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Anthropic, PBC filed a public registration statement on Form S-1 with the SEC on October 26. It had filed confidential drafts since June 1. The company plans to list Class A shares on the Nasdaq Global Select Market under the ticker ANT. “The number of shares of Class A common stock to be offered and the price range for the proposed offering have not yet been determined,” the company said. Goldman Sachs and Morgan Stanley are named for the preliminary prospectus.
CNBC reported the numbers from the filing. Revenue in the first half of 2026 was $16.29 billion, up from $1.16 billion a year earlier. Revenue for all of 2025 was $4.59 billion. The first-half net loss was $80.7 billion, and about $72 billion of that came from accounting charges on convertible notes. The loss for 2025 was about $41.9 billion.
The compute bill
The filing shows how much capacity Anthropic has promised to buy. CNBC put its future obligations to compute providers at about $417 billion. The Amazon commitment is at least $110 billion through April 2036, “regardless of actual usage.” The other large lines run to Google, Microsoft and SpaceX. The filing warns that “any restrictions or delays on the supply of advanced chips out of Taiwan or TSMC would adversely affect our business.”
Your vendor’s AI feature now has a prospectus behind it. The risk factors read like a third-party risk questionnaire answered in advance.
Why a bank’s risk team should care
The filing gives third-party risk teams their first audited view of a major foundation model provider. CNBC reported that 48% of first-half revenue came through sales on AWS, Google Cloud and Microsoft Azure. That is the route many banking vendors use to reach Claude. Five customers made up about a quarter of revenue for the first nine months of 2026. A founders’ LLC will hold 50.1% of the voting power after the offering, so outside shareholders will not control the company.
- Pull the S-1 risk factors on compute, chip supply and cloud distribution into the vendor file of every critical vendor that runs on Claude.
- Ask those vendors which cloud they reach the model through. Nearly half of Anthropic’s revenue flows through three hyperscalers, which concentrates your exposure further.
- Recheck the files again when the price range is set. Changes in an amended S-1 can move the risk factors you rely on.
Zovos records which foundation model sits behind each AI feature in your vendor stack. A filing like this one then attaches to every vendor it touches.
This is for information only and is not legal or investment advice. Figures marked as reported come from press coverage of the filing, so verify them against the S-1 on SEC EDGAR before relying on them.