Anthropic’s revenue for the first six months of 2026 was more than triple what it earned in all of 2025, and its net loss for the same stretch was nearly $81 billion. Both numbers appear in the Form S-1 the company filed on October 26, the first time the public can inspect the books of a leading frontier AI lab. They arrive together, and understanding why they do not contradict each other is the key to reading the filing.

What the filing says

Anthropic, PBC has applied to list Class A common stock on the Nasdaq Global Select Market under the symbol “ANT.” The price range and share count are blank, and both the company and selling stockholders will offer shares. Anthropic receives nothing from the stockholders’ sales. The S-1 on the SEC’s EDGAR system lists 22 underwriters, led by Goldman Sachs and Morgan Stanley, followed by J.P. Morgan, Citigroup, Barclays and Wells Fargo.

The registration statement has not yet become effective, which means no shares can be sold and no offers accepted. Reuters reported that Anthropic disclosed in June that it had confidentially filed for a US listing.

The growth, in numbers

Revenue for the six months ended June 30 was $16,286 million, against $1,163 million a year earlier, roughly a fourteenfold increase. Full-year 2025 revenue was $4,585 million, so the first half of this year has already outrun it several times over.

Spending grew too. Compute and infrastructure expense came to $8,945 million. Sales, marketing and partnerships reached $3,168 million, up from $120 million in the first half of 2025. The operating loss was $693 million.

The customer data points the same direction. As of September 30, net revenue retention was about 900%. The company counted more than 11,900 customers above $100,000 in trailing-twelve-month revenue, more than 1,900 above $1 million, and about 250 above $10 million.

On the company’s own non-GAAP measures, adjusted operating income was $1,618 million (a 10% margin) and adjusted net income was $2,671 million. These are company-defined figures, and readers should weigh them accordingly.

Why the $80.7 billion loss needs context

Net loss for the half was $80,748 million. Headlines that stop there are misleading. The loss is mostly non-cash, and it includes a $72,388 million change in the fair value of convertible notes, derivatives and SAFEs. The filing attributes that charge to the rise in Anthropic’s own valuation. In plain terms, as the company became more valuable, the instruments held by early backers became more expensive to account for.

The operating loss of $693 million is the better gauge of day-to-day economics, and against $16.3 billion in revenue it is small.

The balance sheet is large. As of June 30, Anthropic had raised $141.1 billion in total and held $112.4 billion in cash and $19.3 billion in short-term investments.

Control stays with a small group

The governance section may matter most to anyone considering buying shares. Anthropic is a Delaware public benefit corporation, and its Long-Term Benefit Trust elects a majority of the board. A single Class F share, held by an LLC of the seven co-founders, carries 50.1% of total voting power. That makes Anthropic a Nasdaq “controlled company.”

The filing states the company’s public benefit purpose as “the responsible development and maintenance of advanced AI for the long-term benefit of humanity.” Whatever one makes of that language, the voting math means public shareholders would have limited power to change the board or the direction of the company. The structure is unusual for a company of this size.

A 10-for-1 forward split of Class A and Class N stock took effect on September 17, 2026, according to the filing.

Valuation and the market reaction

The filing carries no valuation, so those figures come from reporting. Reuters reported that Anthropic is seeking to raise up to $100 billion, and that some investors now value it at about $1.5 trillion, down from roughly $2 trillion. Its Series H, which raised $65 billion at a $965 billion post-money valuation, closed on May 28, according to Reuters. All of these are reported estimates and may change before pricing.

Markets noticed the filing. Bloomberg’s markets wrap said it renewed optimism in the AI trade, with global stocks extending gains. In Asia, SK Hynix and Samsung each rose more than 4%, and SBS reported that South Korea’s KOSPI gained about 4%. Reuters described the listing as a test of investor appetite for the AI industry, and its factbox on the filing is a useful companion to the S-1 itself.

What to watch next

The next document to look for is an amended S-1 containing the price range and share count. Under SEC rules, a confidentially submitted filing must be public at least 15 days before the roadshow begins.

Timing reports line up, though all rest on unnamed sources. Bloomberg, via Quartz, says investor pitches could start the week of November 9. The Wall Street Journal, via TNW, says the listing could come the week of November 16, and Reuters expects a debut in mid-November. SK Hynix and Samsung report earnings later this week, which will show whether the AI-driven rally in chip stocks has fundamentals behind it.

The pricing will show how investors weigh two things in the same document: revenue growing at a pace few companies have matched, and a governance structure that keeps control with a small group.