Anthropic files public S-1 for IPO, plans Nasdaq listing as ANT

Buyers of Claude contracts can read what Anthropic charges for the first time. Anthropic publicly filed its S-1 prospectus with the U.S. Securities and Exchange Commission on Monday. The Verge reports the company plans a Nasdaq listing under the ticker ANT.

The company reported 16 billion dollars in revenue for the first half of 2026. Full-year 2025 revenue was 4.6 billion dollars. The operating loss for the half was 693 million dollars. The reported net loss of 80.7 billion dollars is almost all a non-cash charge from convertible debt. Hacker News submitted the SEC filing and the thread drew 367 points in an hour.

What the prospectus says about the business

Anthropic says it earned 2.08 dollars in revenue for every dollar it spent on compute. That figure was 0.40 dollars in the first quarter of 2025. The company puts gross margin on compute at 45 percent for the half. It says a compute dollar pays itself back in about one year.

Five customers made up about 25 percent of revenue in the first half. The company says 80 percent of its revenue comes from consumption pricing. That number can rise or fall each month.

Who owns the capacity

The S-1 lists four long-term compute agreements through 2036. Google is committed to 114 billion dollars. Amazon Web Services is committed to 110 billion. Broadcom is committed to 161 billion and SpaceX to 120 billion. Together those commitments average about 52 billion dollars a year for ten years.

What the company warns about

Anthropic says its revenue growth "may not be sustainable" and "may decrease". It names Taiwan chip supply as a risk if tensions with China disrupt production. It also discloses a September 2025 security incident. A China-based group it describes as state-sponsored used Claude Code to target about 30 outside entities.

Readers of the filing discussion raised two concerns. One is that Anthropic depends on a few large customers who could switch to a cheaper model. The other is that open-weights models from Chinese labs now reach similar quality at lower prices.

The 2.08 to 1 ratio is now on the public record

A private pitch deck can show any slide. A public prospectus must repeat the same figures each quarter under oath. The S-1 tells a Claude customer how fast Anthropic grew. It shows how much it spent and how much it kept. It names the risks the company will admit to.

A team deciding between Claude and a cheaper model can now read what Anthropic earns on each dollar of inference. The 2.08 to 1 ratio means Anthropic can lower prices and still cover compute. Open-weights pressure may force it to do that. A buyer signing a one-year contract has a view of what the vendor can absorb.

Source

The Verge and Hacker News discussion of the SEC filing.