Artificial intelligence giant Anthropic has made its initial public offering (IPO) prospectus public, revealing a net loss of $80.7 billion for the first six months of 2026 alongside $16.3 billion in revenue. The filing comes as the company prepares to list Class A shares on the Nasdaq Global Select Market under the ticker symbol ANT at a valuation that could top $2 trillion.
Financial Performance and Valuation Charges
Anthropic reported an operating loss of $693 million for the first half of 2026, generated from $17 billion in operating expenses against $16.3 billion in revenue. Revenue for the six-month period grew 1,300% year-over-year from $1.2 billion. In the second quarter alone, revenue expanded 1,368%, while compute and infrastructure expenses climbed 300%.
The massive $80.7 billion net loss was driven primarily by a non-cash mark-to-market charge of $72.4 billion on derivative liabilities, simple agreements for future equity (SAFEs), and convertible notes resulting from the company's rising valuation. This detailed prospectus follows earlier S-1 filings detailing cloud obligation commitments. As of June 30, Anthropic held $112.4 billion in cash and cash equivalents, $19.3 billion in short-term investments, and had raised $141.1 billion in total capital.
Ownership Structure and Listing Details
Underwriters led by Goldman Sachs and Morgan Stanley are managing the offering, which NBC News reported could take place in mid-November. Prediction platform Polymarket gave an 85% probability on Monday to a November listing.
Voting power will remain concentrated among Anthropic's seven co-founders, including Chief Executive Dario Amodei and President Daniela Amodei. The co-founders control a single Class F share through an LLC that holds 50.1% of shareholder voting power on most matters. However, Class T directors—who are elected by the company's Long-Term Benefit Trust—will constitute a majority of the board of directors.
Key Takeaways:
- $16.3 billion in H1 2026 revenue, up 1,300% from $1.2 billion a year earlier.
- Net loss reached $80.7 billion, primarily due to $72.4 billion in mark-to-market convertible note charges.
- Co-founders retain 50.1% voting control through a single Class F share LLC structure.
- Listing targeted on Nasdaq under ticker ANT with a projected $2 trillion valuation.
The prospectus also detailed safety precautions, noting that the April release of its Mythos model was restricted to a gated preview through Project Glasswing due to cyber vulnerability risks. Defensive measures remain critical across the industry after incidents like ex-DOGE staffers breaching Anthropic systems using AI agents.
Why It Matters
Anthropic's public prospectus provides a rare look at the enormous financial scaling required to compete at the absolute frontier of artificial intelligence. The massive gap between operating losses ($693M) and net losses ($80.7B) illustrates how traditional mark-to-market accounting rules skew private AI company balance sheets during exponential valuation surges. If Anthropic successfully completes a $2 trillion debut, it will set a benchmark valuation for the entire AI sector while testing public market appetite for capital-intensive frontier labs.
