, according to Reuters. The company generated $4.59 billion in revenue during all of 2025, up from $386 million in 2024.
The figures illustrate how quickly companies are adopting AI models for software development, workplace tools, and other business tasks. Anthropic earns much of its revenue when customers pay according to their use of Claude’s models, measured in tokens. It also sells subscriptions such as Pro and Max.
Its customer base has grown alongside that revenue. TechCrunch reports that, as of September 30, Anthropic had more than 11,900 customers spending at least $100,000 annually. More than 1,900 spent at least $1 million, while roughly 250 spent $10 million or more each year.
More than half of customers spending at least $100,000 now use both Anthropic’s developer platform and a first party product such as Claude Code or Cowork, according to the filing. The company says this broader use across an organization helps increase customer retention and spending.
However, building and operating advanced AI models requires enormous computing capacity. Reuters reports that Anthropic has committed more than $600 billion in spending with about eight partners over a decade. Some agreements are noncancelable or require payments even if the company does not use all of the contracted capacity.
The commitments include at least $110 billion with Amazon, about $114.5 billion with Google, and $44.9 billion with Microsoft. The Verge reports a further planned commitment of up to $120.5 billion with SpaceX for access to Nvidia graphics processing units through 2029.
These spending commitments create a notable dependency. Amazon and Google are not only cloud providers, but also major Anthropic investors. The company warns that cloud partners may give priority to their own AI requirements or to competing companies.
Anthropic’s operating loss narrowed to $693 million in the first half of 2026 from $2.14 billion a year earlier, Reuters reports. The Verge notes that the S-1 also reports an $80.7 billion net loss during that period, driven largely by accounting charges connected to financing notes. The distinction highlights how financing structures can produce a much larger reported net loss than operating performance alone suggests.
Founders keep decisive influence
Anthropic plans to remain a public benefit corporation after its IPO. This legal structure requires the company to balance shareholder returns with its stated public benefit mission, including the responsible development of AI.
Its governance arrangements would also limit the influence of ordinary public shareholders. A majority of Anthropic’s seven cofounders will direct a single Class F share carrying 50.1 percent of voting power on specified major matters. Those matters include the election of certain directors.
The company says it needs concentrated control to manage the risks posed by increasingly capable AI systems. Its S-1 warns about risks ranging from copyright disputes and regulatory action to catastrophic AI incidents. It also says insurance may not be sufficient to cover the consequences of a severe AI related event.
For prospective investors, Anthropic’s IPO therefore offers exposure to one of the fastest growing AI businesses, but also to major infrastructure obligations, reliance on a small group of large customers and suppliers, and a corporate structure designed to keep founders in control.
Sources
- Anthropic files for an IPO on the Nasdaq under the symbol ANT; the number of Class A shares to be offered and the price range is yet to be determined – Anthropic
- Anthropic S-1: post-IPO governance will retain Public Benefit Corporation status, giving its seven co-founders 50.1% voting control via a single Class F share – Reuters
- S-1: Anthropic outlines its mission to revolutionize sectors like medicine and warns its corporate behavior may diverge from traditional profit-maximization – The Verge
- S-1: as of September 30, Anthropic had 11,900+ customers spending $100,000+ annually, 1,900+ customers spending $1M+, and ~250 customers spending $10M+ – TechCrunch
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