The short version
Anthropic filed its public S-1 on Monday 26 October. The 335-page prospectus is on the SEC’s website, which means the guesswork is over. It has applied to list on Nasdaq under the ticker “ANT”.
The growth is the headline. Revenue went from $41 million in 2023 to $4.6 billion in 2025 to $16.3 billion in the first six months of 2026 alone.
The loss is the other headline. A net loss of $80.7 billion in those same six months. Almost all of it is non-cash accounting, and the section below explains why that figure is misleading.
One number ties this to a company we already cover: SpaceX’s own filing shows a customer identified as Anthropic paid it just over $5 billion last quarter, which was 34.5% of SpaceX’s total revenue. Anthropic is reported to be paying around $3.1 billion a month once all promised capacity is delivered.
And the business turned a corner. Second-quarter operating profit of $974 million, and $3.9 billion of cash generated from operations in the half, against $1.5 billion consumed a year earlier.
What is still blank: the price range, the share count, the listing date and therefore the valuation. Reports point to $1.5-2 trillion and a debut in the second half of November, but the filing states none of it.
One disclosure, stated plainly: this article was drafted with AI assistance from Claude, which is made by Anthropic. Every figure below comes from the company’s own prospectus, so you can check it yourself.
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What does the prospectus actually show?
Revenue, straight from the filing:
- 📈 2023: $41 million
- 📈 2024: $386 million
- 📈 2025: $4.585 billion
- 📈 First half of 2025: $1.163 billion
- 📈 First half of 2026: $16.286 billion
That last pair is the one to sit with. Revenue grew roughly 14 times year on year in six months.
Three more figures from the filing:
- 🔁 Net Revenue Retention of about 900% as of 30 September 2026. Existing customers spent roughly nine times what they spent a year earlier.
- 👥 Revenue per employee above $6.6 million, up from $1.4 million a year earlier.
- 🏢 More than 11,900 customers paying $100,000 or more over twelve months, and about 250 paying over $10 million.
About that $80.7 billion loss
It is real, it is enormous, and it is mostly not what it sounds like.
Here is the same six months, read properly:
- 🔴 Net loss: $80.7 billion. That’s the headline number.
- ⚙️ Operating loss: $693 million. This is the actual business, and it improved from a $2.1 billion operating loss a year earlier while revenue grew fourteenfold.
- ✅ Adjusted operating income: positive $1.6 billion, a 10% adjusted operating margin, against a $1.8 billion adjusted loss a year earlier.
So where did $80 billion of loss come from? Mostly one line: a $72.4 billion charge for the change in fair value of convertible notes, derivative liabilities and SAFEs. In plain terms, Anthropic has instruments on its balance sheet whose accounting value rises as the company becomes more valuable. The more valuable the company gets, the bigger the accounting loss it reports.
It is a loss caused by success, and it is non-cash. These instruments convert to shares at listing, which is why the prospectus shows pro-forma figures without them.
None of which makes the company cheap or safe. It means the $80.7 billion figure is the wrong number to argue about. The operating line is the one that describes the business.
What’s still unknown
The price. The prospectus has blanks where the offering price, the share count and the proceeds go. Those are filled in shortly before the listing.
The date. Reports point to a debut in the second half of November, some naming the week of 16 November and others Thanksgiving week. The filing gives no date.
The valuation. The filing gives none. The widely quoted $1.5 trillion to $2 trillion range is an outside estimate, not a company figure: MIT Sloan professor Sinan Aral gave it to CNBC, calling it a 22 to 30 times revenue multiple. Other reports suggest the private-market target has drifted toward the lower end. The last confirmed private valuation was $965 billion in May, itself nearly triple February’s $380 billion.
Until they are, nobody, including every outlet that has printed “$2 trillion”, knows what this company will be worth on day one.
And Anthropic is not the only one in the queue. OpenAI is also planning a listing and filed confidentially within about a week of Anthropic doing the same. Its plans are on hold for now: Sam Altman has described listing this year as ill-advised given current concerns around AI safety. OpenAI was last reported at $852 billion in March, below the $965 billion Anthropic reached in May. So Anthropic goes first, and the price it gets becomes the benchmark everything else in AI is measured against.
One more thing worth knowing if you’re reading this in the Gulf: the prospectus lists public offerings in the US, Australia, Canada, parts of the European Economic Area, Japan, Switzerland and the UK. The UAE is not among them. Buying into the offering itself is not open to retail investors here.
The SpaceX precedent
The most useful thing about this listing is that a very similar one already happened, five months ago.
SpaceX listed on 12 June 2026 at $135 a share, raising around $86 billion in the largest IPO ever. Here’s what followed:
- 🚀 It opened around $150. Anyone who got shares at the offer price was immediately up.
- 📉 It fell to $104.83 on 3 August, around the time its first lockup expired and more than 900 million shares became sellable. That’s roughly 22% below the IPO price.
- 📈 It traded around $147.50 before its October results, which then showed its first profit as a public company.
Three lessons, and they apply to any hyped listing:
- 🔒 Watch the lockup. Early investors and employees usually can’t sell for months. When that restriction lifts, a lot of supply arrives at once. SpaceX’s low came almost exactly then.
- 💸 The IPO price is set by the seller. It’s the price at which the company and its bankers believe the shares will clear, not an independent valuation.
- ⏳ The first year is noise. SpaceX went from $150 to $105 to $147 in four months while the underlying business did roughly what it said it would.
None of this predicts anything about Anthropic. Different business, different market conditions, different investor base. But it is real evidence about how listings of this size behave, and it’s more useful than any forecast.
What could go wrong?
- 📅 The listing may not happen when reported, or at all. A filing is an option, not a commitment. Market conditions change, and companies postpone.
- 🗳️ You would be buying shares with very little say. The founders’ entity holds stock carrying 50.1% of voting power, and a Long-Term Benefit Trust elects a majority of the board. Anthropic is a “controlled company” under Nasdaq rules and a public benefit corporation, so directors must balance shareholder interests against its stated public purpose. Unusual, clearly disclosed, and not for everyone.
- 🔒 Lockup expiry is a known pressure point. SpaceX’s low came as its first lockup lifted. Any large listing faces the same mechanic.
- 💳 The compute commitments are vast. CNBC puts Anthropic’s future compute obligations at approximately $417 billion, covering data centres, the equipment inside them and cloud services. Fortune reports a further $125-150 billion of capacity starting between 2028 and 2031, taking the total committed to between $542 billion and $567 billion. Much of it is non-cancelable and payable regardless of usage. For scale, the company had signed up for $54.6 billion at the end of 2025. That is the number to weigh against the revenue growth.
- ⚔️ OpenAI is on the same road, just not yet. It filed confidentially within about a week of Anthropic, but Altman has ruled out listing this year, calling it ill-advised amid AI safety concerns. It was last reported at $852 billion in March. One of them being right does not require the other to be wrong, but both are priced for winning.
- 🚫 You cannot buy it yet. Anthropic shares are not trading, and anything offering you “pre-IPO access” to them deserves serious suspicion.
What should investors take from this?
Separate what a company has confirmed from what has been reported about it. That single habit would have protected a lot of people from a lot of AI coverage this year.
Three practical steps for any big listing:
- 📄 Wait for the public prospectus. It contains the revenue, the losses, the debt and the risk factors, written under legal liability. Everything before it is secondhand.
- 🔒 Find the lockup date before you decide anything. It is usually the single most predictable supply event in a new stock’s life.
- 🧘 You do not have to be early. There is no rule requiring you to own something in its first week. The companies that were genuinely worth owning in 2015 were still worth owning in 2016.
And if the theme interests you more than the single name, the AI build-out is already investable through listed chipmakers, infrastructure and index funds, without waiting for any IPO. The filing proved the point within a day: Asian chipmakers rallied, with Samsung up about 4% and SK hynix about 6%, and the memory shortage behind those moves is already a listed investment case.
It’s also worth seeing how differently listings can go. Dangote’s refinery ran the biggest public offer in African history, priced for ordinary investors. Bumble went the other way entirely, leaving the stock market at $6.05 a share. Companies arrive and companies leave, and the headline rarely tells you which one you’re watching.
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FAQs
When is the Anthropic IPO? Anthropic filed its public S-1 on 26 October 2026 and has applied to list on Nasdaq as “ANT”. The filing gives no date, no price range and no share count. Reports point to a debut in the second half of November, but that is reporting rather than company guidance.
What is Anthropic’s valuation? The S-1 states no valuation. The most recent company-confirmed figure is $965 billion, set by a funding round in May 2026, up from $380 billion in February. Reports describe an IPO target of $1.5 trillion to $2 trillion, which Anthropic has not confirmed.
How much revenue does Anthropic make? Per the S-1: $41 million in 2023, $386 million in 2024, $4.585 billion in 2025, and $16.286 billion in the first six months of 2026 against $1.163 billion in the same period of 2025. Net Revenue Retention was about 900% as of 30 September 2026.
Can I buy Anthropic shares before the IPO? No. The shares are not trading yet, and the offering itself is not open to retail investors in the UAE: the prospectus lists public offerings in the US, Australia, Canada, parts of the European Economic Area, Japan, Switzerland and the UK. Any offer of “pre-IPO access” to Anthropic shares should be treated with considerable caution.
How can I invest in AI without the IPO? The listed AI supply chain is already public: chipmakers, memory manufacturers, cloud providers and the companies deploying AI across their businesses. Broad technology and index funds hold many of them. On Nemo.money you can research and invest in eligible US-listed stocks and ETFs from $1 with zero commission, with uninvested cash earning 6% AER interest, paid daily in USD. Anything named is an example to research, not a recommendation. Your capital is at risk.
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This article was drafted with AI assistance from Claude, which is made by Anthropic, the company discussed. All figures are attributed to their original sources.
Terms and conditions apply. This is not investment advice. Past performance is not indicative of future results. Your capital is at risk. See website for Risk Disclosure. Exinity ME Ltd (https://nemo.money) is regulated by ADGM’s Financial Services Regulatory Authority.
