Anthropic files for Nasdaq IPO under ANT, $16.3B first-half revenue

Anthropic filed an S-1 with the SEC on Monday to list Class A common stock on the Nasdaq Global Select Market under the ticker ANT, with the company and existing shareholders both selling. The filing leaves the share count and price range blank; Goldman Sachs and Morgan Stanley are named first among 24 underwriters, Decrypt reported.

Anthropic booked $16.29 billion of revenue in the six months ended June 30, against $1.16 billion in the same period a year earlier, a roughly 14-fold increase, Crunchbase News reported. Second-quarter revenue was about $11.6 billion, up from $4.73 billion in the first quarter and 1,368% higher year over year, InvestmentNews reported. Full-year revenue was $4.59 billion in 2025, up from $386 million in 2024 and $41 million in 2023, according to Reuters figures cited by InvestmentNews.

Funds that carry Anthropic at the $965 billion price set in its May round will have a daily public reference for that position once ANT trades, rather than a mark struck once a quarter. That cuts both ways for a selector: a rising public price validates the carried value, and a falling one turns a stale mark into a question a client will ask. Will Rhind, founder and CEO of GraniteShares, framed the wider effect in comments reported by InvestmentNews: "Today, valuations for the major AI labs are set in private rounds, but once Anthropic trades, every other private AI company will be measured against a daily public price. That could reset expectations across the private AI market."

The carried values behind that mark are already large. Coatue has invested $4.75 billion in Anthropic and its stake was worth roughly $7.5 billion at the last round's price, according to a person familiar with the matter cited by TechCrunch. Iconiq's $6 billion check was carried at $17 billion and Menlo Ventures' more than $1 billion at $14 billion, TechCrunch reported, citing Bloomberg; Spark Capital's $75 million Series C position was put at $7 billion.

The first-half net loss was $80.7 billion, most of it a $72.4 billion charge for changes in the fair value of convertible notes and other instruments, Decrypt reported. The filing attributes that charge primarily to an increase in the company's valuation. Operating loss narrowed to $693 million from $2.1 billion a year earlier, InvestmentNews reported.

As of June 30 the company held $112.4 billion in cash and cash equivalents plus $19.3 billion in short-term investments, and had raised $141.1 billion in total, according to the filing as reported by Decrypt. It also discloses more than $500 billion of computing commitments that it largely cannot cancel, InvestmentNews reported.

As of Sept. 30, more than 1,900 customers were generating at least $1 million of revenue over the prior 12 months and about 250 at least $10 million, Decrypt reported. Anthropic is incorporated as a public benefit corporation, and a Long-Term Benefit Trust of five financially disinterested trustees will elect a majority of the board through a special class of stock, per the same account. Each of the seven co-founders holds between 230,000 and 246,000 Class A shares, Crunchbase News reported.

The price range is the next disclosure. A confidential draft went to the SEC in June, and Reuters reported last month that backers hoped for a valuation above $2 trillion, Decrypt reported. The Wall Street Journal reported a trading start in the week of Nov. 16, InvestmentNews said. Crunchbase News also cited Reuters reporting that Anthropic could reach a $110 billion annualized revenue run rate by year-end, based on analysts who met with company executives.