Anthropic IPO: what the S-1 shows
Charts from Anthropic's S-1: quarterly revenue up to $11.6 billion, compute costs falling to 48% of revenue, about $637 billion of compute commitments and a founder share class with 50.1% of the vote.
From the S-1 filed October 26, 2026. Read the filing
- Revenue, Q2 2026
- $11.6B
- up 1,368% from a year earlier
- Operating income, Q2 2026
- $974M
- first profitable quarter shown
- Cash and short-term investments
- $131.7B
- as of June 30, 2026
- Compute commitments
- $637B
- across seven providers
The offering
| Proposed ticker | ANT, Class A common stock |
|---|---|
| Exchange | Nasdaq Global Select Market |
| Lead underwriters | Goldman Sachs and Morgan Stanley, with J.P. Morgan, Citigroup, Barclays, Wells Fargo and others |
| Price range and shares offered | Not yet set. They are usually added in an amended filing shortly before the roadshow. |
| Structure | Public benefit corporation, with a Long-Term Benefit Trust that elects a majority of the board |
| Employees | About 5,300 as of September 30, 2026 |
Quarterly revenue
Revenue grew 1,368% in the second quarter of 2026 from a year earlier.
Source: Anthropic S-1, Oct 26, 2026
Operating income (loss)
The third quarter of 2025 includes a $1.5 billion charge for the Bartz copyright settlement.
Source: Anthropic S-1, Oct 26, 2026
Where the money goes
Operating expenses by type each quarter.
Source: Anthropic S-1, Oct 26, 2026
Why the net loss is so large
Most of the net loss comes from marking convertible notes, derivatives and SAFEs to fair value as the company's valuation rose. These are non-cash charges and stop once the securities convert at the IPO.
- Operating income$974.0M
- Fair-value charges-$59.6B
- Other, net-$7.7B
- Net loss-$66.3B
Source: Anthropic S-1, Oct 26, 2026
Compute commitments
Amounts Anthropic has agreed to spend with each provider, as disclosed in the S-1. The filing also estimates $125 billion to $150 billion more for Google TPU capacity from 2028 to 2031, not included here.
- Broadcom (TPU leases)$161.2Brent over 5 years
- SpaceXAI$120.5Bup to, into 2029
- Google Cloud$114.5BApr 2026 to Jul 2033
- Amazon Web Services$110.0BMay 2026 to Apr 2036
- Microsoft Azure$44.9Bthrough May 2033
- Nscale$44.6Bup to, into 2033
- Lambda$41.3Binto 2034
Source: Anthropic S-1, Oct 26, 2026
Who controls the vote
A single Class F share held by the Founder LLC carries 50.1% of the total vote, and all Class A stock, including shares sold in the IPO, is capped at 49.9%. Separately, the Long-Term Benefit Trust holds a Class T share that elects a majority of the board. Class N stock held by partners such as Amazon and Google has no vote.
- Founder LLC (Class F)50.1%
- All Class A holders49.9%including IPO buyers
- Amazon, Google (Class N)0.0%no vote
Source: Anthropic S-1, Oct 26, 2026
Price per share in recent funding rounds
Original issue price of each series of preferred stock.
Source: Anthropic S-1, Oct 26, 2026
Large customers
Customers generating $100,000 or more of revenue over the trailing twelve months.
- Sep 30, 2025950+
- Sep 30, 202611,900+
Source: Anthropic S-1, Oct 26, 2026
Other details from the filing
- More than 1,900 customers generated $1 million or more over the trailing twelve months, and about 250 generated $10 million or more.
- Net revenue retention was about 900%, meaning existing customers' spending grew about ninefold over the year.
- Anthropic has raised $141.1 billion in total and had $112.4 billion in cash and equivalents plus $19.3 billion in short-term investments as of June 30, 2026.
- Google has the option to buy up to $10.0 billion of non-voting stock in a private placement alongside the IPO, at the IPO price.
- Risk factors include reliance on a small number of compute providers that are also investors, customers and competitors, and the possibility that models act in "misaligned, or autonomous ways."
The S-1 is a draft. Figures, especially the offering terms, can change in amendments before the shares are priced.
Frequently asked questions
When is the Anthropic IPO?
Anthropic filed its S-1 registration statement with the SEC on October 26, 2026. The filing does not set a date or price range yet; those usually come in an amended filing a week or two before the shares are priced.
What will Anthropic’s ticker be?
Anthropic plans to list its Class A common stock on the Nasdaq Global Select Market under the symbol ANT.
Is Anthropic profitable?
Anthropic reported operating income of $974 million in the second quarter of 2026 on revenue of $11.6 billion, its first operating profit in the periods shown. Its net loss was $66.3 billion, almost all of it non-cash charges from revaluing convertible securities.
Who controls Anthropic after the IPO?
A Class F share held by the Founder LLC carries 50.1% of the total vote, and Class A stock sold to the public is capped at 49.9%. The Long-Term Benefit Trust, an independent body, elects a majority of the board.