Anthropic Files for Nasdaq IPO

Anthropic, PBC filed its IPO prospectus publicly with the US Securities and Exchange Commission today, applying to list its Class A common stock on the Nasdaq Global Select Market under the symbol ANT. The document is a preliminary prospectus, so its terms can still change.

Goldman Sachs is named first among the underwriters, the banks arranging the sale, followed by Morgan Stanley, J.P. Morgan, Citigroup, Barclays, BofA Securities, UBS and others.

Revenue was $16,286m in the six months to 30 June 2026, against $1,163m a year earlier, roughly 14 times as much. Both half-year figures are unaudited. Full-year revenue was $4,585m in 2025, $386m in 2024 and $41m in 2023.

The company says revenue in the three months to 30 June grew 1,368% year on year, while compute and infrastructure expenses rose 300%. Both are its own calculations.

The headline net loss is $80,748m for the half, against $12,969m a year earlier. Most of it is a fair-value charge on convertible notes and similar instruments, which came to $72.4bn in the period. The S-1 describes it this way:

primarily driven by an increase in the fair value of our outstanding convertible promissory notes resulting from an increase in our enterprise valuation

Anthropic S-1

The operating loss was $693m against $2,135m a year earlier. The company’s own adjusted operating income, a non-GAAP measure, was $1,618m, a 10% margin. At 30 June it held $112.4bn in cash and cash equivalents, having raised $141.1bn in aggregate capital.

The price range, share count and proceeds are all blank, so the filing sets no valuation. Axios, which first reported the filing, inferred that trading could begin before Thanksgiving, which falls on the 26th of November.

UK investors should not assume access yet. The S-1 says the offering includes public offerings in the UK among other jurisdictions, but the company does not currently intend to list its Class A common stock on any exchange there.

Anthropic also cautions that its first-half results are not necessarily indicative of the full year ending 31 December 2026.