Anthropic files for Nasdaq IPO as revenue jumps to $16.286 billion in H1, while net loss reaches $80.748 billion
Anthropic, the company behind Claude, has filed an IPO registration statement with the U.S. Securities and Exchange Commission and plans to list on Nasdaq under the ticker ANT. The filing put a spotlight on a striking mix of numbers: first-half 2026 revenue of $16.286 billion, roughly 14 times the level a year earlier, alongside a net loss of $80.748 billion. According to the company’s S-1, about $72.388 billion of that loss was tied to fair-value changes in financial instruments such as convertible notes, derivative liabilities, and simple agreements for future equity, rather than a direct cash burn of the same size. The filing also showed how Anthropic’s business is being built around enterprise demand. Usage-based revenue accounted for about $13.1 billion, or roughly 80% of total revenue, while subscription revenue was about $3.2 billion. As of Sept. 30, 2026, the company had more than 11,900 customers that generated at least $100,000 in revenue over the prior 12 months, including more than 1,900 customers contributing at least $1 million. Investors are now weighing whether Anthropic’s growth can keep pace with its infrastructure burden. The company spent about $8.945 billion on compute and infrastructure in the first half, equal to roughly 55% of revenue, while media reports previously cited long-term cloud and infrastructure commitments that could reach at least $518 billion under certain estimates. With market discussion around a possible $1.5 trillion to $2 trillion valuation still unconfirmed, the IPO has become a test of how public markets price AI growth, margins, and capital intensity.
