Anthropic has filed preliminary registration documents with the US Securities and Exchange Commission for an initial public offering. The artificial intelligence company, known for its Claude models and coding products, has applied to list Class A common stock on the Nasdaq Global Select Market under the proposed symbol ANT.

The filing presents a company with rapidly expanding revenue and substantial spending needs. For the quarter ended June 30, 2026, Anthropic reported $11.6 billion in revenue, compared with $787 million in the same period a year earlier.

Revenue for the 6 months from January through June 2026 reached $16.286 billion. The filing described growth of about 1,300% for that period, compared with $1.163 billion during the corresponding period of the previous year.

Anthropic also reported a major change in operating performance. It recorded $1 billion in operating income and an 8% operating margin in the June quarter. In the same quarter a year earlier, the company reported a $1.2 billion operating loss and a negative 152% operating margin.

Enterprise demand and product expansion

The company attributed the increase in revenue to growing use of Claude and its adoption by businesses. Anthropic has also introduced Claude Code and Claude Cowork, products designed to support complex tasks involving multiple steps.

As of September 30, 2026, more than 11,900 customers had generated at least $100,000 in revenue for Anthropic during the previous 12 months. More than 1,900 of those customers generated at least $1 million, while about 250 generated at least $10 million.

Anthropic reported a net revenue retention rate of about 900% as of September 30, 2026. The measure indicates that existing customers were spending substantially more on the company's products than before.

The company's stated direction extends beyond AI systems that answer questions. Anthropic is developing systems intended to complete professional work through multiple stages, and plans to increase investment in research, talent and computing infrastructure.

Cash, funding and accumulated deficit

Anthropic said it had raised a total of $141.1 billion in capital by June 30, 2026. It held $112.4 billion in cash and cash equivalents, along with $19.3 billion in short-term investments.

The filing also reported an accumulated deficit of $132.9 billion as of June 30, 2026. Anthropic said $113.2 billion of that amount was linked to changes in the market value of convertible notes and derivative liabilities. The filing therefore does not present the entire accumulated deficit as equivalent to operating losses from running the business.

The company reported cash outflows from operating and investing activities in 2023, 2024 and 2025. Those outflows were connected to expansion and spending on computing infrastructure, which is required to develop and operate AI models.

Anthropic identified the cost of computing systems, data centres and specialised chips as a significant infrastructure requirement. It also listed potential challenges involving computing capacity, electricity availability, infrastructure and funding.

Competition and legal risks

Anthropic cautioned that its current growth rate may not continue. As competition increases, customers could choose lower-priced models or open-source alternatives. Customers could also reduce spending if the benefits of expensive AI models do not justify their costs.

The filing identified additional risks involving data privacy, cybersecurity, misuse of AI and changes in government regulation. These issues could affect the company's operations and the market in which it competes.

Anthropic also disclosed a $1.5 billion settlement in the Bartz lawsuit. The case involved allegations concerning the use of copyrighted material to train AI models. Anthropic disagreed with the allegations of wrongdoing.

IPO details still pending

The preliminary prospectus names Goldman Sachs, Morgan Stanley, J.P. Morgan and Citigroup among the proposed underwriters. However, it does not state how many shares Anthropic plans to offer or the price of those shares.

That means the IPO's size and valuation remain undetermined in the disclosed filing. The future offering will therefore depend on details that have not yet been provided, including the proposed share price and the number of shares issued.

Conclusion

Anthropic's filing combines sharply higher revenue and strong enterprise demand with major infrastructure requirements, legal exposure and a reported accumulated deficit. The IPO size, share price and valuation have not yet been disclosed.

Frequently Asked Questions

Q. What has Anthropic filed for?

Anthropic has submitted preliminary registration documents for a US initial public offering with the US Securities and Exchange Commission.

Q. Where does Anthropic plan to list its shares?

The company has applied to list Class A common stock on the Nasdaq Global Select Market.

Q. What is Anthropic's proposed stock symbol?

The proposed symbol is ANT.

Q. How much revenue did Anthropic report for the June 2026 quarter?

Anthropic reported $11.6 billion in revenue for the quarter ended June 30, 2026.

Q. What accumulated deficit did Anthropic report?

The company reported an accumulated deficit of $132.9 billion as of June 30, 2026.

Q. Has Anthropic disclosed the IPO price?

No. The filing does not state the number of shares to be issued or their price, so the IPO size and valuation remain undetermined.