Anthropic, PBC filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission on October 26, 2026. Anthropic intends to list its Class A common stock on the Nasdaq Global Select Market under the symbol “ANT.”
Key Takeaways
- Anthropic has not yet determined the number of shares of Class A common stock to be offered or the price range, and its SEC registration statement is not yet effective.
- The filing reports a net loss of $80.7 billion for the six months ended June 30, 2026, including $72.4 billion in fair-value changes on convertible notes, derivative liabilities, and SAFEs.
- A Founder LLC whose sole members will initially be Anthropic’s seven co-founders will hold a Class F share carrying 50.1% of the total voting power on matters submitted to stockholders generally, while a Long-Term Benefit Trust generally elects a board majority.
- Anthropic counts more than 11,900 customers with $100,000 or more of revenue on a TTM basis as of September 30, 2026.
What Happened?
The SEC filing index shows the same-day submission. Anthropic noted, “A registration statement relating to these securities has been filed with the SEC but has not yet become effective.”
The company sells its Claude AI through its models, platform, and applications. The preliminary filing cites Claude’s revenue growing “from $0 at commercial launch in the first quarter of 2023 to $ for the three months ended September 30, 2026,” leaving the dollar figure blank.
Anthropic has filed an S-1 registration statement with the SEC related to its proposed IPO. Read more: https://t.co/ofhv0DK3Zp Legal disclaimer: A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This post does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
— Anthropic (@AnthropicAI) October 26, 2026
Revenue climbs while net losses dominate
The S-1 shows revenue of $4,585 million for 2025. For the six months ended June 30, 2026, revenue reached $16,286 million, up from $1,163 million a year earlier. Operating loss for those six months narrowed to $693 million, against $8,060 million for all of 2025.
Anthropic has incurred net losses in each year since its founding, including a net loss of $1.5 billion, $8.3 billion, and $42.0 billion for the years ended December 31, 2023, 2024, and 2025, respectively.
Most of the loss is a paper charge, with fair-value changes “primarily driven by an increase in the fair value of our outstanding convertible promissory notes resulting from an increase in our enterprise valuation”. A rising valuation inflates the reported loss, so operating loss better reflects the business itself.
Governance gives a trust and the founders control
Anthropic is incorporated as a PBC under Delaware law. Through Class T stock, the Long-Term Benefit Trust generally has the authority to elect and remove the Class T directors, who will make up a majority of the board.
The founders’ Class F votes cover matters put to stockholders generally, including the election of directors other than the Class T directors. Anthropic also says it is considered a “controlled company” within the meaning of the Nasdaq Global Select Market corporate governance requirements.
Each share of Class A common stock is entitled to one vote per share. That vote has limited reach, since the trust and the founders decide most outcomes.
Customer tiers and the public benefit pledge
The $100,000 customer tier stood at more than 950 as of September 30, 2025, and approximately 250 customers with $10 million or more of revenue on a TTM basis sit at the top.
Anthropic also contributed 846,840,960 shares of Class N common stock, representing 5% of fully diluted shares as of June 30, 2026, to Anthropic Public Benefit Fund, LLC. That 5% figure assumes full conversion of the Amazon Notes.
The board also approved a framework under which it may, in its discretion, issue Class N shares to the fund (or another designee) representing up to an additional 2% of then-outstanding shares each time the share price appreciates 50% above the prior milestone, beginning with the IPO price.
SQ Magazine’s Takeaway
The filing pairs fast revenue growth with headline losses that mostly track Anthropic’s rising valuation. A trust and the founders hold the decisive votes, so Class A buyers would get exposure, not control.
The share count, price range and latest quarterly revenue are still missing. Until the registration becomes effective, nothing in it is an offer.
