Anthropic files publicly for a stock-market listing

Anthropic filed a public registration statement on Form S-1 with the US Securities and Exchange Commission on 26 October, announcing that it intends to list Class A common stock on the Nasdaq Global Select Market under the symbol “ANT”. It had submitted a confidential draft in June. The announcement said the number of shares and the price range had not been set. The filing itself lists Goldman Sachs and Morgan Stanley first among 22 underwriters.

The numbers. The S-1 reports revenue of $41 million in 2023, $386 million in 2024 and $4.6 billion in 2025, and $16.3 billion for the first half of 2026 against $1.2 billion a year earlier. It also warns that the company does not expect growth “at comparable rates” and cannot assure that revenue will keep growing. Headcount rose from about 940 at the end of 2024 to about 5,300 by 30 September 2026. The filing defines “closing the loop” as successive Claude models helping to build the next, and calls it a structural advantage.

Governance. A Long-Term Benefit Trust holds Class T stock and elects a majority of the board. A single Class F share, held by a limited liability company of the seven co-founders including chief executive Dario Amodei and president Daniela Amodei, carries 50.1% of votes on matters put to stockholders generally, with no economic rights. The risk factors say advanced AI “could” pose “catastrophic or existential risks to humanity” without adequate safeguards, and that the company has “observed that our models are contributing to the pace of our own research”.

Amendment No. 1. The original left third-quarter figures and the total of compute commitments blank. Amendment No. 1, filed on 2 November, reports third-quarter revenue of $17.0 billion, up 1,127% year on year against 382% growth in compute and infrastructure expenses. It reports a quarterly operating loss of $567 million, attributed to $5.0 billion of compute bought under short-term commitments and $2.0 billion of non-cash donation-matching charges. The filing states aggregate committed spend of about $895.4 billion, substantially all compute and infrastructure, with about $447.5 billion expected before the end of 2030 and $69.8 billion due within twelve months.

By counterparty, the filing describes minimum commitments of at least $44.9 billion to Microsoft from November 2026 to June 2033; at least about $121.3 billion to Google from April 2026 to July 2033 (the original S-1 said about $114.5 billion); and at least $110.0 billion to Amazon from May 2026 to April 2036. Separate agreements with SpaceXAI, the former xAI and now a subsidiary of SpaceX, total up to $120.5 billion through 2029, about $3.1 billion a month once capacity is delivered, which the filing expects in December 2026. Those agreements become cancellable on 90 days’ notice after initial periods ending in early 2027.

Both filings leave the price range and share count blank. The figures are the company’s own, in a registration statement the SEC has not yet declared effective. OpenAI had submitted its own confidential draft a week after Anthropic.