⚡️⚡️⚡️ Anthropic has filed an S-1 with the SEC and is officially going public.
Ticker ANT on Nasdaq, leading underwriters are Goldman Sachs and Morgan Stanley. The document does not yet include a price range. The last round valued Anthropic at $965 billion, while the press mentions a target of around $2 trillion.
The main highlights in the S-1 are figures that were previously only leaks:
- Revenue: $41 million in 2023, $386 million in 2024, $4.6 billion in 2025, and $16.3 billion just for the first half of 2026 - 14 times more than the previous year
- Operating loss for the half-year is only $693 million, while for the entire 2025 it was $8 billion. The core business is almost breaking even
- However, the net loss is $80.7 billion. Of this, $72.4 billion is a paper revaluation of convertible notes and SAFE: as the company appreciates, the obligations to early investors appreciate along with it
- $8.9 billion was spent on compute in half a year, more than the entire 2025 ($7.3 billion)
- Clients who brought in more than $100,000 a year increased to 11,900 from 950 the previous year
The management structure is unusual for a public company. Anthropic remains a public benefit corporation, and the Long-Term Benefit Trust, consisting of trustees without financial interest, selects the majority of the board of directors. This means that a shareholder gets a stake but not control. The risks explicitly state that the company may delay and restrict releases for safety reasons - as with Mythos, which in April was opened only to select organizations through Project Glasswing.
And a detail I hadn't seen before: in June, the US Department of Commerce imposed global export restrictions on Fable 5 and Mythos 5, and Anthropic disabled these models for all clients until the restrictions were lifted.
https://x.com/AnthropicAI/status/2114705042817110293
https://www.sec.gov/Archives/edgar/data/0002130357/000162828026067168/anthropicpbc-sx1.htm
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