Anthropic has published its IPO filing, and the figures are more lopsided than the valuation chatter suggested. The Form S-1 names the Nasdaq as the venue and ANT as the ticker, with Goldman Sachs as lead-left underwriter and Morgan Stanley beside it, CNBC reported in its live coverage on 26 October 2026. AI Insiders covered the confidential filing in June. This version shows what the company actually earns, owes, and controls.

Through the first half of the year, Anthropic booked $16.29 billion in sales, a 1,304% jump from $1.16 billion in the matching months of 2025. Its net loss over that stretch was $80.7 billion, versus $12.9 billion a year before. Anthropic attributes most of that to accounting charges on convertible notes, which swell as its enterprise valuation rises. So the loss is, in large part, the price of being worth more. Across calendar 2025 the loss was roughly $41.9 billion, set against $4.59 billion in sales.

Most of the money comes from usage. Usage-based billing brought in $13.1 billion (80% of sales) over those six months, and subscriptions added $3.2 billion. As of 30 September, more than 11,900 customers had spent $100,000 or more over the trailing twelve months, more than 1,900 had spent $1 million or more, and roughly 250 had passed $10 million. No single customer accounted for more than 10% of revenue over the first nine months of the year, though five together made up about a quarter.

Control sits with a small group. Dario and Daniela Amodei, who are siblings, and five other co-founders (Tom Brown, Jack Clark, Jared Kaplan, Sam McCandish, and Christopher Olah) are the sole members of Founder LLC. Together they control 50.1% of the votes and hold about 1.7 billion of the Class A shares. The filing itself says the structure has “no direct public company precedent” and is likely to limit unsolicited merger proposals, tender offers, and proxy contests. Public buyers will own a piece of the economics without any realistic path to changing who runs the place.

The supply bill is where the dependence shows. The filing has Anthropic paying SpaceX about $3.1 billion a month for Nvidia-powered compute when full capacity is online, capped at $120.5 billion into 2029. A revised Microsoft agreement sets a floor of $44.9 billion in spending from November 2026 through May 2033. SpaceX’s own quarterly filing, as CNBC notes, put Anthropic’s payments at a little over $5 billion, which was 34.5% of the $14.58 billion SpaceX brought in that quarter. Its largest chip supplier is also a recent IPO, and SpaceX shares finished last week slightly below their June opening price after raising $85.7 billion.

The timing is awkward. CNBC reports that neocloud companies such as CoreWeave and Nebius fell by over 30% during October as credit worries spread through data-center finance. Anthropic’s last private round, closed in May, brought in $65 billion and priced the company at $965 billion. Sinan Aral, who teaches at MIT Sloan and invests in AI, told CNBC’s “Squawk Box” that a valuation of $1.5 trillion to $2 trillion works out to a 22 to 30 times revenue multiple, so “the future growth and the profit of this company are being priced in.”

The company is lean for its size: 5,300 employees at the end of September, up from 940 at the end of 2024, and it says more than 90% of September’s contributions to its codebase were written by Claude. It cites $6.6 million in trailing revenue per employee.

CNBC’s coverage reports no price range, share count, or listing date. Until those appear, Aral’s arithmetic is the only anchor: at $1.5 trillion to $2 trillion, buyers would pay 22 to 30 times revenue for a minority stake in a company whose founders keep the votes.

Reported by CNBC on 26 October 2026, drawing on Anthropic’s Form S-1 filing with the SEC.