Anthropic filed its registration statement publicly on October 26, for Class A shares to list on the Nasdaq Global Select Market under the ticker ANT, per Anthropic. Goldman Sachs and Morgan Stanley are named for the prospectus. The price range and share count are not set yet. Everything below comes from the S-1 itself.
The audited numbers match last week's reporting on the draft. First-half revenue was $16.3 billion, up from $1.2 billion a year earlier, and the net loss was $80.7 billion. What the draft reporting could not show is the operating line. Anthropic lost $693 million from operations in the first half, an operating margin of minus 4%. A $72.4 billion charge for the rising fair value of convertible notes, derivatives and SAFEs, driven by the company's higher valuation, makes up most of the gap. Those notes convert at the IPO, so that charge is a running measure of the stake note holders end up with.
| First half 2026, in millions | Amount | First half 2025 |
|---|---|---|
| Revenue | $16,286 | $1,163 |
| Compute and infrastructure | $8,945 | $2,334 |
| Sales, marketing and partnerships | $3,168 | $120 |
| Personnel, including $2.2 billion of stock pay | $3,152 | $538 |
| Other operating and administrative | $1,714 | $306 |
| Operating loss | ($693) | ($2,135) |
| Fair value change, notes, derivatives and SAFEs | ($72,388) | ($10,942) |
| Net loss | ($80,748) | ($12,969) |
The fastest-growing cost is not compute. Sales, marketing and partnerships rose 26-fold to $3.2 billion, while compute grew about 3.8 times and revenue 14 times. Another $8.8 billion of other expense came mostly from changes in the value of strategic investments and other financial instruments, the filing says. On its own adjusted measure Anthropic made $1.6 billion of operating income, a 10% margin.
The balance sheet is the surprise. Anthropic held $131.7 billion in cash and short-term investments on June 30, more than its $117.5 billion of total liabilities.
Consumption billing is the business. Token-metered revenue was $13.1 billion, or 80% of the first half, and subscriptions $3.2 billion. As of September 30 Anthropic had more than 11,900 customers paying $100,000 or more a year, more than 1,900 paying $1 million or more, and about 250 paying $10 million or more. It reports net revenue retention of about 900%. No customer was more than 10% of revenue in the nine months to September 30, and the top five fell to about 21% of third-quarter revenue from 36% in the first quarter.
One line in the filing explains why Anthropic ships so often. Models released in the six months to September 30 brought in more than 80% of third-quarter revenue.
Then the compute.
| Counterparty | Commitment in the S-1 | Term |
|---|---|---|
| at least $114.5 billion, plus an estimated $125 billion to $150 billion of further TPU capacity | April 2026 to July 2033; extra TPUs 2028 to 2031 | |
| SpaceXAI (Nvidia GPUs) | up to $120.5 billion, about $3.1 billion a month at full capacity | into 2029, cancellable on 90 days' notice after early 2027 |
| Amazon | at least $110 billion | May 2026 to April 2036 |
| Microsoft | at least $44.9 billion | November 2026 to May 2033 |
| Nscale (Nvidia GPUs) | up to about $44.6 billion | into 2033, paid as capacity is delivered |
| Lambda (Nvidia GPUs) | about $41.3 billion | into 2034, paid as capacity is delivered |
| AMD | more than $20 billion expected | first tranche in 2027 |
The Google, Amazon and Microsoft deals are minimums Anthropic pays "regardless of actual usage." Once capacity is fully delivered, the largest monthly bill goes to SpaceX's AI unit, formerly xAI. That deal is also the easiest to leave. The Nscale and Lambda deals depend on those builders financing their sites, which is the borrowing market we priced on October 19.
Control stays with the founders. A single share of Class F stock, held by an LLC whose members are Dario and Daniela Amodei and five other co-founders, carries 50.1% of the vote. The Long-Term Benefit Trust holds Class T stock and elects directors who make up a majority of the board. Strategic partners hold non-voting Class N shares, and the 5% stake for the public benefit fund announced on October 18 sits in a subsidiary as Class N stock. Anthropic will be a "controlled company" under Nasdaq rules. Buyers of Class A get the economics and a minority of the vote.
Bottom Line
The filing turns an $80.7 billion loss headline into a company running near break-even on operations with $131.7 billion in the bank. When the price range arrives, set it against the share count after the notes convert, because that is where IPO buyers get diluted. Then read the SpaceXAI terms, since the biggest bill is also the easiest one to cancel.