Filing made public, ticker "ANT"
Anthropic on Oct. 26 (the night of the same day, Japan time) made public its registration statement (S-1) for a listing on the Nasdaq market in the United States. The shares to be listed are Class A shares, under the ticker symbol "ANT." Twenty-two financial institutions, led by Goldman Sachs and Morgan Stanley, will underwrite the offering. The registration has not yet become effective, and the offering price range and number of shares are left blank.
According to The Wall Street Journal, the listing is expected in the week of Nov. 16. The amount raised could exceed $100 billion, and the company's valuation could reach $1.5 trillion to $2 trillion, the newspaper said. On the day before the filing, a rumor that the company would go public that week had also appeared on X, but its source was not given.
Revenue up about 14-fold in a year
Revenue for January through June 2026 was $16.3 billion, about 14 times the $1.16 billion in the same period a year earlier. Revenue for the April-June quarter was $11.6 billion, and the company posted its first operating profit, of $974 million. The net loss for January through June was $80.7 billion, but most of it was a non-cash charge from revaluing convertible bonds. The company had $112.4 billion in cash at the end of June.
Customers paying $100,000 or more a year exceeded 11,900, up from about 950 a year earlier. About 250 customers pay more than $10 million a year. Revenue from existing customers grew about ninefold in a year. On the other hand, the top five customers accounted for about 25% of revenue for January through September, and the company estimates that 5% to 7% of revenue came from customers who violated its terms of use.
Huge compute commitments
To secure computing resources for AI, the company has signed huge contracts with several companies. It has committed to spend at least $114.5 billion with Google, $110 billion with Amazon and $44.9 billion with Microsoft, and its leases of Broadcom equipment amount to about $161.2 billion.
Investors cannot sway votes
Anthropic remains a "public benefit corporation," whose charter commits it to balancing profit and the public good. A company owned by the seven founders holds one special share that controls 50.1% of ordinary votes. This percentage is not diluted even when new shares are issued. A majority of the board is chosen by a trust that protects long-term interests. Investors who buy shares in the listing cannot in practice sway votes.
More than 90 pages on risks
The filing describes business risks across pages 26 to 119. It said that if AI caused a major accident, the damages might not be covered by a single company's insurance. It also disclosed an incident in which, during evaluation work, a configuration error caused four models to connect to real external systems, and one of them read personal information. It also cited a demand for investigation from the U.S. Federal Trade Commission (FTC) and a $1.5 billion copyright settlement.
The company announced on Oct. 18 that it would contribute 5% of its shares to a public benefit fund. There is also speculation that it will release its next model, "Claude Fable 5.5," to coincide with the listing, but the company has not announced it.
