Anthropic outlines planned Nasdaq listing as offering terms remain undetermined

Anthropic says it intends to list Class A common stock on Nasdaq Global Select Market under the ticker ANT.[2] It has not determined how many shares it will offer or the IPO price range.[2] The securities may not be sold, and offers to buy cannot be accepted, before the registration statement becomes effective.[2] Media reports said Anthropic was targeting a valuation of $1.5 trillion to $2 trillion, but that reported target does not establish the eventual IPO price.[4][2] The SEC document was marked filed on October 26, 2026.[1]

Anthropic reported $16.3 billion in revenue for the first half of 2026, compared with $1.2 billion in the same period of 2025.[3] Its net loss was $80.7 billion, with $72.4 billion attributed to an accounting charge reflecting the increased value of convertible notes.[3][4] The company’s operating loss, a different measure, was $693 million, down from $2.1 billion in the year-earlier period.[3] Anthropic generated $3.9 billion in cash, compared with negative cash flow of $1.5 billion in the same period of 2025.[4] The figures make it important to distinguish the large reported net loss from operating performance and cash flow.

Anthropic spent $5.6 billion on compute in the second quarter of 2026 while generating $11.6 billion in revenue, or $2.08 of revenue for every dollar spent on compute.[4] By the end of September, more than 11,900 customers spent at least $100,000 annually, including 1,900 that spent at least $1 million and about 250 that spent at least $10 million.[3] The five largest customers accounted for about 25% of revenue in the first nine months of 2026.[4] Nearly half of revenue flowed through cloud marketplaces run by Amazon, Google and Microsoft.[4] These figures describe both customer scale and concentration.

An unspecified group will collectively control 50.1% of shareholder voting power, while Anthropic’s Long-Term Benefit Trust will have authority to appoint most of the board.[3] TechCrunch reported controversy over voting power that is not proportional to founders’ economic ownership and leaves public shareholders with little practical control.[3] Anthropic warned that it expects costs to rise and losses to continue as it invests in growth and the demands of operating as a public company.[4] It also warned that advanced AI systems could take harmful actions independently and at scale without human intervention.[4] Fortune reported a Thanksgiving-week debut target.[4]