Anthropic Files Nasdaq IPO Under ANT Ticker With $16.3 Billion H1 Revenue

Nasdaq Filing Leaves Pricing Blank

Anthropic, the developer of the Claude family of AI models, publicly filed its S-1 registration statement with the SEC on Monday, seeking to list Class A shares on the Nasdaq Global Select Market under the ticker ANT. Goldman Sachs and Morgan Stanley lead a roster of 24 underwriters. The company had submitted a confidential draft on 2026-06-01; the public version opens the accounts and governance terms to any reader, though nobody can place an order yet. The price range, the share count and the net proceeds are all blank, and third-quarter revenue is missing from tables that stop at 2026-06-30. Both Anthropic and existing shareholders will sell, with proceeds from the old shares not reaching the company. Press reports point to a roadshow starting 2026-11-09 and pricing in mid-November, targeting roughly $100 billion at an implied valuation near $2 trillion; a mid-October report had some investors discussing about $1.5 trillion. None of that is in the filing. The accounts themselves are heavy. First-half 2026 revenue came in at $16.29 billion, against $1.16 billion a year earlier, after full-year revenue of $4.59 billion in 2025, $386 million in 2024 and $41 million in 2023. The half-year net loss reached $80.7 billion, but $72.4 billion of it stems from fair-value changes on convertible notes and similar instruments, driven mainly by the rising valuation; the operating loss was $693 million, under 1% of the total. The filing also lists a second-quarter operating profit of $974 million, the first positive quarter on its tables, after a $1.667 billion operating loss the quarter before, on second-quarter revenue of $11.56 billion. Revenue grew 1,368% year over year while compute and infrastructure costs rose 300%. Anthropic held $112.4 billion in cash plus $19.3 billion in short-term investments at June 30, having raised $141.1 billion in total, including $65 billion in May at a $965 billion valuation.

A Trust and the Co-Founders Hold Control

Incorporated as a public benefit corporation, Anthropic writes the responsible development of advanced AI for humanity's long-term benefit into its charter as a statutory purpose, and the share structure enforces it. A Long-Term Benefit Trust of five trustees with no financial ties to the company holds a single Class T share that elects and removes a majority of the board; that share carries no economic rights and no vote on ordinary matters. A second lever sits with the seven co-founders, including Dario Amodei and Daniela Amodei, who through an LLC will hold one Class F share fixed at 50.1% of the voting power on most shareholder matters. Together the trust and the founders can appoint the entire board, which makes Anthropic a controlled company under Nasdaq rules. Class A buyers get one vote per share, and the filing warns the structure may effectively eliminate their ability to influence important decisions, including a change in control. On the public-benefit side, 846,840,960 non-voting Class N shares, 5% of the fully diluted count as of June 30, sit with a wholly owned subsidiary, and the board may add up to 2% more tied to share-price performance. Each co-founder has pledged 80% of personal equity to philanthropy, though the filing states this is voluntary, revocable and legally unenforceable. Lock-ups run up to 365 days for the co-founders and holders above 0.5%, or until the second full trading day after the Q3 2027 results, whichever comes first; other shareholders face 180 days or the Q1 2027 report, and Goldman Sachs and Morgan Stanley can lift these early. Investor and former White House AI and crypto czar David Sacks, who criticized the fund earlier this month, questioned in an X post whether the company actually serves the public good.

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Anthropic Presses Strong Resistance

COINOTAG data shows the pre-IPO Anthropic instrument trading at $1,871.32, down 0.22% over 24 hours, just below the strongest resistance on our board, $1,885.76, which scores 100/100 on COINOTAG's composite. The nearest support, $1,831.00, scores 90/100 and comes into view if the filing-related bid fades. A daily RSI of 38.8 with a bearish MACD signal inside a downtrend frames the setup: a sustained move through $1,885.76, rather than the paperwork itself, is what would mark a turn.