Anthropic IPO Filing Updated With New Results as Claude's Maker Heads to Nasdaq

By Stock Titan Editorial Team Published November 2, 2026, 10:31 AM EST · Updated November 2, 2026, 11:10 AM EST

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Item, first nine months of 2026	Amount	What it is
Notes and similar deals worth more	$94.3B	Charge on paper, no cash paid
Other expense	$10.4B	Mostly deals with partners, booked at changing values
Loss from running the business	$1.3B	Operating loss
Cash brought in by operations	$6.6B	Cash in
Net loss	$104.0B	After $2.4B of interest income and $0.4B of income taxes

Anthropic IPO date, price and how to buy shares

An S-1 is the document a company files with the SEC before it sells shares to the public. Anthropic filed its first S-1 on October 26. The Form S-1/A of November 2 is its first update, and it adds results through September 30.

The shares on offer are Class A shares, with one vote each, on the Nasdaq Global Select Market under the symbol ANT. Goldman Sachs and Morgan Stanley lead the 22 banks on the cover.

The price range, the number of shares and the amount raised are still blank. A later amended filing will fill them in. Some existing holders will sell shares too, and that money goes to them, not to Anthropic.

The new filing adds a plan for regular investors. Anthropic expects part of the shares to be offered through Charles Schwab, Fidelity, Robinhood, SoFi, E*TRADE from Morgan Stanley and Trade-PMR. Buyers would pay the IPO price, under each broker's own rules.

The offering also reaches beyond the US. The filing lists public offerings in Australia, Canada, certain European Economic Area states, Japan, Switzerland and the UK. A European retail offering would run under a separate prospectus, which Germany's financial regulator, BaFin, is expected to approve.

Anthropic first sent the SEC a confidential draft on June 1, EDGAR shows. Under the SEC staff's draft filing accommodations, such a company files in public at least 15 days before its road show, the tour where banks pitch the shares. Counting from October 26 gives November 10, the earliest date that practice allows and no forecast.

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Date	Event
Jan 2021	Incorporated as a Delaware public benefit corporation
Feb 2026	President says he directed agencies to stop using its technology
May 2026	Computing agreements with SpaceX's AI unit begin
Jun 1, 2026	Confidential IPO draft sent to the SEC
Oct 26, 2026	Public S-1 filed for a Nasdaq listing as ANT
Nov 2, 2026	Updated S-1/A adds results to September 30 and plans shares for retail brokers
Nov 10, 2026	Earliest road show date under SEC staff practice

The filing gives no value for the company. Its Series H-1 preferred stock, a class sold to private investors in May and June 2026, went for about $589 a share. Each such share converts into 10 Class A shares, which works out to about $58.90 each. That private price is no guide to the IPO price, because preferred stock carries rights the public shares lack and the total share count is still blank.

How much revenue does Anthropic make?

Anthropic sells access to its Claude AI models, mostly to businesses. Developers reach the models through the Claude Platform. People use apps such as Claude Code, a coding assistant, and Claude Cowork. The models run from the large Mythos and Opus down to the smaller Sonnet and Haiku.

Most of the money is pay as you go. Customers pay for what they use, measured in tokens, the small chunks of text a model reads and writes. Subscriptions bring in the rest.

Revenue grew in every quarter the filing shows, from $376 million in the first quarter of 2025. The July to September quarter brought in about 47% more than the quarter before. For the first nine months of 2026, revenue reached $33.2 billion, against $4.6 billion in all of 2025.

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Category	Value
Q1 2025	$0.4B
Q2 2025	$0.8B
Q3 2025	$1.4B
Q4 2025	$2.0B
Q1 2026	$4.7B
Q2 2026	$11.6B
Q3 2026	$17.0B

Lower prices took a bite. Price cuts that came with new models, plus contract discounts, reduced revenue by about $600 million from the second quarter to the third, the filing says.

The customer base is widening. More than 11,900 customers each generated at least $100,000 of revenue over the 12 months to September 30, up from more than 950 a year before.

The biggest spenders are growing too. Over the same period, more than 1,900 customers each generated at least $1 million of revenue, and about 250 generated at least $10 million.

A few large customers still matter. The top five made up about 25% of revenue in the first nine months of 2026, and no single customer passed 10%. In the July to September quarter, about 79% of revenue came from outside the top five, up from about 64% in the first quarter.

The big cloud companies also sell Claude for Anthropic. Sales through the cloud marketplaces of Amazon, Google and Microsoft made up about 44% of revenue in the first nine months, against 47% in 2025.

Its newest models have already met a government limit. In June 2026 the Commerce Department put worldwide export restrictions on Fable 5 and Mythos 5. Anthropic switched both off for all customers until the restrictions were lifted.

Is Anthropic profitable?

The operating result is the profit or loss from running the business, before financing items. Anthropic's was positive in the second quarter of 2026, the first profit in the seven quarters the filing shows, then slipped back in the third.

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Category	Value
Q1 2025	-$935M
Q2 2025	-$1,200M
Q3 2025	-$3,089M
Q4 2025	-$2,836M
Q1 2026	-$1,667M
Q2 2026	$974M
Q3 2026	-$567M

The filing names two reasons. Demand ran past Anthropic's long-term supply, so short-term computing made up $5.0 billion of expenses in the quarter, against about $1.5 billion in the whole first half. It "currently costs significantly more" than computing on its multi-year contracts, the filing says.

The other reason is a gift program. Anthropic booked $2.0 billion of non-cash charges for its program that matches employees' donations of their shares. Without that charge alone, the quarter would have shown an operating profit of about $1.4 billion.

The company expects to buy even more short-term computing in the near term. It says that will squeeze its margins, meaning the share of sales left as profit.

Anthropic also reports its own adjusted measure, a profit figure outside standard accounting rules that leaves out stock pay and the donation charges. On that basis it made $2.5 billion of adjusted operating income in the third quarter, up from $2.2 billion. As a share of sales, it fell from 19% to 15%.

Operations brought in $6.6 billion of cash in the first nine months of 2026, after using $2.0 billion a year earlier. About $2.6 billion of it came in the July to September quarter.

Stock pay for employees cost $3.3 billion in the first nine months of 2026. A far bigger charge comes with the IPO itself, as the last section explains.

Why was Anthropic's nine-month loss $104 billion?

The net loss is what is left after every cost and charge. Over the first nine months of 2026, the business itself lost $1.3 billion, so the charges on financing deals explain almost all of the $104.0 billion.

A convertible note is a loan that later turns into shares. Amazon held $6.2 billion of them on September 30, and the filing expects to settle them in shares. On September 30 they were carried at $130.5 billion, 21 times the amount owed on them.

The filing books the notes, along with some smaller deals, at their current value. When Anthropic's value climbs, that figure climbs too, and the rise counts as a loss. No cash leaves for it. Once the notes turn into shares, though, other holders own a smaller slice of the company.

A second charge, $10.4 billion of other expense, came mostly from deals with partners such as Google and Amazon. In those deals, the partners agreed to buy shares later at set prices, the filing says. It is booked the same way, at changing values.

Who supplies Anthropic's computing, and how much does each get?

AI models run on huge numbers of special chips in data centers. Anthropic gets that power under long contracts with other companies. The updated filing says the $895.4 billion is "substantially all" for computing and infrastructure. The October S-1 left this total blank, though it already named the main suppliers.

Seven of them come with an amount, which adds up to $643.8 billion. Google's figure rose to about $121.3 billion, from about $114.5 billion in October.

The suppliers come in three kinds. Google, Amazon and Microsoft rent out computing from their clouds. SpaceX's AI unit, Nscale and Lambda run computing on NVIDIA chips for Anthropic. Broadcom leases Anthropic equipment built on TPU chips, a kind of AI chip that Google also supplies. That equipment sits in data centers that others run for Anthropic.

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Part	Value	Share
Broadcom, chip leases	$161.2B	25.0%
Google cloud, to July 2033	$121.3B	18.8%
SpaceX AI unit, into 2029	$120.5B	18.7%
Amazon cloud, to April 2036	$110.0B	17.1%
Microsoft cloud, to June 2033	$44.9B	7.0%
Nscale and Lambda, to 2034	$85.9B	13.3%

The amounts are not all the same kind of promise. Google, Amazon and Microsoft get minimums that Anthropic owes whatever it uses. The SpaceX and Nscale figures are ceilings, the most Anthropic agreed to spend. Nscale and Lambda are paid only as their capacity is delivered. Broadcom's figure is five years of rent, excluding interest.

Broadcom has handed parts of its leases to other companies that finance the equipment, the filing says. Those handovers did not raise Anthropic's total rent.

Some deals carry no fixed amount, so the chart leaves them out. Anthropic estimates more TPU computing from 2028 to 2031 at about $125.0 billion to $150.0 billion. A deal with AMD for its rack systems could pass $20.0 billion if Anthropic buys the full first batch in 2027.

The filing does not say which supplier each part of the $895.4 billion belongs to. The chart therefore shows only the amounts it gives for each named supplier.

Some parts of the total come without names. About $451.2 billion is leases signed but not yet started. About $100.2 billion is deals signed after September 30.

Not all of the total is locked in. About $213.8 billion can still be cancelled or depends on conditions, such as a supplier getting financing. About $447.5 billion falls before the end of 2030.

The near-term bill is large. About $69.8 billion is due in the 12 months after September 30, the filing says. That is about the same as four quarters of sales at the July to September pace. Against all this, Anthropic held $131.8 billion of cash and short-term investments on September 30.

How big is Anthropic's SpaceX computing deal?

The SpaceX deal is worth up to $120.5 billion into 2029. Once all of it is running, it would cost about $3.1 billion a month.

Between May and October 2026, Anthropic signed and changed several deals with SpaceXAI, the AI unit of SpaceX once called xAI. They give it computing on NVIDIA chips. The updated filing repeats the October figures and expects all the capacity to arrive in December.

SpaceX's final prospectus of June 12 said Anthropic "agreed to pay us $1.25 billion per month through May 2029". The full rate in Anthropic's filing is about 2.5 times that, and it covers several agreements signed or changed since then.

Three months at the full rate come to about $9.3 billion. That tops the $7.56 billion SpaceX's AI segment, now called Super Intelligence, took in during the third quarter, per its quarterly report. It is also close to the $9.9 billion Anthropic spent on all its computing and infrastructure from July to September.

Show the data

Category	Value
Anthropic computing, Q3	$9.86B
To SpaceX, full rate	$9.30B
SpaceX AI sales, Q3	$7.56B
To SpaceX, June rate	$3.75B

The deal can also end quickly. After first periods ending in January and March 2027, either side can cancel on 90 days' notice, unlike the Amazon, Google and Microsoft minimums.

More on SpaceX's side of the deal: its third quarter results and its chip lease with an Apollo-managed entity.

How much money has Anthropic raised?

Series H-1 alone raised about $45.7 billion in May and June 2026. That is nearly twice what Series G-1 raised early in the year. Anthropic also sold other series alongside them, including shares bought by Google and Amazon.

In the first nine months of 2026, selling preferred shares brought in $110.4 billion of cash, the cash flow statement shows.

Much of that money still sits in the bank. Anthropic held $131.8 billion of cash and short-term investments on September 30. The filing lists computing and hiring among the uses of the IPO money. Part of it will also pay the tax withheld on employees' stock units that settle at the IPO.

It can borrow too. Its revolving credit facility, a standing line of credit secured by its assets, is $15.0 billion and runs to 2031. Nothing was drawn on it on September 30.

Partners have also signed up for more. Anthropic may issue up to $77.0 billion more of convertible notes under existing agreements, subject to conditions.

Who owns and controls Anthropic?

The ownership table, now as of September 30, lists each of the seven co-founders with about 241 million to 245 million Class A shares. They include chief executive Dario Amodei and president Daniela Amodei. Five of them are listed among the holders selling shares in the IPO, with the amounts still blank.

Amazon has put in $18.0 billion since 2023, including $8.0 billion of convertible notes, by the figures in its quarterly report for the June quarter. Its notes turn into shares at the IPO only until Amazon would hold 12% of the company, unless it waives that limit.

Google bought about $20.0 billion of preferred stock in 2026, the filing says. It may also buy up to $10.0 billion more at the IPO price. Neither company's shares carry a vote.

Microsoft is an investor too. It reported a $3.2 billion gain on its Anthropic stake in its June quarter, its results release shows.

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1. Long-Term Benefit Trust: 1 Class T share to Board of directors: elects the majority of directors.
2. Founder LLC: 7 founders, 1 Class F share to Board of directors: casts 50.1% of votes for the other seats.
3. Class A holders including IPO buyers to Board of directors: shares other 49.9% with other voters.
4. Board of directors to Anthropic PBC: runs the company.

Control rests on two special shares. A Long-Term Benefit Trust, with five trustee seats of which one is vacant, holds a Class T share that elects most of the board. A company owned by the seven co-founders gets one Class F share worth 50.1% of the vote, including for the other seats.

Together, the filing says, the trust and the founders "will have the ability to elect all members of our board of directors". The founders' share has no end date. If fewer than three founders remain in their group for 90 days in a row, a countdown of 450 days starts, after which the share is redeemed.

Anthropic is a public benefit corporation, a company whose directors must weigh a stated purpose alongside profit. It has never paid a cash dividend.

It has also given away part of itself. Anthropic contributed 5% of its fully diluted shares, a count that includes shares that options and notes could create, to the Anthropic Public Benefit Fund. After the IPO, its board may add up to 2% more each time the share price rises 50% above the last such mark, starting from the IPO price. The filing counts the 5% as of June 30, 2026.

Daniela Amodei chairs the board, and Reed Hastings leads its independent directors. Because one group controls the vote, Nasdaq lets Anthropic skip some board rules, but it plans to do so only for the committee that picks board candidates.

Dario Amodei's pay for 2025 came to about $18.0 million in the compensation table, most of it stock and option awards valued when granted. Daniela Amodei's came to about $16.4 million.

When can Anthropic insiders sell their shares?

Existing holders have agreed to lock-ups, periods in which they will not sell, that release shares step by step. Most end by about 180 days or the first quarter 2027 results. Certain holders of more than 0.5% of the fully diluted shares, and the co-founders, wait up to about a year.

The co-founders may sell up to 29% of their locked shares from the earlier of the first quarter 2027 results or day 180. Shares they sell in the IPO itself are not locked up, and the lead banks can release shares early. The updated filing leaves these terms as they were.

Why has Washington moved against Anthropic?

The account in the updated filing is the same as in October. In February 2026, the President stated that he had directed federal agencies to stop using Anthropic's technology. The Department of War moved to label it a supply-chain risk to national security.

A federal court in California largely ruled for Anthropic on August 27. On September 25, the federal appeals court in Washington, the D.C. Circuit, upheld one of the risk labels in a 2 to 1 decision. Anthropic has asked the full court to hear the case again.

One figure changed. The filing now says government contracts brought in less than 2% of revenue in each period, where the October S-1 said about 1%. It warns that the dispute can also reach customers that sell to the US government.

What are the main risks in Anthropic's IPO filing?

The new sentence is about Anthropic's Responsible Scaling Policy, its own rules for how it handles more capable models. Its estimates for future models "indicate that we may imminently meet" the policy's mark for "dramatically accelerated progress attributable to AI", the filing says. It adds: "We have not designated any of our current models as exceeding this threshold."

In plain words, these are the main risks the filing's summary names:

• Its models could fall behind rivals' models, or it could fail to secure enough computing to train and run them.
• It depends on its co-founders and key researchers, and on keeping its culture as it grows.
• Claude could be misused, or could act in ways nobody asked for, which could bring lawsuits and rules.
• A few customers and sales channels bring in a large share of revenue, and its growth so far is no guide to the future.
• It relies on a few cloud providers and suppliers, some of which also invest in it and sell Claude.
• Its share structure may leave Class A holders unable to influence big decisions, and its public benefit duty may weigh against profit.

The detailed risk factors are blunter. If the computing it gets from others "is curtailed, repriced, or terminated", the business could suffer. Some places are "considering or have approved moratoriums on new data center construction", the filing notes.

On insurance, it warns that after a catastrophic AI incident, "no single insurer, and potentially the insurance industry in the aggregate, may have sufficient capacity" to cover it. It also notes concerns that advanced AI could "pose catastrophic or existential risks to humanity".

Lawsuits are a cost it already knows. It booked a $1.5 billion copyright settlement in the July to September quarter of 2025.

What do Anthropic's new numbers mean for the stock?

In the latest quarter, revenue rose 1,127% from a year earlier, while computing and infrastructure costs rose 382%, the filing says. The bills are mostly fixed, while much of the revenue depends on how much customers use Claude each month.

The IPO itself brings a cost. Had it closed on September 30, Anthropic would have booked $8.2 billion of stock pay at once for employee share units, with $24.1 billion more over about two years. The October S-1 put the one-time charge at $2.9 billion, as of June 30.

Buyers of ANT shares will not decide who sits on the board, because the trust and the founders control those votes.

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