Anthropic files for IPO with $16.3 billion first-half revenue
Anthropic disclosed $16.3 billion in first-half revenue and its first GAAP operating profit, targeting a valuation between $1.5 and $2 trillion. The filing reveals massive compute commitments and a governance structure that retains founder control.
Anthropic filed its Form S-1 registration statement with the SEC for a NASDAQ IPO under the ticker ANT, targeting a valuation of $1.5 to $1.75 trillion, though some analysts and earlier reports cited a potential $2 trillion valuation. The company reported $16.3 billion in revenue for the first half of 2026, a significant increase from $1.2 billion in the same period last year and $4.6 billion in full-year 2025. Q3 2025 revenue of $16.8 billion implies an annual run-rate of $67.2 billion. Despite this growth, Anthropic reported a net loss of $80.7 billion for the first half, primarily driven by $72.4 billion in non-cash mark-to-market losses on convertible notes held by Amazon and Google. Adjusted for these accounting adjustments, the net loss was $8.4 billion. The company achieved its first profitable quarter under GAAP in Q2 2025, with an operating profit of $974 million and gross operating margins rising to 85%.
The filing highlights Anthropic’s heavy infrastructure obligations, with over $600 billion in future compute commitments, $417 billion of which are non-cancellable. Compute spending reached $9 billion in the first half of 2026. Customer metrics show over 11,900 customers with annual spend exceeding $100,000, with net revenue retention at 900%. However, customer concentration remains a risk, with the top five customers accounting for approximately 25% of revenue and 48% of revenue flowing through cloud partners like Amazon, Google, and Microsoft. Governance is structured to maintain founder control, with seven co-founders holding 50.1% of voting power via Class F shares, a structure comparable to Meta’s. Goldman Sachs and Morgan Stanley are leading the underwriting syndicate.