Research / Original filings
Anthropic.
Before the IPO.
Filing snapshot only. ANT is a proposed symbol, not a live quote.
Offer price: Not specifiedShares offered: Not specified
01 / Financial snapshot
Growth has a cost.
$16.286B
H1 2026 · unaudited
H1 2025$1.163B
Recognized revenue, not annualized run-rate.
Results of operations · p. 147−$693M
H1 2026 · unaudited
H1 2025−$2.135B
Revenue less operating expenses.
Results of operations · p. 147−$80.748B
H1 2026 · unaudited
H1 2025−$12.969B
Includes $72.388B in non-cash fair-value changes to notes, derivatives and SAFEs.
Results of operations · p. 147+$3.929B
H1 2026 · unaudited
H1 2025−$1.513B
Operating cash, before investing and financing.
Cash-flow statement · p. F-12Periods are shown beside each figure. Half-year revenue is not annual revenue, and accounting loss is not cash spent.
02 / What the filing says
Understand the business.
Revenue accelerated
2025 revenue reached $4.585B, versus $386M in 2024.
Results of operations · p. 147Compute remains central
H1 2026 compute and infrastructure expense: $8.945B.
Results of operations · p. 147Loss is not cash burn
Fair-value charges explain much of the gap between net loss and operating cash.
Cash-flow statement · p. F-12Keep periods comparable
Run-rate annualizes recent activity; it is not recognized revenue or a forecast.
Operating-metric limitations · p. 67Who has control?
Control differs from economics
After the offering, founders hold 50.1% of general voting power; the independent trust generally appoints a board majority. Public-benefit duties apply.
Governance · p. 243–25303 / Read the downside
What needs scrutiny.
01Growth can slow
Anthropic expects growth rates to decline; demand and competition remain uncertain.
Growth risks · p. 62–6302Capacity before demand
Multi-year compute commitments can require payment even when capacity goes unused.
Compute commitments · p. 32–3303Concentrated suppliers
Chips, electricity and data-center availability can constrain delivery and raise costs.
Infrastructure constraints · p. 33–3804Legal exposure
Intellectual-property claims may bring damages, licensing costs or technology restrictions.
Intellectual-property risks · p. 92–9404 / Follow the evidence
Go to the source.
Anthropic, PBC · Form S-1
Filed 26 Oct 2026. This is a dated summary of the original filing, not a live IPO-status feed, a creator score or a valuation. Open the SEC record to check subsequent filings.