Anthropic, the company behind Claude, made its registration statement public on October 26, 2026. It has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol ANT. The filing follows a confidential draft first submitted in June 2026 and amended five times. The price range, the number of shares offered and the expected proceeds are still blank.
What the S-1 does contain is three years of audited financial statements, an unaudited first half of 2026 and operating metrics through September 30, 2026. Every figure below comes from the filing.
The headline numbers
| USD million | H1 2026 | H1 2025 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|---|
| Revenue | 16,286 | 1,163 | 4,585 | 386 | 41 |
| Total operating expenses | 16,979 | 3,298 | 12,645 | 3,366 | 592 |
| Operating loss | (693) | (2,135) | (8,060) | (2,980) | (551) |
| Net loss | (80,748) | (12,969) | (41,965) | (8,309) | (1,531) |
| Cash flow from operations | 3,929 | (1,513) | (2,637) | (5,692) | (1,627) |
H1 = six months ended June 30, unaudited. Source: Anthropic Form S-1.
Revenue grew roughly twelvefold in 2025 and fourteenfold year on year in the first half of 2026. The operating margin moved from -183.6% in H1 2025 to -4.3% in H1 2026, and operating cash flow turned positive for the first time, at $3.9 billion.
Where the money comes from
- Pay-per-use. 80.2% of H1 2026 revenue was consumption-based: customers pay for the tokens their applications and agents use. Subscriptions to the Claude apps brought in the other 19.8%.
- Cloud marketplaces. About 48% of H1 2026 revenue was sold through the marketplaces of cloud providers, up from 11% in 2023.
- Large, expanding customers. At September 30, 2026: more than 11,900 customers spending over $100,000 a year, more than 1,900 over $1 million and about 250 over $10 million. Net revenue retention was about 900%. The S-1 defines it as qualified customers' revenue in the latest three months divided by their revenue in the same three months a year earlier, excluding Claude Pro and Max subscribers.
- Concentration. No customer exceeded 10% of revenue in the first nine months of 2026; the top five together accounted for about 25%.
The S-1 also publishes its run-rate formula: consumption fees in the trailing 28 days multiplied by 13, plus monthly subscription fees multiplied by 12.
Where the money goes
Operating costs as a share of H1 2026 revenue:
| Cost line | USD million | Share of revenue |
|---|---|---|
| Compute and infrastructure | 8,945 | 54.9% |
| Sales, marketing and partnerships | 3,168 | 19.5% |
| Personnel | 3,152 | 19.4% |
| Other operating and administrative | 1,714 | 10.5% |
| Total | 16,979 | 104.3% |
Compute fell from 200.7% of revenue in H1 2025 to 159.8% in 2025 and 54.9% in H1 2026. Sales and marketing grew from $120 million to $3.2 billion in a year. Of the $3.2 billion personnel cost, $2.2 billion was stock-based compensation.
What makes up the $80.7 billion loss
| H1 2026, USD billion | |
|---|---|
| Operating loss | -0.7 |
| Interest income | +1.1 |
| Fair-value change on convertible notes | -72.4 |
| Other financial instruments and other, net | -8.8 |
| Income taxes | -0.0 |
| Net loss | -80.7 |
Anthropic funded much of its growth with convertible notes that turn into shares. As its valuation rose, the notes became worth more, and accounting records that increase as an expense. Together with $8.7 billion of other non-cash fair-value items, these charges move no cash and are larger than the whole net loss. The business itself generated $3.9 billion of cash from operations.
How the numbers are recorded
- Revenue recognition. Pay-per-use revenue is recognized as customers use the service, based on tokens consumed. Subscriptions are generally prepaid and recognized over the subscription period, usually 12 months or less. Deferred revenue was $1.65 billion and remaining performance obligations $10.8 billion at June 30, 2026.
- Gross, not net. On sales through cloud marketplaces Anthropic is the principal (it contracts with the customer, is responsible for the service and sets the price) and reports the full amount as revenue. The rule is the same one Apple applies from the other side of a marketplace: for third-party App Store apps, Apple does not obtain control of the product and records only the commission it retains (Apple Form 10-K FY2025, Note 2).
- Critical estimates. The S-1 lists the fair value of the convertible notes, stock-based compensation ($26.6 billion of RSU expense not yet recognized at June 30, 2026: $2.9 billion would be recorded when the offering completes and the other $23.7 billion over about 2.1 years after that), leases and income taxes. Revenue is not one of them.
Other details from the filing
- TTM revenue per employee was over $6.6 million at September 30, 2026, against $1.4 million a year earlier.
- Claude Cowork's adoption since its January 2026 research preview has outpaced Claude Code's at the same point, and in September 2026 Anthropic began merging Cowork and Claude.ai.
- A Founder LLC of the seven co-founders will hold Class F stock carrying 50.1% of the voting power.
- 5% of fully diluted shares went to the Anthropic Public Benefit Fund.
- Lock-up: shares are released in stages under 180-day and 365-day lock-ups, not all at once.
Explore the filing
The interactive breakdown, the charts and the videos are on Anthropic's IPO, behind the figures. The full S-1 is searchable on Clarifo: ask any question about it and get the answer with the page it came from.
All figures are from Anthropic's Form S-1 filed with the SEC on October 26, 2026 (accession 0001628280-26-067168) and, for the Apple comparison, Apple's Form 10-K for fiscal 2025. Ratios are calculated by Clarifo from those figures. This article is not investment advice.