Anthropic Officially Files for IPO: It Will Trade on Nasdaq Under the Ticker ANT
Originally published in Turkish. Read the original →
AI giant Anthropic has formally launched its initial public offering (IPO) with an S-1 registration statement filed with the US Securities and Exchange Commission (SEC). The financials of the company, which is preparing to trade on Nasdaq under the ticker ANT, reveal the enormous scale of the generative AI economy.
The financial step the global tech world has been waiting for with curiosity for months is finally official. Anthropic, which has left its mark on the enterprise AI market with its flagship Claude language models and developer tools, has formally started its initial public offering (IPO) by submitting a Form S-1 registration statement to the US Securities and Exchange Commission (SEC).
In the offering, run through a syndicate led by Goldman Sachs and Morgan Stanley, Anthropic applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol "ANT". A candidate for one of the largest IPOs in tech history, the move is also the first major test of the financial sustainability of the generative AI revolution in the eyes of Wall Street.
A Striking Revenue Picture From the S-1: 1,300 Percent Growth
Anthropic's S-1 laid out, transparently and for the first time, the real numbers of a generative AI economy that until now could only be guessed at behind closed doors. The company's revenue curve over the last four years points to a momentum unprecedented in the history of enterprise software:
- 2023 Revenue: 41 million dollars
- 2024 Revenue: 386 million dollars
- 2025 Revenue: 4.59 billion dollars
- 2026 First Half (First 6 Months) Revenue: 16.29 billion dollars
Having earned 1.16 billion dollars in revenue in the first half of 2025, Anthropic grew its revenue by more than 1,300 percent in the same period of 2026, to 16.29 billion dollars. Behind the explosive growth of the company, whose annualized revenue run rate (ARR) has passed 32 billion dollars, lies the widespread adoption of Claude API integrations by enterprises and of autonomous coding tools that are transforming software development.
Behind the 80.7 Billion Dollar Net Loss
One of the most eye-catching figures from the S-1 to make headlines was the 80.7 billion dollar net loss the company reported for the first half of 2026. At first glance it looks like a massive cash burn, but a closer look at the details shows that the picture stems from accounting standards.
As financial analysts and the S-1 footnotes show, 72.4 billion dollars of this loss consists of non-cash accounting adjustments. Anthropic's rapidly rising private market valuation ahead of the IPO caused the fair-value calculations of the convertible notes and financing instruments issued to investors in past rounds to show up on the balance sheet as a giant expense on paper.
Looking at the company's real operating performance, a much healthier picture emerges:
- Compute and Infrastructure Costs: In the first half of 2026, 8.95 billion dollars was spent on data centers and AI training/inference (compute).
- Operating Loss: The core operating loss, which was 2.14 billion dollars in the first half of the previous year, fell to 693 million dollars in the first half of 2026 as rapidly growing revenue caught up with infrastructure costs.
- Adjusted Operating Profit: Excluding stock-based compensation and non-cash valuation items, Anthropic managed to achieve 1.62 billion dollars of positive adjusted operating income in the first half of 2026.
A 1.5 Trillion Dollar Valuation Expectation and Corporate Governance
Although valuation scenarios reaching up to 2 trillion dollars had been discussed in private markets, with the publication of the S-1 Wall Street analysts' initial expectations are concentrating around 1.5 trillion dollars. A market cap of that scale would place Anthropic among the world's most valuable technology companies from its very first day as a public company.
Another critical element that stood out in the IPO filing was the company's corporate governance structure. Structured as a Public Benefit Corporation (PBC), Anthropic keeps special voting arrangements and its Long-Term Benefit Trust mechanism after going public, to prevent short-term market pressure from overriding its long-term AI safety mission. This structure ensures that the founders and the safety board continue to have a say in critical model deployment decisions.
A New Turning Point for the AI Industry
Anthropic's IPO on Nasdaq under the ticker ANT creates a historic reference point not only for tech giants such as Amazon and Google, the company's early investors, but for the entire AI ecosystem. The S-1 data, proving that billions of dollars of GPU and data center investment can turn into real enterprise revenue and operating profitability, will directly shape the IPO plans of other major AI labs in the period ahead.
