Anthropic filed its public IPO registration statement with the U.S. Securities and Exchange Commission on October 26, setting the stage for one of the largest technology stock offerings ever attempted. The maker of the Claude artificial intelligence models plans to list its Class A shares on the Nasdaq Global Select Market under the ticker ANT, although the number of shares and the expected offering price have not yet been disclosed.
The filing gives investors their first full public look at a company whose revenue has surged while its financing and infrastructure costs have grown just as quickly. It also confirms an unusual governance system designed to keep substantial control away from ordinary public shareholders.
Founders retain voting control
Under the structure described in Anthropic’s S-1 filing, the company’s seven co-founders will initially control a limited liability company called Founder LLC. That entity will hold a single Class F share carrying 50.1% of the voting power on matters submitted to shareholders generally.
The Class F share has no economic rights. Its purpose is control, including voting on the election of directors other than those selected through Anthropic’s separate Long-Term Benefit Trust.
That distinction is important because the founders’ economic ownership and their voting power are not the same thing. Public Class A shareholders will receive one vote per share, but collectively their voting influence will be limited by the Class F structure.
Anthropic warned in its filing that this arrangement could allow the founders to determine the outcome of shareholder votes even when public investors disagree. The structure can remain in place for years and begins winding down only after fewer than three qualifying founders remain for a specified period.
The company also retains another unusual layer of oversight through its Long-Term Benefit Trust, which Anthropic established in 2023. The trust holds Class T stock and generally has the authority to elect and remove directors who will make up a majority of the authorized board.
Anthropic says the trust is intended to operate independently through financially disinterested trustees with expertise in areas including AI safety, national security, public policy and social enterprise. Its trustees include former Federal Reserve Chair Ben Bernanke, national security expert Richard Fontaine, Neil Buddy Shah and experimental physicist Christopher Stubbs.
Together, Founder LLC and the Long-Term Benefit Trust will have the ability to elect the entire board under the governance arrangements described in the prospectus. The company qualifies as a “controlled company” under Nasdaq corporate-governance rules.
The structure reflects Anthropic’s status as a Delaware public benefit corporation. Its stated purpose is the responsible development and maintenance of advanced AI for the long-term benefit of humanity, allowing directors to balance shareholder financial interests with the company’s public-benefit mission and the interests of people affected by its conduct.
For investors, that creates an explicit tradeoff. Anthropic cautioned that decisions made in pursuit of its mission may not always maximize short-term shareholder returns.
Revenue surges as losses remain large
The financial disclosures are equally striking. Reuters reported that Anthropic generated $16.29 billion in revenue during the first six months of 2026, compared with $4.59 billion for all of 2025. Its first-half operating loss narrowed to $693 million from $2.14 billion in the same period a year earlier.
The company’s net loss, however, was far larger. Anthropic reported an $80.7 billion net loss for the first half of 2026, with most of that figure tied to a roughly $72.4 billion accounting charge related to financing instruments rather than ordinary operating expenses.
That accounting distinction matters when evaluating the company’s performance. The filing also showed Anthropic had about $131.7 billion in cash and short-term investments as of June 30, giving it a substantial financial cushion as it expands.
Its future spending commitments are enormous. Reuters reported that Anthropic has committed to more than $600 billion in computing and infrastructure spending across several partners over roughly a decade, including major commitments involving Amazon, Google and Microsoft.
Those relationships are complicated because Amazon and Google are not only infrastructure providers but also major Anthropic investors. Both companies also compete in artificial intelligence, creating overlapping roles that Anthropic identifies among the risks surrounding its business.
Customer concentration is another concern. The Associated Press reported that Anthropic’s five largest customers accounted for roughly one-quarter of its revenue, while about 250 customers each generated at least $10 million in revenue over the previous year.
Anthropic also faces the broader risks associated with building and operating advanced AI systems. Its prospectus discusses possible misuse, cybersecurity threats, regulatory changes, data-center constraints and potentially catastrophic harms from highly capable AI.
Valuation remains unsettled
The IPO could value Anthropic at an extraordinary level, but no final valuation has been set. The Associated Press reported estimates ranging from about $1.5 trillion to $2 trillion, while the company itself has not announced a target share price or final offering size.
That means claims that Anthropic is certain to debut at a valuation of $2 trillion or more go beyond what is currently known. The final figure will depend on the offering terms, investor demand and market conditions before the shares begin trading.
Anthropic’s public filing nevertheless marks a major step toward a stock-market debut. Investors now have detailed information about its rapid revenue growth, huge infrastructure commitments, unusual losses and a governance system that gives the founders and an independent trust far more control than ordinary shareholders will have.
The next major disclosures will be the proposed share count and price range. Until those are filed, the scale of the IPO and Anthropic’s final market valuation remain open questions.