Anthropic Files for Nasdaq IPO, Reports $16.3 Billion Revenue in First Half of 2026

The San Francisco-based company said it had submitted a registration statement on Form S-1 to the US Securities and Exchange Commission (SEC) for a proposed offering of its Class A common stock. The number of shares to be offered and the price range have not yet been determined.

Revenue surges as losses mount

Anthropic’s filing highlights the rapid expansion of its business amid growing demand for artificial intelligence services. The company reported revenue of $41 million in 2023, rising to $386 million in 2024 and $4.6 billion in 2025.

For the six months ended June 30, 2026, revenue reached $16.3 billion, representing year-on-year growth of 1,300 per cent, according to the filing.

However, Anthropic cautioned investors against assuming that the pace of expansion would continue. The company said it did not expect revenue to grow at comparable rates and could not guarantee that revenue would continue to increase.

The filing also reported net losses of $41.97 billion for 2025 and $80.75 billion for the first half of 2026, underscoring the scale of the financial risks accompanying its rapid growth.

Goldman Sachs and Morgan Stanley are leading the underwriting syndicate for the proposed offering. Other participating institutions include JPMorgan, Citigroup, Barclays and Wells Fargo Securities.

Founders and governance structure

Founded in 2021, Anthropic operates as a public benefit corporation. Its governance structure includes a Long-Term Benefit Trust, described in the filing as a financially disinterested trust, which generally has the authority to elect and remove a majority of the company’s board.

Chief Executive Officer Dario Amodei and President Daniela Amodei, alongside five other co-founders, will hold special Class F stock through a founders’ entity.

The proposed share offering marks a significant step for the AI developer as it seeks to access public capital markets amid intense competition across the artificial intelligence industry.

Claude’s cloud and chip ecosystem

Anthropic’s Claude models are available through major cloud platforms, including Amazon Web Services, Google Cloud and Microsoft Azure.

The company also relies on a range of computing hardware to train its AI models, including Amazon Trainium chips, Google tensor processing units (TPUs), and processors from Nvidia and AMD.

Its prospectus identifies risks associated with access to advanced computing infrastructure, including the possibility that future US export controls on advanced chips could restrict data-centre development, limit international expansion or raise operating costs.

Anthropic also highlighted the concentration of advanced semiconductor manufacturing in Taiwan, warning that geopolitical tensions between Taiwan and China could pose risks to its operations and supply chain.

India-related disclosures and immigration risks

The prospectus does not provide specific details about Anthropic’s operations or customer base in India. It states that the company has subsidiaries and operations in the United Kingdom, the European Union, Canada and the Asia-Pacific region, with international offices in Europe and Asia-Pacific.

India is mentioned in the document’s restrictions on the sale of securities. The filing states that the prospectus has not been and will not be reviewed or approved by Indian regulatory authorities, including the Securities and Exchange Board of India (SEBI). It also says the shares will not be offered to the Indian public, except under applicable private-placement exemptions.

Anthropic has identified immigration policy as another potential business risk, warning that restrictions on the movement of professional and technical workers could affect its ability to recruit and retain highly qualified employees.

The company also cited targeted immigration or visa actions affecting its personnel as a possible form of adverse government action. These risks are relevant to the broader technology industry, which relies on internationally mobile engineering and research talent, including professionals from India working in the United States on H-1B visas.

The proposed IPO comes as AI companies face growing investor interest alongside questions about the long-term sustainability of their growth, the cost of developing advanced models and their dependence on computing infrastructure. Anthropic’s eventual offering size and valuation will depend on details that have yet to be determined.