Anthropic publicly files S-1 registration statement, with approximately $16.3 billion in revenue in the first half of 2026 and approximately an $80.7 billion net loss
Anthropic, PBC publicly filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission on October 26, 2026, under file number 333-299633, with a reception time of about 9:00 a.m. Eastern Time. The company had previously submitted a confidential draft on June 1, 2026, and this public filing allows investors to directly review its IPO-related disclosures for the first time.
The filing shows that the joint lead underwriters include Goldman Sachs & Co. LLC and Morgan Stanley, with several other institutions participating, including J.P. Morgan, Citigroup, Barclays and Wells Fargo Securities. The number of shares and the price have not yet been determined, and the relevant fields in the filing remain blank. The company plans to issue Class A common stock and disclosed that its governance structure involves multiple classes of shares, with founder-related arrangements affecting voting rights.
The public filing confirms that the company has large, long-term commitments in computing resources and lists a risk factors section. Media previously reported that the confidential draft showed revenue of about $16.3 billion in the first half of 2026, a net loss of about $80.7 billion (most of which was non-cash accounting expenses related to convertible instruments), and third-quarter revenue of about $16.8 billion, but the complete financial data in the formal public version should be based on the EDGAR filing.
Original sources:
Title: EDGAR Filing Documents for 0001628280-26-067168 Publisher: U.S. Securities and Exchange Commission Publication date: 2026-10-26 URL：https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/0001628280-26-067168-index.htm Nature of source: regulatory original document index Verification status: directly accessed, confirming that the Form S-1 was filed on 2026-10-26, reception time 09:00:11, file number 333-299633, CIK 0002130357 Supporting content: public filing fact, file number, reception time, main document link
Title: Anthropic, PBC - S-1 Publisher: U.S. Securities and Exchange Commission (company submission) Publication date: 2026-10-26 URL：https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm Nature of source: regulatory original registration statement Verification status: accessed and key fields retrieved Supporting content: underwriter list (Goldman Sachs, Morgan Stanley, etc.), offering price and share count not yet determined, governance structure and risk factors section present
Title: Exclusive | Anthropic Draft IPO Filing Shows Red-Hot Growth, Many Risks and Massive Computing Costs Publisher: The Wall Street Journal Publication date: 2026-10-20 URL：https://www.wsj.com/tech/ai/anthropic-revenue-growth-ipo-accaf0f1 Nature of source: media report on confidential draft Verification status: cross-checked against multiple English reports, consistent with the public filing timeline Supporting content: media description of the first-half revenue, net loss and computing resource commitments in the earlier draft (formal public figures are subject to the S-1)
ABAB AI Insight
Publicly filing the S-1 means Anthropic has completed a key step from confidential review to public disclosure. Under SEC rules, the company must make the filing public at least 15 calendar days before the formal roadshow. Earlier reports pointed to a possible launch of the roadshow in the week of November 9, and this October 26 filing is consistent with that window, though it still depends on subsequent market conditions and any amendments.
The financial figures from the confidential stage will in the public version be replaced by audited statements. The first-half revenue of $16.3 billion and net loss of $80.7 billion reported by WSJ and Reuters based on the draft (about $72 billion of which was due to non-cash changes in the fair value of convertible instruments), as well as third-quarter revenue of about $16.8 billion, reflect the coexistence of rapid growth and massive computing expenses. The public filing will allow the market to directly verify these figures and see the full customer concentration, details of computing commitments and risk factor language.
The underwriting syndicate, led by Goldman Sachs and Morgan Stanley and supported by several major investment banks, suggests expectations for a relatively large offering. The company has not yet disclosed its target valuation or fundraising amount, and media had previously discussed a range from a peak valuation of about $2 trillion to a reduction to about $1.5 trillion. Actual pricing will depend on investor feedback after the public filing, the sustainability of computing resource costs and comparisons with recent large tech IPOs such as SpaceX.
Governance structure and risk disclosures are another core element of the filing. The multiple-class share arrangement may allow founder-related entities to retain significant voting power, and after the public filing this will be a key point for institutional investors assessing control rights and alignment with the long-term mission. At the same time, the filing explicitly lists AI-related risks, including narratives about potential social impact, job displacement, misuse and catastrophic risk, continuing the framework used in the earlier draft and turning these factors from media paraphrase into part of the formal registration statement.
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By making the S-1 public, the numbers paraphrased by the media during the confidential stage become audited facts that all investors can directly verify.
When large non-cash accounting expenses coexist with long-term computing commitments, revenue growth alone is not sufficient to determine the valuation ceiling.
The founder multi-class share arrangement makes the control structure a pricing variable alongside financial metrics.