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Anthropic's S-1 in plain English: 7 numbers from the filing

Updated Oct 27, 2026 · By Mishal Brands Editorial

Checked Oct 27, 2026. This page explains the news. It is not investing advice and does not recommend buying or selling any security. Figures come from Anthropic's S-1 and CNBC's reading of it, and are the company's own statements.

The short answer

On Oct 26, 2026, Anthropic filed a registration statement on Form S-1 with the SEC for a proposed initial public offering. It says it intends to list its Class A common stock on the Nasdaq Global Select Market under the symbol "ANT." The number of shares and the price range have not yet been determined, and the registration statement has not yet become effective, so no shares can be sold yet. Goldman Sachs and Morgan Stanley are listed first among the underwriters.

7 numbers from the filing

#	Number	What it means
1	About $16.3 billion revenue in the first half of 2026	The S-1 gives $16.3 billion for the six months ended June 30, 2026, up from $1.2 billion a year earlier. CNBC reports the exact figures as $16.29 billion, up 1,304% from $1.16 billion. The S-1 also says it does not expect revenue to keep growing at comparable rates.
2	$80.7 billion net loss in the first half	The S-1 reports a net loss of $80.7 billion for the six months ended June 30, 2026.
3	$72.4 billion of that from changes in fair value	The S-1 says the loss included a $72.4 billion change in the fair value of convertible notes, derivative liabilities and SAFEs, primarily driven by an increase in the fair value of its convertible promissory notes as its enterprise valuation rose. CNBC describes this as accounting charges.
4	$693 million operating loss in the first half	The S-1 gives an operating loss of $693 million for the six months ended June 30, 2026, down from $2.1 billion a year earlier. Operating loss is a different measure from net loss, which is why the two numbers are so far apart.
5	About 900% net revenue retention	As of Sept 30, 2026, per the S-1. CNBC explains that this means existing customers are spending about nine times more than a year earlier, and cites a median of 108% for public cloud software companies as of January (from Altimeter Capital's Jamin Ball).
6	More than 11,900 customers paying $100,000 or more	Trailing-twelve-month revenue as of Sept 30, 2026, up from more than 950 a year earlier, per the S-1.
7	Over 90% of codebase contributions written by Claude	The S-1 says over 90% of the contributions to Anthropic's codebase in September 2026 were written by Claude.

What is still unknown

The number of shares and the price range. The S-1 leaves the price range blank.
When the registration statement will become effective and when trading could start.

Anthropic says the offering will be made only by means of a prospectus and that its announcement is not an offer to sell or a solicitation of an offer to buy these securities.

Other details worth knowing (as reported)

Where revenue comes from. The S-1 says about 48% of revenue in the first six months of 2026 came through cloud-provider marketplaces, and that no single customer was more than 10% of revenue in the nine months ended Sept 30, 2026, while the top five customers were about 25%.
Risk factors. CNBC notes the filing includes more than 90 pages of risk factors, including compute supply and its dispute with the Pentagon over the supply-chain-risk label.

FAQ

Did Anthropic IPO yet?
No. On Oct 26, 2026 it filed an S-1. Anthropic says the registration statement has not yet become effective.

What is Anthropic's ticker?
Anthropic says it intends to list on the Nasdaq Global Select Market under "ANT."

Can I buy the stock now?
No. Anthropic says the securities may not be sold, nor offers to buy accepted, before the registration statement becomes effective. Share count and price range are not set.

What is an S-1?
The registration statement a company files with the SEC before an IPO. It describes the business, financials and risks. You can read this one on SEC EDGAR.

Is this a recommendation?
No. This page summarizes public documents and reporting. Talk to a licensed professional before making any investment decision.

Related on Mishal Brands

Sources (checked Oct 27, 2026)

Anthropic, "Anthropic files S-1 with the SEC for proposed initial public offering" (Oct 26, 2026): https://www.anthropic.com/news/s1-sec
SEC EDGAR, Anthropic, PBC Form S-1, accession 0001628280-26-067168 (filed Oct 26, 2026): https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/0001628280-26-067168-index.htm
CNBC, "Anthropic IPO live updates" (updated Oct 26, 2026, 8:27 PM ET): https://www.cnbc.com/2026/10/26/anthropic-ipo-live-updates-ai-s-1-filing.html

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