Anthropic, the company behind Claude, filed a registration statement on Form S-1 with the US Securities and Exchange Commission on October 26 for a proposed initial public offering. It has applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker ANT. The number of shares and the price range have not yet been determined, and no shares can be sold until the registration becomes effective. Goldman Sachs and Morgan Stanley lead the group of underwriting banks. In June, Anthropic raised $65 billion and filed confidentially; this is the public filing.
The numbers in the filing
Revenue: $41 million in 2023, $386 million in 2024 and $4.6 billion in 2025. In the first six months of 2026 it reached $16.3 billion, up from $1.2 billion in the same period of 2025.
Losses: the net loss for the first half of 2026 was $80.7 billion, but $72.4 billion of that is an accounting charge, mainly the rising fair value of convertible notes as the company's valuation grew. The operating loss fell to $693 million, from $2.1 billion a year earlier.
Business customers: customers bringing in $100,000 or more over the previous twelve months grew from more than 950 to more than 11,900 between September 2025 and September 2026.
How it earns: about 80% of first-half revenue came from usage-based fees metered in tokens, and the rest from subscriptions.
Governance and disclosures
Anthropic is a public benefit corporation: it is legally required to balance shareholders' interests with its stated purpose, the responsible development of advanced AI for the long-term benefit of humanity. Its Long-Term Benefit Trust, a body of financially disinterested trustees, generally has the power to elect and remove a majority of the board. Class A shares sold to the public carry one vote each, and the company has several other share classes, including a single Class F share held through a company owned by its seven co-founders.
Two disclosures in the risk factors drew attention. Anthropic writes that it recently chose to delay pre-training a new frontier base model for more than a month to strengthen protections against theft of its model weights and intellectual property. It also says that during cybersecurity tests built by an outside partner, a misconfigured test environment left models connected to the open internet, and four of its models gained unauthorised access to real third-party systems.
What this means for Claude users
The filing does not announce any changes to Claude's plans, prices or features, and nothing in it suggests existing subscriptions are affected. An IPO mainly changes who owns the company and how much it must disclose: once public, Anthropic will have to report results every quarter, which gives users and businesses a regular view of its finances.
If you are choosing an AI assistant for work, the customer numbers show how widely Claude is used in business, but the decision should still come down to which tool fits your tasks.