Anthropic's IPO, behind the figures
Anthropic, the company behind Claude, made its IPO prospectus (Form S-1) public on October 26, 2026. It has applied to list its stock on the Nasdaq Global Select Market under the ticker symbol ANT; the IPO date and price range are not set yet.
See where the money comes from, where it goes, and why the loss is so large — every figure below is taken from the filing. Then analyse the S-1 yourself with Clarifo: ask it anything and trace each answer to its page.
- ANT
- Nasdaq Global Select
- October 26, 2026
- Not yet set
Results and cash flow
USD million. Free cash flow is calculated by Clarifo: cash flow from operations minus capital expenditure.
| USD million | H1 2026 | H1 2025 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|---|
| Revenue | 16,286 | 1,163 | 4,585 | 386 | 41 |
| Total operating expenses | 16,979 | 3,298 | 12,645 | 3,366 | 592 |
| Operating loss | -693 | -2,135 | -8,060 | -2,980 | -551 |
| Net loss | -80,748 | -12,969 | -41,965 | -8,309 | -1,531 |
| Cash flow from operations | 3,929 | -1,513 | -2,637 | -5,692 | -1,627 |
| Capital expenditure | -482 | -18 | -131 | -15 | -2 |
| Free cash flow | 3,447 | -1,531 | -2,768 | -5,707 | -1,629 |
Where the money comes from, and where it goes
First half of 2026. Tap any stream for the amount — the model is calculated deterministically from the figures in the filing, no AI involved.
What makes up the loss
H1 2026, USD billion: from the operating result to the net loss.
- Operating loss−0.7
- Interest income+1.1
- Fair-value change on convertible notes−72.4
- Other financial instruments and other, net−8.8
- Income taxes−0.0
- Net loss−80.7
Anthropic funded much of its growth with convertible notes that turn into shares. As its valuation rose, the notes became worth more, and accounting records that increase as an expense ($72.4B). Other financial instruments were marked to fair value too ($8.7B). Together these $81.1B of items move no cash, and they are larger than the whole $80.7B net loss. The business itself generated $3.9B of cash from operations.
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What each dollar of cost brings in
Cash, free cash flow and revenue per dollar of cost, compared across the two half-years in the filing.
- $131.7B
- $3.4B
- $1.82
The same period a year apart. Pick a cost line.
Revenue per $1 of compute and infrastructure · 3.7×
H1 2025: $0.50. H1 2026: $1.82.
Each dollar spent on compute brought in 3.7× as much revenue as a year earlier.
Revenue per employee · 4.7×
TTM to Sep 30, 2025: $1.4M. TTM to Sep 30, 2026: $6.6M.
Trailing twelve months, as the S-1 states it for September 30.
Revenue per $1 of sales, marketing and partnerships · −47 %
H1 2025: $9.69. H1 2026: $5.14.
The one line that fell: spending grew from $120M to $3.2B, faster than revenue.
Revenue per $1 of all operating costs · 2.7×
H1 2025: $0.35. H1 2026: $0.96.
Close to break-even: operating costs were 104.3 % of revenue in H1 2026.
USD million. Cash flow from operations minus capital expenditure.
- FY2023−1,629
- FY2024−5,707
- FY2025−2,768
- H1 2025−1,531
- H1 20263,447
Calculated by Clarifo from the S-1. "From" is the same period a year earlier. Cash includes short-term investments. Revenue per employee is the trailing-twelve-month (TTM) figure the S-1 states for September 30. H1 = six months to June 30, unaudited.
Customers, strategy and risks
What the filing says behind the numbers. Customer figures as of September 30, 2026; the rest as stated in the S-1.
Customers
- 11,900+ spend over $100K a year
- 1,900+ over $1M
- ~250 over $10M
~25%
48%
~900%
Strategy
More compute. Its own data centers and a more efficient multi-chip architecture.
Capability and safety. Claude's intelligence and safety advanced in tandem.
Claude everywhere. Its own apps, AWS, GCP, Azure and enterprise software.
New markets. Healthcare, life sciences and robotics.
Public benefit fund. 5% of fully diluted shares to the Anthropic Public Benefit Fund.
Risks
Cloud channel dependence
48%Of H1 2026 revenue runs through a few marketplaces that bill customers.
Customer concentration
~25%Top five share; many are not on long-term contracts.
Compute commitments
UndisclosedLarge purchase and lease commitments; amounts still blank in the S-1.
Founder voting control
50.1%Class F stock held by the founders' LLC.
Earnings volatility
$72.4BNon-cash fair-value change on convertible notes, H1 2026.
How the numbers are recorded
US GAAP. Revenue recognition and estimates as the S-1 states them, with one rule set against Apple's annual report.
Revenue recognition
Pay-per-use
Recognized when customers use the service, based on the quantity of tokens consumed.
Subscriptions
Generally prepaid and recognized ratably over the subscription period, generally 12 months or less.
Paid in advance
$1.65 billion of deferred revenue and $10.8 billion of remaining performance obligations at June 30, 2026.
Gross or net
The same rule decides both: whoever controls the product reports the full sale. Here it is applied from opposite sides of a marketplace.
Anthropic · selling on AWS, GCP and Azure
Principal: direct contract with the customer, responsible for the service, sets the price. Reported gross.
Apple · running the App Store for other developers
Does not obtain control of the product, so it accounts for those sales on a net basis.
Critical estimates
The items the S-1 says need the most judgement. Revenue is not one of them.
Fair value of convertible notes
Scenario-based, probability-weighted model; ownership caps and rollover terms need significant judgement.
Stock-based compensation
Unrecognized RSU expense at June 30, 2026: $2.9B would be recorded when the offering completes and $23.7B over about 2.1 years after that.
Leases
Whether compute capacity contracts are leases, their term and the incremental borrowing rate.
Income taxes
Deferred taxes and the use of loss carryforwards.
Eight charts from the filing
Anthropic IPO and stock, answered
When is the Anthropic IPO date?
Anthropic made its Form S-1 public on October 26, 2026, but has not set an IPO date yet. The price range and the number of shares offered are usually added in an amended S-1 before the roadshow, and trading starts once the offering is priced.
What is Anthropic's stock symbol?
Anthropic has applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol ANT.
What is Anthropic's stock price today?
Anthropic stock does not trade on an exchange yet, so there is no share price to quote. The IPO price is set from the price range at pricing, and ANT gets a market price once trading on Nasdaq begins.
What is Anthropic's IPO valuation?
The S-1 does not yet include an offering price, so no IPO valuation has been disclosed. The latest private round closed in Q2 2026: Series H preferred stock sold at $589.0095 per share, for $65.2 billion in gross proceeds, against $259.1364 per share in Series G.
Is there a Claude stock?
Claude is a product, not a company. Its developer Anthropic is the company going public, under the ticker ANT.
Where can I read the Anthropic IPO prospectus?
The prospectus (Form S-1) is on SEC EDGAR. The figures on this page come from its financial statements, and in Clarifo you can ask it anything and see the page each answer comes from.
How much revenue does Anthropic make?
Revenue was $4.585 billion in 2025 and $16.286 billion in the first half of 2026, up from $1.163 billion a year earlier. In H1 2026, 80.2% was consumption-based (tokens) and 19.8% subscriptions.
Why is Anthropic's net loss so large?
Of the $80.7 billion H1 2026 net loss, $72.4 billion is a non-cash change in the fair value of convertible notes. The operating loss was $0.7 billion and operating cash flow was +$3.9 billion.
Sources
In Claude
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