Anthropic publicly filed its S-1 registration statement with the U.S. Securities and Exchange Commission on Monday, October 26, 2026, putting audited numbers behind one of the most closely watched stock market debuts in years. The filing shows $16.3 billion of revenue in the first half of 2026, up from $1.2 billion a year earlier, and a net loss of $80.7 billion that is largely a non-cash accounting charge. The company plans to list under the ticker “ANT” but has not said how much it wants to raise or at what price.
What the numbers show
According to TechCrunch’s reading of the filing, Anthropic’s operating loss for the first six months of 2026 was $693 million, an improvement on the $2.1 billion operating loss in the same period of 2025. The much larger $80.7 billion net loss was driven mainly by non-cash adjustments tied to convertible debt. The Guardian puts a $72.4 billion one-off charge at the center of that figure and reports full-year 2025 revenue of $4.585 billion.
Our earlier report on the leaked draft quoted a different 2025 loss, which Reuters had put at $42 billion. The Guardian’s account of the public filing gives roughly $33.9 billion for 2025. We have not reconciled the two figures against the filing itself, so treat them as reported by different outlets.
Compute is the dominant cost. The Guardian says Anthropic spent nearly $9 billion on AI infrastructure in the first half of 2026, up from $2.3 billion a year before.
An enterprise business with concentration risk
The filing describes a business built on companies rather than consumers. As of the end of September, TechCrunch reports, Anthropic had more than 11,900 customers spending at least $100,000 a year, about 1,900 spending at least $1 million and roughly 250 spending $10 million or more. The Guardian adds that the five largest customers account for 25% of the business, which the company lists among its risks.
Founder LLC keeps control
The seven co-founders, Dario Amodei, Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish and Christopher Olah, will form a “Founder LLC” that together controls 50.1% of shareholder voting power, per the filing as reported by TechCrunch. Anthropic says the structure is meant to protect its safety mission. Its Long-Term Benefit Trust, set up in 2023, will appoint most of the board.
Critics note that voting power is not proportional to economic ownership, so public shareholders will have limited say over a company that itself describes its technology as posing “catastrophic or existential risks to humanity.”
Commitments and unusual disclosures
The Verge reports that the filing details roughly $3.1 billion a month owed to SpaceX for Nvidia GPU access once planned capacity is delivered, as much as $120.5 billion through 2029. It also lists at least $114.5 billion with Google through 2033, $44.9 billion with Microsoft through 2033 and $110 billion with Amazon over ten years. The same piece says Dario Amodei’s 2025 compensation was nearly $18 million, Daniela Amodei’s $16.4 million, and that the company named only OpenAI and Google as direct competitors.
The risk section is blunt. The Guardian says Anthropic warns that its safeguards “have been and may in the future again be circumvented,” and that it may be unable to buy insurance for some AI-related liabilities. It also cites data center moratoriums and U.S. immigration policy as threats.
What to watch next
- The price range and share count in an amended filing, which will set the implied valuation.
- The exchange listing date and the first day of trading under “ANT”.
- How investors weigh the Founder LLC voting structure.
- Whether OpenAI, which is also reported to be preparing a raise, responds with its own disclosures.
- Further detail on the SpaceX compute contract and other multi-year obligations.
Key takeaways
- Anthropic filed its S-1 on October 26, 2026, and plans to trade as “ANT.”
- First-half 2026 revenue was $16.3 billion against an operating loss of $693 million.
- The $80.7 billion net loss is mostly non-cash charges tied to convertible debt.
- Seven co-founders will hold 50.1% of the voting power through a Founder LLC.
- Compute commitments run into the hundreds of billions of dollars through the early 2030s.
Frequently asked questions
What is an S-1 filing?
An S-1 is the registration statement a company files with the SEC before selling shares to the public. It discloses audited financials, risks and ownership.
How much does Anthropic want to raise?
It has not said. The filing does not give a price range or a target valuation.
Why is the net loss so much bigger than the operating loss?
Reporters say the gap comes mainly from non-cash accounting adjustments linked to convertible debt, not from day-to-day operating costs.
