AI company Anthropic, the developer of Claude, filed its Form S-1 with the US Securities and Exchange Commission yesterday, the document that paves the way for a public offering. According to the filing, the shares will trade on Nasdaq under the ticker ANT. It is the first time one of the leading AI labs has disclosed its numbers in full.
Exceptional growth
According to reports by CNBC, Fortune and Yahoo Finance, revenue in the first half of 2026 reached about $16.3 billion, compared with about $1.16 billion in the same period last year, a jump of roughly 14x. By comparison, revenue for all of 2025 came to about $4.6 billion, and for 2024 just $386 million.
About 80% of revenue comes from usage-based pricing, mainly from companies that build the models into their products, and the rest from subscriptions. According to the reports, the company has no advertising product. Revenue from outside the US jumped to about $4.5 billion in the half, more than 13 times the year before.
The huge loss
Alongside the growth, the filing shows a net loss of about $80.7 billion for the half. According to the reports, most of the loss stems from changes in the fair value of bonds convertible into the company's shares, meaning it is largely an accounting item rather than a cash expense. On the other hand, gross margin is high, about 85% according to the reports, and the company holds about $131.7 billion in cash and short-term investments.
The risks
Among the risk factors the company lists: significant reliance on selling through the Amazon and Google cloud platforms, through which close to half of revenue flowed last year, and ongoing disputes with the Trump administration and the US Department of Defense, which according to the filing could cause "material revenue losses or business disruptions".
What it means
The expected IPO will be the capital markets' first test of the economics of the AI labs. The numbers show enormous demand for the models, but also how dependent the sector is on cloud providers and on funding at unprecedented scale. The timing of the offering and the share price have not yet been set.
