Anthropic IPO by the numbers: what the S-1 filing shows

The Anthropic IPO filing shows a company that made $33.2 billion in revenue in the first nine months of 2026, about 13 times as much as a year earlier, while running close to break-even before non-cash charges. As of November 7, 2026, Anthropic has filed to list on Nasdaq under the ticker ANT, but it has not set a price range, so its public valuation is still unknown.

This article walks through the numbers in the filing: revenue, losses, customers, compute commitments, and control of the company. It explains a public document. It is not investment advice.

What Anthropic has filed so far

Anthropic made its registration statement public on October 26, 2026, and announced (opens in a new tab) that it intends to list Class A shares on the Nasdaq Global Select Market under the symbol "ANT". An amended filing, the S-1/A (opens in a new tab), followed on November 2 with results for the third quarter. Goldman Sachs and Morgan Stanley are the lead underwriters.

The private round in May was led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, according to the Associated Press (opens in a new tab). The original S-1 says Anthropic had raised $141.1 billion in total as of June 30, 2026.

How fast is Anthropic's revenue growing?

Anthropic's revenue went from $41 million in 2023 to $4.6 billion in 2025, and then to $33.2 billion in just the first nine months of 2026. Third-quarter revenue alone was $17.0 billion, up 1,127% on the same quarter of 2025, according to the S-1/A.

The quarterly view shows where that growth came from. Revenue more than doubled from the first to the second quarter of 2026, then rose another 47% in the third.

Source: Anthropic S-1/A (opens in a new tab), quarterly consolidated statements of operations. Daloopa (opens in a new tab) and StockAnalysis (opens in a new tab) report the same figures.

Is Anthropic profitable?

On an operating basis, nearly. On a net basis, very much not, and the difference is mostly accounting.

Source: Anthropic S-1/A (opens in a new tab), summary financial data.

The net loss is large because of how Anthropic's convertible notes and similar instruments are valued. When the company's private valuation rises, those instruments become worth more to their holders, and the increase is booked as a loss. The original S-1 (opens in a new tab) shows a $72.4 billion charge of this kind in the first half of 2026 alone. It does not use cash.

The quarters also move around. Anthropic reported operating income of $974 million in the second quarter and an operating loss of $567 million in the third. The filing gives two reasons: $5.0 billion of compute bought on short-term contracts, which costs more than its multi-year deals, and $2.0 billion of non-cash charges from an employee donation-matching program.

Who are Anthropic's customers?

As of September 30, 2026, the S-1/A counts 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.

The filing also reports net revenue retention of about 900%. On Anthropic's definition, that means customers who were already paying a year earlier now spend roughly nine times as much. It reflects how quickly existing customers expanded their use of Claude during a period of very fast growth, and a figure that high is hard to repeat as the customer base gets larger.

The $895 billion compute bill

The largest number in the filing is not revenue. Anthropic reports about $895.4 billion of committed spending, substantially all of it on compute and infrastructure. About $447.5 billion is expected before the end of 2030, and $69.8 billion falls due in the twelve months after September 30, 2026.

Claude runs on AWS Trainium, Google TPUs, and NVIDIA and AMD GPUs, and is sold through AWS, Google Cloud, and Microsoft Azure. The filing lists reliance on a small number of cloud providers, some of which are also investors and customers, as a risk. Against those commitments, Anthropic held $95.6 billion in cash and $36.3 billion in short-term investments at the end of September, according to the S-1/A.

Who controls Anthropic after the IPO?

Anthropic is a public benefit corporation, and the IPO does not change who controls the board. The S-1 describes a Long-Term Benefit Trust of five financially disinterested trustees. Through Class T shares, which carry no economic rights, the trust can elect directors who make up a majority of the board.

Public investors would buy Class A shares, with one vote each. The S-1/A also says Anthropic will use part of its net proceeds from the shares it sells to cover tax withholding when employee stock units are settled. Money paid for shares sold by existing holders goes to them, not to the company.

What is the Anthropic IPO valuation?

There is no official valuation yet, because the S-1/A leaves the price range blank. The last private price was $965 billion in May. Since then, press reports have discussed figures well above that, and on November 6 CNBC reported (opens in a new tab) that investors were calling $1.5 trillion "a stretch". Treat any number until pricing day as negotiation, not fact.

What the Anthropic IPO means for businesses that use Claude

For companies that build on Claude, the main change is visibility. A listed company reports results every quarter and has to disclose material risks, so customers can follow its finances and its dependence on compute suppliers in public documents, not press leaks.

Whatever the final valuation, this is a good moment to apply the usual vendor checks to any AI model you depend on: how you would switch models if prices or terms changed, and which of your workflows would stop if the service went down. Our guide to custom software or SaaS covers how to weigh that kind of dependence, and choosing your first automation explains how to start with a workflow that stays manageable if a tool changes.

Frequently asked questions

When is the Anthropic IPO date?

As of November 7, 2026, no date is set. Anthropic has filed and amended its S-1, but the price range and share count are still blank, and shares cannot be sold until the SEC declares the registration effective.

What is Anthropic's stock ticker?

Anthropic has applied to list its Class A shares on the Nasdaq Global Select Market under the ticker ANT. The listing is not live until the offering is priced and trading begins.

How much revenue does Anthropic make?

Anthropic reported $4.6 billion of revenue for 2025 and $33.2 billion for the first nine months of 2026. Revenue in the third quarter of 2026 was $17.0 billion, up 1,127% year over year.

Is Anthropic profitable?

Not on a reported basis. It had an operating loss of $1.3 billion and a net loss of $104.0 billion in the first nine months of 2026, but most of the net loss is a non-cash charge on convertible notes and similar instruments. On its own adjusted measure, it reported $4.1 billion of operating income.

Can I buy Anthropic stock yet?

No. Until the registration becomes effective and the shares are priced, there is no public market for them. Anthropic's own announcement states that the filing is not an offer to sell shares.

The numbers to watch next

The next filing to look for is an amendment with a price range and share count, which will turn valuation talk into a real number. After that, the first quarterly report as a public company will show whether growth holds and how the compute commitments land against revenue. Until then, the S-1/A is the most reliable source, and it is worth reading directly rather than through headlines.