Anthropic has filed its public S-1 registration statement for a Nasdaq listing under the ticker ANT, revealing both explosive revenue growth and a headline net loss dominated by non-cash accounting items. First-half 2026 revenue reached $16.3 billion, up from $1.16 billion in the same period a year earlier. The company reported a net loss of $80.7 billion, but $72.4 billion of that stemmed from fair-value changes on convertible notes, derivatives, and simple agreements for future equity. Its operating loss was $693 million, equivalent to a negative 4% operating margin, versus negative 184% a year earlier. On an adjusted basis, operating income was positive at about $1.6 billion, or a 10% margin.
Computing and infrastructure costs reached $8.9 billion in the first half. Anthropic's filing does not set a valuation, offer price, share count, or amount to be raised. Reuters previously reported from a confidential draft prospectus that the company's cloud, computing and infrastructure commitments total at least $518 billion over a decade. The public S-1's contractual-obligations table is blank, but it discloses that Anthropic can issue up to $42 billion of convertible notes to Broadcom to fund infrastructure. deVere Group CEO Nigel Green called expectations for a possible $2 trillion valuation "nuts," arguing public investors could bear the risk if spending outruns revenue. He said shareholders would be investing "without getting control, income or certainty."
The proposed capital structure gives founders 50.1% of voting power through Class F shares. Anthropic also does not expect to pay dividends in the foreseeable future. The filing describes an issuance of 846,840,960 Class N shares, representing 5% of fully diluted shares, to a wholly owned subsidiary for the Anthropic Public Benefit Fund, with possible additional allocations of up to 2% at each milestone when the share price rises 50% above the prior milestone. Anthropic's S-1 also warns that advanced AI systems could create catastrophic or existential risks, listing potential misuse and failures in safeguards. The final IPO terms remain to be set.
