Anthropic S-1 filing reveals $16.3 billion in revenue and an $80.7 billion loss
Anthropic has publicly filed to list on the Nasdaq under the ticker ANT, opening its books for the first time: revenue up about 1,300% in six months, a giant accounting loss and a founder share class that keeps control.
The Anthropic S-1 filing landed on Monday, and with it the first full look at the finances of the company behind Claude. Anthropic wants to trade on the Nasdaq Global Select Market as ANT, and the prospectus shows a business growing at a pace few public companies have ever reported, alongside losses that look enormous until you read the footnotes.
What happened
Revenue for the six months to June reached $16.3 billion, up from $1.16 billion a year earlier, an increase of roughly 1,300%, according to Fortune and CNBC. The net loss for the same half was $80.7 billion, but $72.4 billion of that was a non-cash charge reflecting the higher value of convertible notes the company has issued. On an operating basis the loss shrank to $693 million from $2.1 billion a year before.
Fortune reported that, on an adjusted basis that strips out stock compensation and some other items, Anthropic earned $1.6 billion in operating income in the half, roughly a 10% margin, and generated $3.9 billion of operating cash flow for the first time. In the second quarter it spent $5.6 billion on compute against $11.6 billion of revenue.
The document leaves the share count and price blank, as is normal at this stage. Media reports have pointed to a valuation between $1.5 trillion and $2 trillion, and Fortune said a debut during Thanksgiving week is expected. Separately, The Wall Street Journal reported that Google, Amazon and Broadcom have offered $77 billion in additional financing, with Google's $20 billion tied partly to revenue targets.
Why it matters
Control stays with the founders. A single Class F share held by an LLC owned by the seven co-founders will carry 50.1% of the voting power, the Guardian noted from the filing. That follows plans we covered in our look at the Anthropic IPO valuation debate and the company's public benefit fund pledge.
Concentration is a risk investors will study. Its five largest customers supplied roughly a quarter of revenue over January to September, and close to half of sales pass through the cloud marketplaces run by Amazon, Google and Microsoft, Fortune said. The word "risks" appears more than 200 times in the prospectus, according to the Guardian, which highlighted warnings that models could behave in unintended or harmful ways.
Markets liked what they saw. Chip stocks rallied, with the iShares Semiconductor ETF up nearly 3% and Nvidia up 2.4%, while the Nasdaq Composite closed 0.82% higher at 26,169.38, CNBC reported. "The market needed this, just like it needed SpaceX," said Jay Woods of Freedom Capital Markets.
What's next
The Anthropic S-1 filing now goes through SEC review, followed by a roadshow and pricing. Polymarket traders put the odds of a November listing at 89% as of 08:21 MSK on Oct. 27; our Record already holds a Yes call on that market from Oct. 20, so we are not adding another. A summary of the key numbers is in Fortune's breakdown of the S-1, and pricing details will decide how the Anthropic S-1 filing translates into a market value.
This article is for information only and is not investment advice.