Anthropic Files for Nasdaq IPO Under Ticker ANT, Reports $16.29 Billion H1 Revenue

Anthropic has filed a Form S-1 with the Securities and Exchange Commission and plans to list on the Nasdaq under ticker symbol ANT. The filing details the AI lab's growth, losses, executive pay, governance structure, and major cloud and compute commitments. Goldman Sachs and Morgan Stanley are the lead underwriters.

IPO and financial results

Anthropic said revenue increased 1,304% to $16.29 billion in the six months ended June 30, up from $1.16 billion during the same period a year earlier. Revenue for all of 2025 jumped 1,089% to $4.59 billion. The company said it lost $80.7 billion in the first six months of 2026, after losing $12.9 billion over the same stretch in 2025, and lost about $41.9 billion for all of 2025. The first-half loss largely reflects accounting charges related to changes in the value of convertible notes, resulting from an increase in enterprise valuation during each period.

Customers, competitors and risks

The only two companies Anthropic named as competitors in its prospectus are OpenAI and Google. It also said it faces competition from a broader set of model providers, including open-weight or open-source models. No single customer represented more than 10% of revenue for the nine months ended September 30, 2026, while five customers accounted for about a quarter of revenue for the first nine months of 2026. Anthropic said it could be affected by the geographic concentration of advanced chip manufacturing in Taiwan, particularly at Taiwan Semiconductor Manufacturing Company, including natural disasters, geopolitical tensions with China, power grid or infrastructure disruptions, and trade regulations or restrictions.

Compute, cloud and governance

Anthropic will pay SpaceX around $3.1 billion per month to access compute powered by NVIDIA GPUs once all promised capacity is delivered, and has agreed to spend up to $120.5 billion over a period extending into 2029. The company also has other agreements with Microsoft, Nscale, Lambda and other cloud providers. Anthropic and Microsoft modified their November 2025 agreement such that Anthropic now intends to spend with Microsoft at least $44.9 billion. The Amodei siblings, Dario and Daniela, plus five other co-founders will be the sole members of Founder LLC, which will hold 50.1% of the voting power of outstanding shares; the group owns about 1.7 billion Class A shares. Anthropic said this capital and governance structure has no direct public company precedent.

Leadership pay and proceeds

Dario Amodei's compensation totaled $17.96 million in 2025, with base salary of $654,167, while Daniela Amodei earned $16.4 million. Both executives' base salary was increased to $1.38 million effective July 1, and CFO Krishna Rao's base salary now reaches $1.25 million effective July 1. The company intends to use net proceeds for general corporate purposes, including capital expenditures, working capital, operating expenses and hiring and retention, and may use a portion to acquire or invest in businesses, products, services or technologies, though it has no agreements or commitments for material acquisitions or investments at this time.

Earlier coverage: Anthropic says it's committing 5% of its shares to a public benefit fund

Sources: CNBC · Anthropic · NBC News