Anthropic files its S-1 with the SEC for a Nasdaq IPO under ticker ANT; H1 2026 revenue was $16.29B, up 1,300% year over year

Background

Anthropic, the five-year-old company behind the Claude models and Claude Code, filed confidentially with the SEC in June and made its S-1 public on Oct 26. It is the first time a leading frontier-model company has disclosed full audited financials; until now, revenue, compute costs and losses at these labs could only be inferred from funding reports.

Structure and governance

According to the announcement, Anthropic, PBC plans to list Class A common stock on the Nasdaq Global Select Market under the ticker "ANT". The share count and price range are not set, and the registration statement is not yet effective. Class A stock carries one vote per share; Class N stock has no vote and is held mainly by strategic partners. As a public benefit corporation, its Long-Term Benefit Trust uses Class T stock, which has no economic rights, to elect and remove a majority of the board. The prospectus calls Claude Code the product that has most concretely defined what autonomous AI work looks like.

The numbers

There are no model benchmarks here; these are financial figures from the S-1 prospectus:

• Revenue: $41M in 2023, $386M in 2024, $4.585B in 2025, and $16.286B in H1 2026 versus $1.163B a year earlier, up 1,300%. Consumption-based revenue rose $12.1B and subscription revenue $3.0B.
• Costs and losses: H1 compute and infrastructure spend was $8.945B, falling from 201% to 55% of revenue, and the operating loss narrowed from $2.135B to $693M. A $72.4B fair-value loss on convertible notes, derivative liabilities and SAFEs produced an H1 net loss of $80.7B; the 2025 net loss was $42.0B, including a $1.5B Bartz settlement.
• Customers: those paying over $100K TTM grew from more than 950 to more than 11,900, with more than 1,900 above $1M.

What it means for developers

Nothing changes for Claude API or Claude Code users in the short term. The falling compute share of revenue shows scale effects that bear on future API pricing, and as a public company Anthropic will publish quarterly results, making its roadmap more visible. The shares cannot be sold before the registration becomes effective, final terms will come in later prospectus filings, and this is not investment advice.