Anthropic filed its Form S-1 with the US Securities and Exchange Commission on October 26. The Anthropic IPO filing reports revenue of $16.29 billion for the six months to June 30, against $1.16 billion in the same period of 2025.
That is 14 times the year-earlier level, and it sets up what could become one of the largest listings ever attempted.
The company intends to list Class A common stock on the Nasdaq Global Select Market under the symbol ANT. The Anthropic IPO prospectus leaves both the share count and the price range undetermined.
Revenue climbed from $41 million in 2023 to $16.29 billion
The growth curve in the Anthropic IPO filing is steep at every point. Revenue rose from $41 million in 2023 to $386 million in 2024, then to $4.59 billion in 2025.
Consumption-based pricing supplied $13.1 billion of first-half revenue, or 80% of the total. Net Revenue Retention stood at approximately 900% as of September 30.
The company pairs those figures with a warning.
“We expect our revenue growth rate to decline over time.” — Anthropic, PBC, in its Form S-1 registration statement
Key numbers from the Anthropic IPO filing
- Revenue of $16.29 billion for the half, against $1.16 billion a year earlier (Form S-1, October 26, 2026)
- Net loss of $80.75 billion, including a $72.4 billion fair value charge (Form S-1, October 26, 2026)
- Compute and infrastructure expense of $8.95 billion for the half (Form S-1, October 26, 2026)
- More than 11,900 customers at $100,000 or more of trailing revenue (Form S-1, October 26, 2026)
- Approximately 5,300 employees, at over $6.6 million of trailing revenue each (Form S-1, October 26, 2026)
The $80.75 billion net loss is mostly a note revaluation
Operating loss for the half was $693 million. The net loss reached $80.75 billion.
The gap comes from a $72.4 billion charge for changes in the fair value of convertible notes, derivative liabilities and SAFEs.
Anthropic says that charge was driven primarily by the rise in the fair value of its convertible notes as its enterprise valuation increased.
The Anthropic IPO accounts also carry adjusted measures, and on those the half was profitable. Adjusted operating income was $1.62 billion and adjusted net income was $2.67 billion.
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Compute spending reached $8.95 billion in the half
The Anthropic IPO filing puts compute and infrastructure expense at $8.95 billion for the first half. That exceeds the $7.33 billion Anthropic spent across all of 2025.
It equals roughly 55% of first-half revenue, before most of the newly disclosed long-term compute commitments reach their full run rate.
Accumulated deficit stands at $132.9 billion. Of that, $113.2 billion is fair value movement since 2023.
Google and Amazon commitments carry true-up payments
The Anthropic IPO filing details a web of compute commitments. Three of the largest are with Google, Amazon and Microsoft.
Anthropic committed to spend at least approximately $114.5 billion with Google between April 2026 and July 2033, regardless of actual usage.
It committed to at least $110 billion with Amazon between May 2026 and April 2036 on the same basis. If actual spend falls short under either, Anthropic must pay the difference as a true-up.
Both are non-cancelable except in the event of the provider’s uncured material breach.
Microsoft adds $44.9 billion and a tranche carve-out
The Microsoft commitment runs to at least $44.9 billion between November 2026 and May 2033, also regardless of usage.
It is non-cancelable except for Microsoft’s uncured material breach or, on a per-tranche basis, for undelivered tranches. That carve-out does not appear in the Google and Amazon clauses.
Other counterparties named in the Anthropic IPO filing include NVIDIA, Broadcom, Nscale, Lambda and AMD. The aggregate committed spend figure is left blank in the document.
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The SpaceXAI arrangements run up to $120.5 billion
Anthropic agreed to spend up to $120.5 billion with SpaceX.AI LLC, a wholly owned Space Exploration Technologies subsidiary, on terms extending into 2029.
Payments reach roughly $3.1 billion a month once all capacity is delivered, which the company expects in December 2026.
That arrangement is looser than the others. After initial non-cancelable periods ending in January 2027 and March 2027, either party may cancel on 90 days’ written notice.
It sits alongside SpaceX’s own AI segment expansion.
Supplier-linked financing totals up to $77 billion
The Anthropic IPO filing shows $3.2 billion of availability under the credit facility as of June 30. Supplier arrangements offer more, though not all of it is drawable.
Note purchase agreements allow up to $20 billion from Google and $15 billion from Amazon. The Amazon facility fell from $20 billion after its Series H investment.
A third allows Anthropic, subject to conditions, to issue up to $42 billion of convertible notes to Broadcom or a designated financial partner. They carry 9.0% interest, payable in kind, and are restricted to lease obligations. The draw period has not commenced.
Anthropic ties further draws to revenue targets
Access to further draws is conditional. The filing states it depends on “our achievement of certain revenue performance targets” and on third parties delivering compute.
Anthropic adds that it is not dependent on the Broadcom facility, and that it may not be permitted to issue those notes in some circumstances.
Commitments like these delay rather than vanish, as modeling of a slowdown against committed capex found.
Founder LLC holds 50.1% of general stockholder voting power after the IPO
Control does not pass to public shareholders. A single Class F share held by a Founder LLC carries votes equal to 50.1% of total voting power.
Its sole members are the seven co-founders, among them chief executive Dario Amodei and president Daniela Amodei. A separate Class T share held by the Long-Term Benefit Trust elects a majority of the board.
“We believe that our seven co-founders, Dario Amodei, Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish, and Christopher Olah, as a group, are distinctly equipped to be stewards of our mission.” — Anthropic, PBC, in the same filing
A benefit fund holds 5% of fully diluted shares
Anthropic contributed 846,840,960 Class N shares to the Anthropic Public Benefit Fund. They represent 5% of fully diluted shares as of June 30.
The fund is a wholly owned subsidiary. Its initial managers are Dario Amodei, Daniela Amodei, Jack Clark and Dr. Neil “Buddy” Shah.
The board approved a framework for issuing up to 2% more at each 50% rise in the share price. The co-founders separately pledged 80% of their personal equity to philanthropy.
The filing calls those pledges voluntary and revocable.
Goldman Sachs and Morgan Stanley lead the offering
Goldman Sachs and Morgan Stanley act on behalf of the underwriters on the Anthropic IPO. Morgan Stanley also serves as stabilization agent.
Proceeds are earmarked for general corporate purposes, including compute and infrastructure investment, working capital and hiring.
Anthropic does not anticipate paying cash dividends in the foreseeable future.
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The takeaway on the Anthropic IPO
Four things remain open in the Anthropic IPO documents. The share count and price range are undetermined, so the headline valuation is unset.
The filing leaves third-quarter revenue blank, as does the aggregate committed spend figure. Anyone reading the Anthropic IPO prospectus will want both filled in.
The central question is whether adjusted profitability survives a revenue growth rate the company says will fall. A slowdown would not automatically shrink many of its largest compute commitments.
