AIDeveloping

Anthropic files for IPO, reveals $80.7bn loss and plan for co-founder control

Trust to elect board majority; float expected to be largest in history

By LineZotpaper AI staff

Published26 October 2026

Updated26 October 2026

Read Time4 min

Sources12 outlets

Reactions3 on X

Follow this storyHear when it moves

Illustration: Anthropic files for IPO, reveals $80.7bn loss and plan for co-founder control

Anthropic, the developer of the Claude AI models, publicly filed its S-1 registration statement for an initial public offering on Monday, revealing a first-half net loss of $80.7 billion on revenue of $16.3 billion and detailing a governance structure that would give its seven co-founders voting control. The company plans to list on the Nasdaq under the ticker ANT, with Goldman Sachs and Morgan Stanley leading a syndicate of 24 underwriters. The number of shares and price range have not been set, but the offering is expected to be valued at more than $1.8 trillion, making it the largest stock market debut in history; backers have hopes for a valuation above $2 trillion.

The filing, made public after a confidential draft was submitted to the Securities and Exchange Commission in June, provides the first detailed look at the company's finances and corporate structure. Anthropic reported revenue of $16.29 billion for the six months ended June 30, up from $1.16 billion in the same period a year earlier. Full-year 2025 revenue was $4.59 billion, growing from $386 million in 2024 and $41 million in 2023. The net loss of $80.7 billion for the first half of 2026 was largely driven by a $72.4 billion non-cash charge related to changes in the fair value of convertible notes, itself driven by the company's rising valuation. Its operating loss for the period was $693 million. As of June 30, Anthropic had raised $141.1 billion in total and held $112.4 billion in cash and cash equivalents, plus $19.3 billion in short-term investments. The company said it had more than 1,900 customers generating at least $1 million in annual revenue and about 250 generating at least $10 million as of September 30.

Anthropic is incorporated as a public benefit corporation, requiring directors to balance shareholder interests with the company's stated purpose: 'the responsible development and maintenance of advanced AI for the long-term benefit of humanity.' Under the proposed governance, a five-member Long-Term Benefit Trust with no financial interest in the company will elect a majority of the board through a special class of stock. Separately, an entity owned by the seven co-founders will hold a single Class F share carrying 50.1 per cent of the voting power on most shareholder matters, making Anthropic a 'controlled company' under Nasdaq rules. Holders of Class A shares, the stock to be sold in the IPO, will receive one vote per share. The filing warns that the structure 'may effectively eliminate the ability of holders of our Class A common stock to influence important decisions, including a change in control.' The co-founders have each pledged to donate 80 per cent of their personal equity to philanthropic causes. The company also contributed about 847 million non-voting shares, representing 5 per cent of fully diluted shares, to a wholly owned subsidiary dedicated to its public benefit purpose. The establishment of that fund drew criticism from investor and former White House AI czar David Sacks, who questioned whether it would serve the public good.

Anthropic announced its intention to go public in June, followed quickly by its main rival, OpenAI. Both companies have faced a wave of cyber-security breaches involving AI agents, and current and former staff have issued warnings that AI is being developed without adequate safeguards for humanity. In its filing, Anthropic reiterated its commitment to beneficial AI development while warning investors of the technology's dangers. The company said it often makes forward investments 'that may seem irresponsibly large at first glance,' but said the fast-changing technological landscape requires aggressive investment. 'In general, we will aim to be bold but sane, and to win trust with a track record of successful bets,' it said.

RSS

The Daily Edition

The front page in your inbox each weekday morning: the lead, the picks, and why each one earned its place.

How it's landing

Rohan Paul @rohanpaul_ai

AI news curator

Anthropic just filed S1 with SEC. shows $16.3B in 6-month revenue while its operating loss shrank to $693M. That revenue is 14 times the year-earlier $1.16B, and it’s growing much faster than Anthropic’s biggest operating expense. Compute and infrastructure cost $8.9B over the 6 months, yet June-quarter revenue rose 1,368% year over year against 300% for compute. Existing customers supply much of that growth: by September, those outside Claude’s Pro and Max plans spent about 9 times their year-earlier level. The $80.7B net loss, by contrast, comes mostly from a $72.4B paper charge, because convertible notes issued to Amazon gained value as Anthropic’s valuation rose. Amazon funded Anthropic partly through loans that later turn into shares, and accounting rules make Anthropic book a loss whenever those future shares become more valuable, which accounts for $72.4B of the $80.7B loss. No cash left the company; the real cost is that Amazon will receive shares worth far more than it paid, which shrinks other shareholders’ slice. Public buyers get 1 vote per Class A share, while the co-founders’ single Class F share carries 50.1% of total voting power. The Long-Term Benefit Trust also elects most directors, so Class A holders will have little say over leadership or any takeover. We are still blank are the price range and total compute commitments running to 2045, the figure that will test whether revenue can keep outpacing compute.

QuotingAnthropic has filed an S-1 registration statement with the SEC related to its proposed IPO. Read more: Legal disclaimer: A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This post does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. View post

26 Oct, 14:00 UTC View on X

Gary Marcus @GaryMarcus

AI skeptic

Wild juxtaposition in my feed: Anthropic set to IPO just as its token prices hit a record low. Fantasy math and reality are about to collide.

26 Oct, 12:23 UTC View on X

Posts on X from people the desk follows. Their words, unedited.

Analysis

Why This Matters

Anthropic's IPO is a milestone for the AI industry, setting a valuation benchmark and testing investor appetite for companies with massive upfront costs and long-term promises.
The unusual governance structure, with a trust controlling the board and co-founders retaining voting control, could become a model for other public benefit AI companies or a deterrent for traditional investors.
The company's huge losses, even when excluding non-cash charges, raise questions about the sustainability of AI infrastructure spending and the timeline to profitability.

Background

Anthropic was founded in 2021 by Dario and Daniela Amodei and five others who left OpenAI. It develops the Claude chatbot and has raised more than $140 billion in total, most recently $65 billion in May 2026 at a $965 billion valuation. It is considered the first pure AI company to file for a public listing; OpenAI has said it will follow early next year. The IPO is expected to be the largest ever, with a valuation potentially exceeding $1.8 trillion and backers hoping for more than $2 trillion.

Key Perspectives

Anthropic: says heavy upfront investment is necessary to capture the opportunity in a fast-changing technological regime, and aims to be 'bold but sane' with a track record of successful bets. David Sacks: questioned whether the company's public benefit fund will actually serve the public good. Current and former staff: have warned that AI is being developed without the ability to protect humanity from potential future harms.

What to Watch

The IPO pricing and investor demand when the share count and range are set, which will signal market confidence in AI companies at these valuations.
How the governance structure affects the stock's trading and whether institutional investors accept the limits on their influence.
The timing of OpenAI's expected IPO early next year and how the two offerings might compete for capital.

Sources

Checked

11 claims in this story checked against 3 sources: 9 supported.

Show each claim

SupportedAnthropic publicly filed its S-1 registration statement for an IPO on Monday.Decrypt: “Anthropic has filed an S-1 registration statement with the SEC related to its proposed IPO.”
SupportedAnthropic reported a first-half net loss of $80.7 billion.Decrypt: “The company recorded a net loss of $80.7 billion for the first half of 2026.”
SupportedAn entity owned by Anthropic’s seven co-founders would hold voting control, with 50.1% of the voting power on most shareholder matters.Decrypt: “Immediately before the offering, Anthropic will issue a single Class F share to an entity owned by its seven co-founders, carrying 50.1% of the voting power on most shareholder matters.”
SupportedA five-member Long-Term Benefit Trust will elect a majority of Anthropic’s board.Decrypt: “Under the proposed structure, the Long-Term Benefit Trust, a body of five financially disinterested trustees, will elect a majority of the board through a special class of stock.”
SupportedAnthropic’s float is expected to be the largest stock market debut in history.BBC News: “Artificial intelligence (AI) firm Anthropic has revealed details of its business ahead of its plans to sell shares to the public in what will likely be the largest stock market debut in history.”
Reports differAnthropic’s offering is expected to be valued at more than $1.8 trillion.CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: “The FT reports investors expect a $1.5–1.75 trillion valuation”
SupportedAnthropic reported first-half 2026 revenue of $16.29 billion, compared with $1.16 billion a year earlier, and annual revenue of $4.59 billion in 2025, $386 million in 2024 and $41 million in 2023.Decrypt: “Anthropic reported revenue of $16.29 billion for the six months ended June 30, 2026, compared with $1.16 billion in the same period a year earlier. Full-year revenue was $4.59 billion in 2025, up from $386 million in 2024 and $41 million in 2023.”
SupportedThe number of shares and the price range for the offering have not been set.Decrypt: “The number of shares and the price range have not yet been set.”
Partly supportedA $72.4 billion charge related to changes in fair value of convertible notes drove most of the first-half net loss, and the charge was driven by Anthropic’s rising valuation.Decrypt: “Most of that came from a $72.4 billion charge for changes in the fair value of convertible notes and other instruments, which the filing says was primarily driven by an increase in its valuation.”
SupportedThe filing warns that the structure “may effectively eliminate the ability of holders of our Class A common stock to influence important decisions, including a change in control.”Decrypt: “The filing warns that the structure “may effectively eliminate the ability of holders of our Class A common stock to influence important decisions, including a change in control.””
SupportedAnthropic said, “In general, we will aim to be bold but sane, and to win trust with a track record of successful bets.”BBC News: ““In general, we will aim to be bold but sane, and to win trust with a track record of successful bets.””