Anthropic made its IPO filing public, showing $16.3B in first-half revenue and an $80.7B net loss

Anthropic has made its IPO filing public. The company filed its S-1 with the US Securities and Exchange Commission on Monday, putting it in position for what could be the largest initial stock offering in history. The prospectus runs 335 pages, according to the BBC, and it spells out how the Claude maker earns money, what it spends and who controls it. No price target has been disclosed yet.

The growth numbers are steep. TechCrunch reports first-half 2026 revenue of $16.3 billion, up from $1.2 billion in the same period last year. CNBC puts second-quarter revenue at $11.56 billion, against $787 million a year earlier, and says Anthropic reported $974 million in operating income for the quarter after five quarters of operating losses. The BBC reports a first-half loss of $80.7 billion, double what the company lost across all of 2025, and says the company held about $131.6 billion in cash on hand.

Customer numbers are just as striking. Per TechCrunch, as of September 30 Anthropic had more than 11,900 customers spending at least $100,000 a year, more than 1,900 spending $1 million or more, and about 250 spending $10 million or more. Net revenue retention was about 900%. More than half of the $100,000 customers now use both the Claude platform and a first-party app such as Claude Code or Cowork, up from about 30% at the end of last year.

The filing also lists risks. The BBC notes that a small group of enterprise customers makes up a large share of the business, and that many top customers have no long-term contract. TechCrunch says Amazon, Google and Microsoft, which sell Claude through their clouds, increasingly see Anthropic as a competitor and may prioritize their own compute needs. Wired reports that the prospectus leaves out several figures, including third-quarter revenue and the total value of compute contracts, and that footnotes point to roughly $417 billion in new compute and infrastructure lease obligations since the end of 2025, plus $245 billion added since June 30.

For developers, this is a signal about where the money in AI is going. The filing says compute is the most significant operating cost, and it names open-weight and open-source models as part of a broader competitive set. CNBC quotes Snowflake CEO Sridhar Ramaswamy saying his company is experimenting with low-cost open-weight models from Moonshot AI, DeepSeek and Zhipu even as it praises Anthropic. If you build on Claude, the main thing to watch is pricing and capacity, since the filing ties both to the company's access to chips and data centers.

What happens next is mostly about timing. Wired quotes an accounting professor saying Anthropic would need to update the filing with third-quarter financials if it lists later than about mid-November, and analysts expect gaps to be filled in an amended version. CNBC says OpenAI has confidentially filed but has said a debut likely will not come until 2027, so Anthropic's reception may set the tone for the whole AI market.

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