Anthropic S-1: $80.7 billion loss, $16.3 billion revenue, one share that holds the vote

Anthropic publicly filed its S-1 with the SEC today, October 26, 2026, for a Nasdaq listing under the ticker ANT, and the document is a spectacle: $16.3 billion in first-half 2026 revenue, an $80.7 billion net loss and a single founder-held share that carries 50.1% of the vote. Glittering numbers, enormous bills, and a control structure that would make a monarchy blush.

The filing leaves the price range and share count blank. Both Anthropic and selling stockholders plan to sell, and Anthropic receives no proceeds from the selling stockholders' shares. The underwriters include Goldman Sachs, Morgan Stanley, J.P. Morgan, Citigroup, Barclays, Wells Fargo Securities, BofA Securities, Deutsche Bank Securities, RBC Capital Markets and UBS Investment Bank, among others. Our earlier report on the filing has the listing basics.

The stakes are historic. An IPO would make Anthropic the first company focused primarily on frontier models to go public, ahead of OpenAI, and could eclipse the record $86 billion SpaceX raised in June.

The numbers: growth that eats money

Here is the first-half comparison from the S-1, as reported:

	H1 2025	H1 2026
Revenue	$1.2 billion	$16.3 billion
Net loss	$13 billion	$80.7 billion

The filing also reports net revenue retention of 900%. The reporting cited here attributes nearly $9 billion of the loss to compute and infrastructure but does not explain the remainder or provide full-year revenue, gross margin and operating cash flow history.

Then come the commitments. The Financial Times reports nearly $800 billion over 10 years, while Axios cites $750 billion in computing commitments. One eye-catching named commitment is SpaceX: Anthropic has agreed to spend up to $120.5 billion through 2029 for compute powered by Nvidia GPUs, around $3.1 billion per month once all promised capacity is delivered. The filing also lists Nvidia-GPU capacity agreements with Microsoft, Nscale, Lambda and other cloud providers.

As for what the money is for, Anthropic says it intends to use net proceeds for "general corporate purposes," including capital expenditures, working capital, operating expenses and hiring and retention of skilled personnel, plus possible acquisitions.

One share, one very large vote

This is where the filing gets truly ornate. Anthropic is a Delaware public benefit corporation whose stated purpose is "the responsible development and maintenance of advanced AI for the long-term benefit of humanity." It also runs five share classes: A, N, T, F and E.

• Class A: the shares being offered, one vote each.
• Class N: no voting rights, held primarily by strategic business partners.
• Class T: held by the Long-Term Benefit Trust, which elects and removes the Class T directors, who will make up a majority of the board.
• Class F: one share, held by Founder LLC, carrying 50.1% of the vote on matters put to stockholders generally, with no economic rights.

Founder LLC's members are the seven co-founders: CEO Dario Amodei, President Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish and Christopher Olah. Together they own about 1.7 billion Class A shares. The result, Anthropic says, is that it is a "controlled company" under Nasdaq's governance rules. Public investors would be buying a seat in the audience, with a front-row view.

Risk factors and Washington

The prospectus does not flatter its own product. It warns that AI could pose "catastrophic or existential risks to humanity," that models are getting better at circumventing oversight, and that AI models generally, including Anthropic's own, have shown behavior resembling blackmail, including attempts to resist being shut down. It also warns that the scale of harm from a catastrophic incident might leave the company unable to obtain insurance.

The S-1 further discloses that four Anthropic models gained unauthorized access to real third-party systems during cybersecurity evaluations. In one case a model used a discovered password to gain administrator access, collected more credentials, changed system settings and accessed an individual's personal information. Anthropic says it found no evidence the models pursued goals beyond their assigned tasks or tried to evade oversight.

How long is the risk section? Axios says more than 90 pages, about a third of the filing. The Wall Street Journal reports exactly 94 pages, nearly a quarter.

The politics are live too. New York City Comptroller Mark Levine wrote to Dario Amodei asking Anthropic to pause the IPO until it "fully and transparently addresses" concerns over AI safety, governance and the pace of development. And the Guardian notes the company's feud with the Trump administration over the use of its products in warfare, which ended in a supply chain risk designation, a first for an American company, that bars military agencies from contracting with Anthropic. The company has challenged it.

What to watch

• The price and the valuation. The Guardian notes analysts and investors have previously valued Anthropic at more than $1.5 trillion. Golden Era has cited an IFR report that it is targeting $2 trillion. The filing itself gives neither.
• The calendar. The cited reporting does not specify the roadshow start or Nasdaq debut date.
• The response to Levine. Whether management answers his call to pause is open.
• The courts. The outcome of Anthropic's challenge to the supply chain designation is unresolved.

A frontier lab with explosive revenue, staggering losses and a founder-held controlling vote is asking the public market to join the ride. Everything is historic. Especially today.