Anthropic filed a preliminary prospectus for a Nasdaq listing

Anthropic, PBC, filed a preliminary registration statement for an initial public offering of Class A common stock. The Form S-1 is marked subject to completion. The EDGAR index lists the filing date as Oct. 26, 2026. The cover says the company and selling stockholders are selling shares, that the company will not receive proceeds from the selling stockholders’ shares, and that there has been no public market for the Class A stock. The estimated price range and the number of shares are blank. This article does not fill those blanks.

The company said it has applied to list the Class A shares on the Nasdaq Global Select Market under the symbol ANT. It said it is a Delaware public benefit corporation and that its stated public benefit is “the responsible development and maintenance of advanced AI for the long-term benefit of humanity.” A Long-Term Benefit Trust would, through Class T common stock, generally elect and remove the Class T directors, who together would be a majority of the authorized board. The filing says Class T stock has no economic rights and does not otherwise vote on matters submitted to stockholders generally.

Immediately before the offering, the company said it will issue one share of Class F common stock to a limited liability company whose initial members are the seven co-founders: Dario Amodei, described as chief executive and a director; Daniela Amodei, described as president and chair; and Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish and Christopher Olah. The prospectus says that Class F share would carry 50.1% of the voting power on matters submitted to stockholders generally, including election of directors other than the Class T directors, and that it would have no economic rights. Anthropic said it would be a Nasdaq “controlled company” because the trust can elect a majority of the board, and that it expects to use that exemption only for its nominating and corporate governance committee.

The summary income statement, in millions, shows revenue of $16,286 for the six months ended June 30, 2026, against $1,163 a year earlier. The discussion of results says that was an increase of $15.1 billion, or 1,300%. Revenue was $4,585 million for 2025, $386 million for 2024 and $41 million for 2023. Net loss for the 2026 first half was $80,748 million, against $12,969 million a year earlier. The filing says that loss includes a $72,388 million change in the fair value of convertible notes, derivative liabilities and simple agreements for future equity, which it ties mainly to a higher enterprise valuation. Operating loss for the half narrowed to $693 million from $2,135 million. In the quarterly table, revenue for the three months ended June 30, 2026 was $11,555 million and operating income was $974 million, the only quarter in that six-quarter table with operating income rather than an operating loss.

The balance sheet lists cash, cash equivalents and short-term investments of $131,651 million as of June 30, 2026. In prose, the company said that as of that date it had raised $141.1 billion of capital and held $112.4 billion of cash and cash equivalents and $19.3 billion of short-term investments. It said that as of Sept. 30, 2026 it had more than 11,900 customers with at least $100,000 of trailing-twelve-month revenue, more than 1,900 with at least $1 million, and about 250 with at least $10 million, and that net revenue retention was about 900%. The prospectus says operating metrics of that kind are calculated internally and have not been independently verified. The company’s own adjusted net income for the 2026 first half, which adds back the fair-value change and other items it lists, was $2,671 million. That is its non-GAAP figure, not a substitute for the net loss above. Nothing here is a view on whether the shares should be bought or sold.