Anthropic’s S-1 Reports $16.3 Billion Half-Year Revenue and an $80.7 Billion Loss

Anthropic, PBC filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission on October 26, 2026. The filing sets out the company’s results for the six months ended June 30, 2026, and its plan to list Class A shares on the Nasdaq Global Select Market under the ticker ANT.

The filing reports $16.3 billion in revenue for the half-year and an $80.7 billion net loss. Most of the loss comes from accounting charges. The document also describes customer concentration and a voting structure that gives the company’s seven co-founders 50.1% of the vote on major decisions.

A Public Filing and a Planned Nasdaq Listing

Yahoo Finance reports that the filing became public on Monday, October 26. The VC Corner, which summarized the document, says Anthropic plans to list its Class A shares on the Nasdaq Global Select Market. Goldman Sachs and Morgan Stanley lead a 22-bank syndicate, according to the same summary.

Yahoo Finance’s live coverage says the offering is expected later this fall. The company was valued at $965 billion as of May, according to the same coverage, and Wall Street expects a valuation of roughly $2 trillion at listing. That expectation is not a term in the filing.

Yahoo Finance reports that SpaceX went public on June 12 at $150 per share and ended that day 20% higher. Yahoo Finance’s live coverage says OpenAI was valued at $852 billion in March and is reportedly targeting a $1.25 trillion valuation in a pre-IPO round, with its own IPO expected to wait until early 2027.

Listing Terms in the Filing
Anthropic, PBC filed its Form S-1 with the SEC on October 26, 2026, and plans to list Class A shares on the Nasdaq Global Select Market under the ticker ANT. The price range and share count are not stated.

Revenue Passes 2025’s Full-Year Total in Six Months

Anthropic reported $16,286 million of revenue for the six months ended June 30, 2026, up from $1,163 million in the same period a year earlier, according to The VC Corner. Yahoo Finance compares the half-year figure with $4.6 billion for all of 2025, which means the first six months of 2026 brought in more than the prior full year.

Yahoo Finance’s live coverage reports revenue of $4.7 billion in the first quarter and $11.6 billion in the second. Consumption-based revenue made up 80% of the first-half total, and subscriptions made up 20%. The same coverage reports second-quarter operating income of $974 million, compared with a $1.7 billion operating loss in the first quarter.

The VC Corner says the second quarter was the first profitable operating quarter among the six quarters shown. It puts first-half revenue growth at 1,300%, while CNBC reported 1,304%.

Nearly Nine-Tenths of the Loss Is Non-Cash Accounting

The net loss for the half-year was $80,748 million, according to The VC Corner. That figure includes $72,388 million of fair-value changes on convertible notes, derivative liabilities and SAFEs, which the same summary identifies as non-cash. Those changes account for nearly nine-tenths of the total loss.

Yahoo Finance reports that the net loss was mostly the result of accounting charges and gives $42 billion as the 2025 loss. The remaining roughly $8.4 billion of the first-half loss is the difference between the $80.7 billion net loss and the $72.4 billion of fair-value changes.

Infrastructure spending for the six months was $9 billion, compared with $7.3 billion for all of 2025, Yahoo Finance reports. The same coverage reports $8.9 billion of rented compute for the half-year and $482 million of owned property and equipment. Compute costs rose from $3.4 billion in the first quarter to $5.6 billion in the second.

Yahoo Finance’s live coverage describes an effort called Anthropic Direct. The coverage says Anthropic can backfill short-term compute agreements with its own more cost-effective compute during periods of high demand.

Two Customers Account for About One-Fifth of Revenue

Roughly one-fifth of revenue came from two customers, Yahoo Finance reports. The same coverage says many Anthropic clients are allowed to suddenly terminate their contracts or lower usage.

Committed cloud computing agreements total about $430 billion, including deals with Amazon and Google, according to Yahoo Finance. Its calculations put about $161 billion with Broadcom, $115 billion with Google, $110 billion with Amazon and $45 billion with Microsoft. Including cancellable and smaller agreements, the total reaches as much as $637 billion.

Yahoo Finance’s live coverage also describes financing ties with two investors. Google has a financing agreement of up to $20 billion, which could be reduced by up to $10 billion if Google exercises an option to purchase nonvoting stock. No funds had been drawn as of June 30. Amazon has about $6.2 billion in convertible notes, which would convert into roughly 1.84 billion nonvoting shares at the IPO.

Those changes account for nearly nine-tenths of the total loss.

Class F Shares Give the Founders 50.1% of the Vote

The Next Web, citing a draft IPO filing reviewed by Reuters and published on September 29, 2026, reports that the seven co-founders will hold their stake through a new entity called Founder LLC. The co-founders decide by majority vote how to cast a single Class F share, which carries 50.1% of the vote on major decisions, such as the selection of some board members. The filing warns that these decisions may conflict with shareholders’ financial interests and harm Class A value.

Class A shares sold to the public carry one vote per share, and shares held by strategic partners carry very few votes, according to the same report. A founder can lose a place in the LLC for leaving the company, dying, selling too many shares or cause. The Class F share begins to phase out once two or fewer founders, or their successors, remain in the LLC.

Board seats are split between shareholders and the trust. Class F and Class A holders elect Dario Amodei, Daniela Amodei and one director not yet named, while the Long-Term Benefit Trust fills four seats, The Next Web reports. Ben Bernanke is among the trust’s members, the same report says. The VC Corner describes the trust as electing a majority of the board.

The trustees could elect one of five directors at first, rising to two and then three, a board majority, as time passes or fundraising milestones are reached. The post says the economic claim of the Class T shares is very small. The 2023 post and the 2026 reports give different board sizes and seat counts.

The 2023 post says the trust has five Voting Trustees who serve one-year terms and must consult the company’s directors and chief executive on appointments. Amendments can be made by the trustees together with stockholders, or by a stockholder supermajority that does not need trustee consent, a threshold the post says grows over time.

The Next Web also reports that the draft lists 2025 pay of nearly $18 million for Dario Amodei, mostly stock and options, and $16.4 million for Daniela Amodei. It reports that all seven co-founders have pledged 80% of their Anthropic stakes to charity.

Risk Disclosures, Government Disputes and Terms Still Open

Yahoo Finance also reports that an export control directive ordered Anthropic to suspend access to its Fable 5 and Mythos 5 models. In February, Defense Secretary Pete Hegseth designated the company a supply chain threat. Anthropic is suing the Department of Defense over the designation. In an early September essay, Dario Amodei called on the AI industry to slow the development of frontier AI models.

The price range, share count, raise size and valuation are all left blank in the filing, according to The VC Corner.