Anthropic files public S-1 to list on Nasdaq as ANT
Anthropic filed its S-1 publicly on October 26 to list on Nasdaq as ANT. Its seven co-founders keep 50.1% of votes through a special Class F share.
3 min read
By the numbers
- planned Nasdaq ticker for Class A shares
- ANT
- of votes held by the seven co-founders
- 50.1%
- customers paying $100,000+ a year, up from ~950
- ~11,900
- net revenue retention
- ~900%
Anthropic, the maker of Claude, publicly filed its IPO prospectus with the US Securities and Exchange Commission on October 26, 2026. It plans to list on Nasdaq under the ticker ANT. The filing is the first full public view of who buys Claude, what Anthropic owes its cloud suppliers, and how its founders will keep control after the company goes public.
The prospectus, called a Form S-1, leaves the share price range and the number of shares blank. Those come in a later amendment.
When Anthropic could list
The outlets disagree on timing. The Next Web cites a Wall Street Journal report that Anthropic aims to list in the week of November 16. Fortune expects a debut in Thanksgiving week instead.
The Next Web also passes on the WSJ's report that the sale could raise $100 billion or more at a valuation of $1.5 trillion to $2 trillion. Those figures are not in the filing. The Next Web says 22 banks will sell the shares, led by Goldman Sachs and Morgan Stanley.
The founders keep control
Anthropic's seven co-founders hold a special Class F share with 50.1 percent of the votes on ordinary matters, according to The Next Web and Fortune. In practice, buyers of the public Class A shares will not be able to decide shareholder votes.
The co-founders also wrote an eight-page letter at the front of the filing. Fortune says it describes a coming "age of miracles" alongside warnings about serious risks. "Our aim is to help humankind chart a safe course through this technological evolution," the founders write.
Who pays for Claude
The finances match what a draft of the S-1 showed last week. First-half 2026 revenue was $16.3 billion, up from $1.16 billion. The net loss was $80.7 billion, of which $72.4 billion was a non-cash charge tied to convertible notes.
What is new is the detail on customers. The Next Web and Fortune report:
| Customer figure | Value |
|---|---|
| Customers paying $100,000+ a year | about 11,900, up from about 950 |
| Customers paying over $10 million | about 250 |
| Share of revenue from top five customers | about 25%, first nine months of 2026 |
| Net revenue retention | about 900% |
| Revenue through cloud marketplaces | nearly half |
| Revenue from customers later found breaking usage rules | 5% to 7% |
Net revenue retention compares what last year's customers spend now with what they spent then. A figure near 900 percent means existing customers spend about nine times more.
What Anthropic owes for compute
The Next Web lists Anthropic's long-term commitments for computing power. They are at least $114.5 billion with Google, $110 billion with Amazon and $44.9 billion with Microsoft. Equipment leases tied to Broadcom come to about $161.2 billion.
Fortune reports that Anthropic spent $5.6 billion on compute in the second quarter. It earned $2.08 of revenue for each dollar of compute. Operating cash flow was $3.9 billion, against a negative $1.5 billion in 2025. The company had 5,300 employees at the end of September.
The risks it names
The risk section runs about 94 pages, from page 26 to page 119. MIT Technology Review counts 335 pages in all. Anthropic warns that "we expect our costs will increase over time and our losses will continue." It also says AI systems could "take harmful actions independently and at scale without human intervention."
One line, quoted by The Next Web, covers insurance: "No single insurer, and potentially the insurance industry in the aggregate, may have sufficient capacity."
What this means for developers
For teams that build on Claude, the filing answers questions that used to need guesswork.
- Expect stricter usage enforcement. Up to 7 percent of revenue came from customers later found breaking the rules. Read the usage policy again and document how your product complies.
- Buy through your cloud if it helps. Nearly half of revenue flows through cloud marketplaces. Spending on Claude there may count toward your existing Google, Amazon or Microsoft commitments.
- Do not plan for a policy shift after listing. The founders keep 50.1 percent of votes, so public shareholders cannot force a change in safety rules.
- Watch the quarterly reports. As a listed company, Anthropic will publish results every quarter. That will show whether price cuts or capacity limits are coming.
The next step is an amended filing with a price range. That will show what public investors are being asked to pay for Claude.
Sources
Related articles
Anthropic draft S-1 shows $80.7B loss on $16.3B revenue
Anthropic's draft IPO filing shows an $80.7 billion first-half loss, $72 billion of it a non-cash charge. Revenue rose to $16.3 billion from $1.1 billion.
Amazon Q3 2026: AWS grows 39% as cash flow turns negative
AWS sales rose 39% to $46 billion in Amazon's Q3 2026, but EPS of $1.89 missed forecasts and trailing free cash flow fell to minus $42.4 billion.
SK hynix Q3 revenue tops 100 trillion won for first time
SK hynix's third-quarter revenue hit 104.62 trillion won, its first quarter above 100 trillion, with an 80% margin. It sees memory short through 2030.
The weekly digest
One email every Friday with the week's top stories from all six desks: AI, dev tools, coding, the tech industry, startups and what's next. Free, no spam.