The company behind Claude just opened its books, and the numbers are huge on both sides.
Anthropic publicly filed its S-1 prospectus with the Securities and Exchange Commission on Monday. That's the formal step before an initial public offering. According to the filing, it has applied to list its Class A shares on the Nasdaq Global Select Market under the ticker "ANT." The share price range is still blank.
The Money Coming In
Revenue is the headline. Anthropic reported $16.3 billion in revenue for the six months ended June 30, 2026. That's up from $1.2 billion in the same period a year earlier, a growth rate of 1,300%, according to the filing.
Look how fast that happened. The S-1 lists annual revenue of $41 million in 2023, $386 million in 2024 and $4.6 billion in all of 2025. So the first half of this year alone brought in more than three times what the company made in all of last year.
Anthropic is also warning investors not to expect that pace to last. "We do not expect our revenue will continue to grow at comparable rates, and we cannot assure you that it will continue to grow at all," the filing says.
Yahoo Finance reports that roughly one-fifth of that revenue came from two customers.
The Money Going Out
Now the scary-looking number. The S-1 reports a net loss of $80.7 billion for the first half of 2026, following a $42 billion loss in 2025.
Most of that isn't cash out the door. According to the filing, $72.4 billion of the first-half loss came from changes in the fair value of convertible notes, derivative liabilities and SAFEs. Those are accounting charges tied to how the company raised money. Its actual operating loss was $693 million, down from $2.1 billion a year earlier. Operating activities brought in $3.9 billion in cash over the six months.
The spending is still massive. Yahoo Finance reports Anthropic spent $9 billion on AI infrastructure in the first half, compared with $7.3 billion in all of 2025. Yahoo also reports the company has more than $430 billion in locked-in cloud computing deals with partners including Amazon and Google. Including cancellable and smaller deals, the total could reach $637 billion.
The Fine Print
According to Yahoo Finance, the risk section lays out scenarios in which Anthropic's models develop capabilities the company didn't anticipate or cause real-world harm. Anthropic says that could limit its ability to cover any damages.
The filing also describes what Anthropic calls "a novel capital and corporate governance structure." It is a Delaware public benefit corporation and expects to be a "controlled company" under Nasdaq rules.
Washington is part of the story too. Yahoo Finance reports that in February, Defense Secretary Pete Hegseth designated Anthropic a supply chain threat after it refused to let the Pentagon use its models for fully autonomous weapons or mass surveillance of Americans. Anthropic is suing to reverse that designation. Yahoo also cites Commerce Secretary Howard Lutnick telling Axios on Sept. 2 that the company is "back on the right side" with the White House.
The Big Test
Yahoo Finance frames the debut as a test of whether investors want another giant listing after SpaceX. SpaceX went public June 12 at $150 a share and closed its first day 20% higher.
Anthropic, led by CEO Dario Amodei and his sister, President Daniela Amodei, now has to convince Wall Street that the revenue curve can outrun the compute bill.
