Anthropic files public S-1 for Nasdaq IPO under ticker ANT
What happened
Anthropic, PBC publicly filed a Form S-1 with the SEC on Monday, October 26, 2026 (accepted 9:00:11 a.m. ET) for an initial public offering of its Class A common stock, to list on the Nasdaq Global Select Market under the ticker ANT. The share count and price range were left blank, so the amount to be raised and the valuation are not yet set; reports put a possible valuation at up to $2 trillion, with some investors now marking it near $1.5 trillion, and bankers reportedly aiming for up to $100B in proceeds. The filing discloses first-half 2026 revenue of $16.3 billion, up about 1,300% from $1.2 billion a year earlier, alongside a net loss of $80.7 billion — but $72.4 billion of that loss is a non-cash fair-value charge on convertible notes, derivatives and SAFEs as Anthropic's valuation rose, leaving an operating loss of $693 million, positive operating cash flow of $3.9 billion, and $131.7 billion in cash and short-term investments at June 30. It also reveals a novel governance structure: a single Class F share held by a founders' company carries 50.1% of votes, and a Long-Term Benefit Trust elects a majority of the board, making Anthropic a controlled company.
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Start your free 14-day trialWho’s affected
- Anthropic (upcoming ANT, private until listing)
- Amazon (AMZN) and Alphabet (GOOGL) — both investors and cloud/compute partners, with 47% of Anthropic's 2025 revenue routed through their cloud marketplaces and multi-year spending commitments of at least $110B (Amazon) and $114.5B (Google)
- Broadcom (AVGO) — equipment leases carrying about $161.2B in rent payments
- Nvidia (NVDA) and the broader AI/semiconductor complex — Anthropic is a benchmark deal for how Wall Street values AI labs, and its reception will color the AI trade
- Goldman Sachs and Morgan Stanley — lead underwriters; the IPO market generally, after a thinning fall calendar