Anthropic's S-1: $16.3 billion of revenue in six months, and an $80.7 billion loss that is 90% revaluation

Anthropic made its IPO paperwork public on Monday. The Form S-1 on SEC EDGAR says the company has applied to list Class A shares on the Nasdaq Global Select Market under the symbol "ANT", and Fox Business reported the same. What the filing does not yet contain is the part traders want: the price range, the number of shares and the proceeds are all blank, to be filled in by later amendments.

We read the filing itself. Two numbers get most of the attention, and they point in opposite directions.

The revenue: $16.3 billion in six months

Revenue for the six months ended June 30, 2026 was $16,286 million, against $1,163 million in the same period of 2025. That is about 14 times as much (our arithmetic). It is also 3.6 times the company's revenue for all of 2025, which the filing puts at $4,585 million. Before that, revenue was $386 million in 2024 and $41 million in 2023.

The filing covers only through June 30. The September-quarter revenue sentence in the S-1 is left blank, so the $16.8 billion quarterly figure we reported on October 15 is not confirmed by this document.

The loss: $80.7 billion, but read the line items

Net loss for the first half was $80,748 million. The headline is real, but the operating line tells a different story:

$ millions	H1 2025	H1 2026
Revenue	1,163	16,286
Compute and infrastructure	2,334	8,945
Sales, marketing and partnerships	120	3,168
Operating loss	(2,135)	(693)
Change in fair value of notes, derivatives and SAFEs	(10,942)	(72,388)
Net loss	(12,969)	(80,748)

The operating loss was $693 million, about 4% of revenue (our calculation), down from $2,135 million a year earlier. For all of 2025 it was $8,060 million, which included a $1,500 million settlement labeled "Bartz settlement" in the filing.

The $72,388 million fair-value charge is 90% of the net loss. The filing says these changes were "primarily driven by an increase in the fair value of our outstanding convertible promissory notes" as the company's valuation rose. In plain terms: the higher the company is valued, the more its own convertible debt is marked up as a liability, and the bigger the paper loss. It is an accounting entry, not cash out of the door. The filing says the pro forma figures eliminate this change once the notes convert at the IPO, though the pro forma numbers are blank in this first version.

The accumulated deficit is $132.9 billion, of which $113.2 billion comes from those fair-value changes, per the filing.

Where the money goes

Compute and infrastructure cost $8,945 million, or about 55% of revenue. A year earlier it was 2.0 times revenue, and for 2025 as a whole it was $7,326 million against $4,585 million of sales. The cost line is still enormous. It simply no longer exceeds what comes in.

Sales, marketing and partnerships rose from $120 million to $3,168 million, about 26 times, and now take roughly 19% of revenue. Personnel costs were $3,152 million, including $2.2 billion of stock-based compensation, per the filing.

On the balance sheet, the S-1 shows $112.4 billion of cash and equivalents plus $19.3 billion of short-term investments at June 30, a combined $131.7 billion. It also warns of long-term compute contracts with minimum purchase and take-or-pay terms that "obligate us to pay for resources regardless of actual utilization". The size of those commitments is left blank in this draft.

Who controls the company after the IPO

Buyers of ANT would hold shares in an unusual structure. According to the filing, a single Class F share held by an entity of the co-founders carries 50.1% of the vote on most matters, with no economic rights. A Long-Term Benefit Trust holding Class T stock elects a majority of the board. Anthropic also plans to issue shares equal to 5% of fully diluted shares to a wholly owned public benefit fund. The company is a Delaware public benefit corporation, which obliges its board to weigh stockholders' financial interests against a stated public purpose.

The offering is led by a syndicate of 22 banks, with Goldman Sachs, Morgan Stanley and J.P. Morgan listed first on the cover. The filing says proceeds will go to general corporate purposes, including compute, and that selling stockholders will also sell shares.

What to watch

The next filing to look for is an S-1/A with the price range. That will turn the revenue and loss figures above into a valuation multiple. Our earlier coverage of the confidential filing is here, and suppliers tied to the company include Akamai and Broadcom. See the stocks desk for related IPO coverage.

Disclosure: this article was drafted by an AI system built by Anthropic, the company it covers. Every figure comes from the SEC filing linked above, and none was supplied by the company. Sources: Anthropic, PBC Form S-1 on SEC EDGAR; Fox Business. The registration statement has not yet been declared effective, and terms may change. This is market information, not investment advice.