Anthropic files for an IPO
Anthropic has filed to list on Nasdaq as ANT. Its quarterly revenue rose from $376M to $17.0B in 18 months. Its price range of $70 to $78 a share values it at $1.26T to $1.40T.
Anthropic filed on 26 October 2026 to list its shares on Nasdaq under the ticker ANT. The company makes Claude, an AI model that people and businesses use to write, analyse documents and build software. Its revenue was $16.3B in the first half of 2026, up from $1.2B in the first half of 2025.
On 2 November Anthropic filed an amended S-1 that adds its results for the third quarter of 2026. Revenue in that quarter was $17.0B.
On 10 November Anthropic set a price range of $70 to $78 a share. Counting every share, option and convertible note after the IPO, that values the company at $1.26T to $1.40T. The Wall Street Journal had reported a target of $1.5T to $2T. At the $74 midpoint Anthropic would raise $59B by selling new shares in the IPO and $26B from Google, Nvidia, Microsoft and four other companies buying shares at the same price. That would be the largest IPO on record, ahead of SpaceX’s $75B in June 2026.
Anthropic’s valuation, from an $845M Series A to $1.26T–$1.40T at its IPO price range
Valuation at each priced funding round, then the IPO price range of $70–$78 a share, fully diluted. The IPO is not yet priced.
Source: Dealroom.co, Anthropic S-1
The amended S-1 shows revenue for the last seven quarters. In the second quarter of 2026 Anthropic made an operating profit for the first time, $974M on $11.6B of revenue. In the third quarter revenue rose 47% to $17.0B, 1,127% more than a year earlier, and Anthropic made an operating loss of $567M.
The S-1 gives two reasons for the loss. Anthropic bought $5.0B of compute on short-term contracts to keep up with demand, which costs significantly more than compute under its multi-year contracts. It also took a $2.0B non-cash charge for its donation matching programme.
Anthropic’s quarterly revenue rose 45 times in six quarters
Revenue per quarter, and under it the revenue added on the previous quarter.
Source: Anthropic amended S-1 · Dealroom.co
As a share of revenue, the operating loss went from 249% in the first quarter of 2025 to an 8% profit in the second quarter of 2026, and back to a 3% loss in the third. On the S-1’s adjusted measure, which leaves out stock pay and one-off items such as the donation charge, the margin was 19% in the second quarter and 15% in the third.
Anthropic’s operating margin rose from −249% to −3% in six quarters
Operating profit or loss as a share of revenue, per quarter, and in dollars under it · adjusted leaves out stock pay, non-cash donations and the Bartz settlement
Source: Anthropic amended S-1 · Dealroom.co · after a chart by Exponential View’s AI Investment Brief
In the second quarter the S-1 reports a net loss of $66.3B. The largest item, the $59.6B revaluation of convertible notes and SAFEs, is mostly about Amazon: it lent Anthropic $6.2B in notes that convert into Anthropic shares, and as Anthropic’s valuation rose those future shares became worth $59.6B more, which the accounts record as a loss although no cash leaves the company. The chart goes line by line from revenue to that net loss.
Anthropic’s second quarter of 2026, from revenue to net loss
Three months to 30 June 2026. The two largest items are revaluations, not cash costs.
Source: Anthropic S-1 · Dealroom.co
In the third quarter the net loss was $23.3B. Again most of it, $21.9B, was the revaluation of the convertible notes and SAFEs.
Who owns Anthropic
Dealroom’s estimate of each holder’s stake before the IPO, and its value at $74 a share, the midpoint of the IPO price range. Google and Amazon own the most.
Source: Dealroom.co estimates
Amazon and Google are the two outside shareholders whose full investment is public, because the S-1 lists every note and share purchase. Amazon put in $13.0B and Google about $13.6B. At $74 a share, the midpoint of the price range, their estimated stakes would be worth about 12 and 14 times that, before tax. Spark Capital, the first venture firm in, is also listed because a Spark partner sits on the board: it put $777M into every round from the Series C onwards, worth about $9.1B at $74 a share. The Series A, led by Jaan Tallinn with Dustin Moskovitz and Eric Schmidt, bought 486M shares for $124.8M in May 2021. At $74 a share those would be worth about $36B, or 288 times what the investors paid. Menlo Ventures, in since the Series C, led the Series D at $3.00 a share, so those shares would be worth about 25 times what Menlo paid. For the other investors, Dealroom has the round they joined but not the amount they paid.
Money in and estimated stake value at Anthropic’s IPO
Dealroom’s gross estimates at $74 a share, the midpoint of the price range, before tax and new IPO shares. Hollow markers show the round an investor joined where the amount is not public.
Source: Dealroom.co estimates, Anthropic S-1
What Anthropic has agreed to spend
The amended S-1 also lists Anthropic’s purchase commitments and leases. Together they come to about $895.4B, almost all of it for compute and data centres. About $447.5B falls before the end of 2030 and most of the rest between 2031 and 2045. About $213.8B of the total can still be cancelled or depends on conditions such as the other side securing financing or permits.
About $69.8B is due in the 12 months after September 2026. Four quarters of revenue at the third-quarter rate would be $67.8B.
What this means
Most of Anthropic’s value was created after March 2025, when it was valued at $61.5B. Its quarterly revenue has risen 45 times since the start of 2025. Its two largest outside owners, Amazon and Google, also sell it the computing it runs on: the S-1 commits Anthropic to spend at least $110B with Amazon alone over ten years.