Anthropic opens its books: S-1 prospectus filed for a Nasdaq listing

On 26 October 2026, Anthropic, PBC filed a Form S-1 with the U.S. Securities and Exchange Commission, making public the preliminary prospectus for its proposed initial public offering. The company, organized as a Public Benefit Corporation, plans to list its Class A common stock on the Nasdaq Global Select Market under the ticker "ANT", naming Goldman Sachs and Morgan Stanley as the contacts for the prospectus. The public filing follows a confidential draft submitted to the SEC in June 2026. The company's announcement states that "the number of shares to be offered and the price range for the proposed offering have not yet been determined", and it gives no firm date for completing the offering.

The prospectus provides the first public view of the company's accounts, as reported by outlets such as Yahoo Finance and VKTR. In the first half of 2026, revenue came to $16.3 billion, compared with $4.6 billion for the whole of fiscal 2025. Net results for the half show a loss of $80.7 billion; VKTR's analysis notes that about $72 billion of that figure comes from accounting charges tied to changes in the value of convertible notes and other financing instruments, not from cash spending. Over the same six months, spending on computing infrastructure reached about $9 billion, against $7.3 billion for all of 2025 (Yahoo Finance), while roughly a fifth of total revenue came from two unnamed customers.

The filing also describes multi-year commitments to buy cloud computing capacity from major providers that are also shareholders in the company, including Amazon and Google. Press estimates of the total value of these contracts vary depending on what is counted: Yahoo Finance reports more than $430 billion in binding commitments, rising to $637 billion when cancellable and smaller agreements are included. Since we were not able to review the full text of the S-1 directly, the financial figures cited here come from Yahoo Finance and VKTR (which cites the draft seen by the Wall Street Journal); both agree on revenue and loss for the half.

By heading to the stock market, Anthropic moves the AI debate from expectations to audited accounts: a stage where the durability of revenue is measured directly against the weight of the infrastructure commitments made to sustain it. — Olya